Cheapest and Best Car Insurance Companies in Lakewood, CO


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ByMark Fitzpatrick
Edited byMorgan Hull
ByMark Fitzpatrick
Edited byMorgan Hull

Updated: May 20, 2024

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The most affordable insurer may vary depending on your needs and driver profile. American National P&C has the cheapest rates for full and minimum coverage car insurance policies. It also offers the lowest premiums for drivers with violations (speeding tickets, at-fault accidents or DUI offenses) and those with a military background. Teen drivers will find the best value from Kemper. For the best combination of affordability and service quality, we recommend American National P&C.

MoneyGeek Logo IconCheapest + BestCar InsuranceLakewood
2024

Cheapest and Best Car Insurance in Lakewood, CO

Why Trust MoneyGeek? We conducted an in-depth analysis of the current insurance rates in Lakewood using data from the Colorado Department of Insurance and Quadrant Information Services. We combined this information to rank insurers using our proprietary scoring system.

106,836Quotes Analyzed
 
14Companies Compared

Cheapest Minimum Liability Car Insurance in Lakewood

In Lakewood, the following insurers offer the cheapest minimum coverage car insurance policies:

  • American National P&C: $215 per year
  • Colorado Farm Bureau: $308 per year

Farmers is the most expensive provider for minimum coverage, with premiums averaging $710 per year. American National P&C offers the cheapest auto insurance in Colorado, with an average annual cost of $216 for a minimum coverage policy. This indicates car insurance costs in Lakewood are relatively the same as those statewide.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Minimum Coverage
American National P&CAnnual Premium$215Monthly Premium$18
Colorado Farm BureauAnnual Premium$308Monthly Premium$26
GEICOAnnual Premium$342Monthly Premium$28
Auto-Owners Insurance CoAnnual Premium$384Monthly Premium$32
State FarmAnnual Premium$417Monthly Premium$35
KemperAnnual Premium$456Monthly Premium$38
NationwideAnnual Premium$497Monthly Premium$41
ProgressiveAnnual Premium$522Monthly Premium$43

Each state determines liability limits for minimum coverage insurance. In Colorado, minimum coverage extends to bodily injury and property damage with these limits:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $15,000 property damage liability per accident

Your policy’s liability limits establish how much your insurer will pay for injuries and damages to other drivers and their passengers if you’re found at fault in an accident. With the limits included above, an insurer would cover up to $25,000 in medical expenses per person, up to $50,000 per accident. You will be responsible for any costs exceeding this amount.

Cheapest Full Coverage Car Insurance in Lakewood

The cheapest car insurance companies for a full coverage policy in Lakewood are:

  • American National P&C: $504 per year
  • GEICO: $731 per year

The most expensive insurer for full coverage is Farmers, at an average annual rate of $1,376. American National P&C also offers the cheapest full coverage car insurance in Colorado at $541 per year, making Lakewood slightly more affordable for full coverage policies than other areas in the state.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
American National P&CAnnual Premium$504Monthly Premium$42
GEICOAnnual Premium$731Monthly Premium$61
State FarmAnnual Premium$919Monthly Premium$77
Colorado Farm BureauAnnual Premium$919Monthly Premium$77
Auto-Owners Insurance CoAnnual Premium$1,032Monthly Premium$86
ProgressiveAnnual Premium$1,047Monthly Premium$87
KemperAnnual Premium$1,081Monthly Premium$90
NationwideAnnual Premium$1,084Monthly Premium$90

Full coverage insurance boosts your level of protection by having higher liability limits and adding comprehensive and collision insurance to your policy.

  • Collision Insurance: Covers the costs of repairs or replacements to your vehicle if it sustains damage in an at-fault accident, such as a collision with another vehicle or an object.
  • Comprehensive Insurance: Covers expenses related to repair or replacement of your vehicle if it sustains damage in a non-accident incident like theft, vandalism or a weather-related event.

You might not get the most out of a full coverage policy if you have an older car, but we highly encourage drivers with newer and more expensive cars to get this type of policy.

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Cheapest Car Insurance in Lakewood After a Driving Offense

In Lakewood, the following insurers offer the cheapest full coverage policies for drivers with violations:

  • Speeding ticket: American National P&C ($590 per year)
  • At-fault accident: American National P&C ($681 per year)
  • DUI: American National P&C ($758 per year)

Acuity is the most expensive provider after a speeding ticket, at-fault accident or DUI offense, with full coverage policies costing $3,010 per year, on average. Compared to drivers with clean records, those with offenses are typically charged higher rates. Even the cheapest company’s rates may still be relatively high for drivers with offenses.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
Incident:
Incident:Speeding
American National P&CAnnual Premium$590Monthly Premium$49
GEICOAnnual Premium$918Monthly Premium$76
State FarmAnnual Premium$1,004Monthly Premium$84
Colorado Farm BureauAnnual Premium$1,089Monthly Premium$91
Auto-Owners Insurance CoAnnual Premium$1,144Monthly Premium$95
AllstateAnnual Premium$1,213Monthly Premium$101
NationwideAnnual Premium$1,288Monthly Premium$107
ProgressiveAnnual Premium$1,374Monthly Premium$114

Typically, insurance rates increase in proportion to the severity of the driving offense. In Lakewood, drivers with a speeding ticket pay $347 more per year than those with a DUI offense. MoneyGeek found that there are still several options for affordable car insurance for drivers with a bad driving record.

