Average car insurance cost in Lafayette, LA

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Based on an analysis by Insure.com, the typical car insurance expense in Lafayette, Louisiana is $3,152 annually. Furthermore, car insurance premiums in Lafayette are $269 more than compared to the state average in Louisiana and $1,257 more than the national average.

Car insurance premiums differ widely depending on the location, city demographics, population density, average resident age, accident rates, and theft and vandalism.

This article looks at the most affordable car insurance companies in Lafayette, the average car insurance rates by age and gender, and the costs in Lafayette based on coverage limits.

Whether you’re a new or experienced driver, this article will guide you in finding the most affordable car insurance in Lafayette. Keep reading to learn more.

Cheap car insurance companies in Lafayette

Southern Farm Bureau provides the best value for car insurance in Lafayette with coverage limits of 100/300/100, costing $2,453 annually.

A close second is Geico, which offers car insurance at $2,849 per year.

Read about the best car insurance companies.

Average car insurance cost in Lafayette by coverage limits

In Lafayette, the average car insurance rates the coverage levels are as follows:

• State minimum coverage: $912 per year (limits are 25/50/25)
• Liability only coverage: $1,510 per year (limits are 50/100/50)
• Full coverage: $3,152 per year (limits are 100/300/100)
• Non-owners coverage: $391 per year

In most states, drivers are required to have state minimum coverage to drive legally, although these requirements vary by state. However, it’s important to note that state minimum coverage does not provide coverage for any vehicles listed on your policy in the event of an at-fault accident.

To prevent compromising on coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage if you frequently borrow or rent a car but do not own one.

Average car insurance rates by gender in Lafayette

In Lafayette, Louisiana, the average annual car insurance premium for female drivers is $3,184 per year.

While the average annual cost for male drivers is $3,119 per year, which is $65 less than what female drivers pay, according to a rate analysis by Insure.com.

According to the Insurance Information Institute, statistics demonstrate that women are generally regarded as safer drivers than men. They often pay less for auto insurance because of their lower rate of severe accidents than men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Lafayette

In Lafayette, teenagers have the highest car insurance rates, at $9,171 per year or $764 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $4,854 annually for car insurance, which is $4,317 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Lafayette have car insurance rates of $3,113 and $3,025 per year, respectively. The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below shows the average annual rates for drivers of different age groups:

Car insurance rate trends in Lafayette

Examining the trends in car insurance rates in Lafayette, Louisiana it was on an upward swing from 2022 to 2023. From 2022 to 2023 rates increase overall by 17%, or $453.

The table below shows the trend for last four years:

Conclusion

In conclusion, Lafayette’s car insurance rates are higher than the average insurance rates in Louisiana. Drivers in Lafayette can find affordable car insurance options by shopping around and taking advantage of available discounts. Moreover, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.