Cheapest Car Insurance in Lakewood for Teens and Their Families

The cheapest car insurance companies for 16-year-old teens on a family policy in Lakewood are:

  • Kemper: $1,986 per year for female teens; $1,370 per year for male teens
  • GEICO: $2,265 per year for female teens; $2,390 per year for male teens

Farmers has the highest rates for teens, with a full coverage policy costing roughly $5,034 or $5,365 for a 16-year-old female or male teen added to a family policy. Typically, insurers charge higher rates to male teens than female teens, as they consider them riskier to insure. However, Kemper, the cheapest insurer, charges female teens approximately $616 more than male teens for car insurance. Any cost discrepancy between males and females declines in early adulthood.

Data filtered by:Results filtered by:
Age:
Age:16
Gender:
Gender:Female
KemperFamily Plan Annual Premium$1,986Individual Plan Monthly Premium$12,524
GEICOFamily Plan Annual Premium$2,265Individual Plan Monthly Premium$14,802
NationwideFamily Plan Annual Premium$2,484Individual Plan Monthly Premium$7,426
AllstateFamily Plan Annual Premium$2,580Individual Plan Monthly Premium$9,759
State FarmFamily Plan Annual Premium$2,631Individual Plan Monthly Premium$5,445
Auto-Owners Insurance CoFamily Plan Annual Premium$3,424Individual Plan Monthly Premium$8,607
ProgressiveFamily Plan Annual Premium$4,060Individual Plan Monthly Premium$11,485
FarmersFamily Plan Annual Premium$5,034Individual Plan Monthly Premium$19,893

Families with teen drivers can save money by adding them to a family policy instead of purchasing an individual policy. In Lakewood, a 16-year-old male teen could save around $3,923 or more per year by joining a family policy instead of purchasing an individual one. Although car insurance for teen drivers tends to be more expensive, families can find the cheapest auto insurance for teens by comparing insurers’ rates and prioritizing those that offer discounts.

Cheapest Car Insurance in Lakewood for Military Drivers

In Lakewood, the following insurers offer the cheapest rates for military drivers and their families:

  • American National P&C: $504 per year
  • USAA: $703 per year

These rates are for a full coverage insurance policy. If you prefer to purchase a minimum coverage policy, American National P&C and USAA still top the list of insurers offering the most affordable premiums at $215 and $267 per year, respectively.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
American National P&CAnnual Premium$504Monthly Premium$42
USAAAnnual Premium$703Monthly Premium$59
GEICOAnnual Premium$731Monthly Premium$61
State FarmAnnual Premium$919Monthly Premium$77
Colorado Farm BureauAnnual Premium$919Monthly Premium$77
Auto-Owners Insurance CoAnnual Premium$1,032Monthly Premium$86
ProgressiveAnnual Premium$1,047Monthly Premium$87
KemperAnnual Premium$1,081Monthly Premium$90

How to Compare Cheap Lakewood Car Insurance Quotes Online

Most insurance buyers don’t have the time to shop for and compare rates since it could take up to 15 minutes to input the personal information required for a single company.

Fortunately, MoneyGeek’s car insurance calculator quickly estimates your rate using your age, vehicle type, preferred coverage level and driving record.

Car Insurance Calculator

MoneyGeeks's car insurance calculator will give you a customized estimate of your auto insurance cost. It's free to use, requires no personal information and we won't send you any spam.

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Rates updated:

Jun 23, 2024

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Best Car Insurance in Lakewood: Summary

The best car insurer for you will depend on how much you value affordability, service quality and coverage options. Based on our study, these are the best car insurance companies in Lakewood, CO:

  • Best overall: American National P&C (MoneyGeek score of 83 out of 100)
  • Best for service: Acuity (MoneyGeek score of 78 out of 100)
  • Best cheap: American National P&C (MoneyGeek score of 83 out of 100)

A company’s MoneyGeek scores may vary based on the factors weighted for that specific category. American National P&C came out as the best overall auto insurer in Lakewood, and it is also the best car insurance company in Colorado. With a MoneyGeek score of 78 out of 100, USAA is the next-best option for drivers with a military background.

Best Overall Car Insurance in Lakewood

The following car insurers offer the best combination of affordability and customer service in Lakewood:

  • American National P&C: MoneyGeek score of 83 out of 100 ($504 per year)
  • GEICO: MoneyGeek score of 67 out of 100 ($731 per year)

American National P&C offers the cheapest rates out of the ten insurers ranked in our study, while still delivering top-notch service. This makes it a good value for the cost. USAA also ranks highly for military drivers, receiving a MoneyGeek score of 78 out of 100.

How was this MoneyGeek score calculated?

American National Insurance Company

pros

checkmark

Has the cheapest rates of the insurers in our study

checkmark

Has the second-highest customer satisfaction rating

checkmark

Offers gap insurance, roadside assistance and rental car and/or travel reimbursement coverage

cons

close

Has a relatively low claims management rating

close

Doesn’t offer deductible modification or accident forgiveness coverage

COMPANY HIGHLIGHTS

American National P&C is our top choice as the best overall insurer due to its affordability and customer satisfaction scores. Of the providers in our analysis, it has the most affordable rates and delivers quality customer service.

Policyholders that purchase full coverage policies will receive rental car and/or travel reimbursement coverage for no added cost. With its roadside assistance coverage, you’re guaranteed to receive service 24/7 for lockouts, towing and fuel deliveries if your car breaks down. Gap insurance is also a must-have option if you purchased your car through a loan and it isn’t paid in full. This add-on insurance covers the difference in cost between the value of your vehicle and what you owe on your loan if it’s totaled. American National P&C also offers spare parts coverage, which gives you up to $1,000 to replace damaged car parts.

Best Car Insurance in Lakewood for Customer Service

We didn’t take into account cost when evaluating the best car insurers for customer service in Lakewood. The following insurers are the best options:

  • Acuity: MoneyGeek score of 78 out of 100 ($1,359 per year)
  • American National P&C: MoneyGeek score of 67 out of 100 ($504 per year)

Of the insurers in our comparison group, Acuity has the highest claims management rating and the second-highest customer satisfaction score. However, this quality coverage comes at a cost — the insurer has one of the most expensive rates.

How was this MoneyGeek score calculated?

Acuity

pros

checkmark

Has the second-highest customer satisfaction score of the providers in our analysis

checkmark

Has the highest claims management rating

checkmark

Offers new car replacement, gap insurance and full glass coverage

cons

close

Doesn’t offer accident forgiveness or deductible modification coverage

close

Has expensive rates

COMPANY HIGHLIGHTS

Acuity excels when it comes to customer service, receiving the second-highest customer satisfaction rating and the highest claims management rating. It’s one of a handful of insurers that offer full safety glass coverage, which waives your comprehensive deductible if your car’s windows or windshield need to be repaired or replaced. This can come in handy, especially in Colorado, where extreme weather events like hail storms and strong winds are common.

Acuity’s new car replacement coverage is a must for drivers with new cars. With this benefit, your policy will shoulder the cost of replacing your totaled car with a brand-new vehicle of the same make and model. If you have an older car that’s totaled in a covered loss, you’ll be reimbursed for 25% more than the vehicle’s current value.

Best Cheap Car Insurance in Lakewood

The following insurers offer the best minimum coverage policies that comply with the state-mandated liability limits in Colorado:

  • American National P&C: MoneyGeek score of 83 out of 100 ($215 per year)
  • Auto-Owners Insurance Co: MoneyGeek score of 71 out of 100 ($384 per year)

Minimum coverage policies are the least expensive, but they offer the lowest amount of protection against liability costs and don’t cover damages to your vehicle if you get into an accident.

How was this MoneyGeek score calculated?

American National Insurance Company

pros

checkmark

An affordable minimum coverage policy costs $215 per year

checkmark

Offers discounts for bundling policies, insuring multiple cars and renewing your policy early

checkmark

Has the cheapest rates and the second-highest customer satisfaction score

cons

close

Has a relatively low claims management score

close

Offers few discounts

COMPANY HIGHLIGHTS

Of the insurers in our study, American National P&C offers the best minimum coverage policies, balancing cost and customer service quality.

Policyholders can reduce the cost of their insurance even further by taking advantage of the insurer’s multiple discount opportunities. With American National P&C, you can lower the cost of your insurance by bundling insurance policies, insuring multiple vehicles and renewing your policy early. Those that purchase home, renters and auto insurance with American National P&C can receive a bundling discount. Insuring multiple vehicles will also lower your rate through the insurer’s multi-car discount. Policyholders that choose to renew their auto insurance before their current policy expires can also reap savings.

Average Cost of Car Insurance in Lakewood

The average cost of car insurance in Lakewood is $1,045 per year, $42 more expensive than the average cost of car insurance in Colorado at $1,002 (as of October 2022). However, the cost of insurance in the city is $263 less than the national average of $1,265. This shows how location can impact the cost of your insurance. MoneyGeek obtained rates for a full coverage policy that has $100,000 in bodily injury liability per person, $300,000 in bodily injury liability per accident and $100,000 in property damage liability per accident.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.