Average car insurance cost in Lafayette, LA

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According to data from Insure.com, the average annual cost of car insurance in Lafayette, Louisiana is $3,152. The auto insurance rates in Lafayette is $269 more than the state average and $1,257 more than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Lafayette, the average car insurance rates by age and gender, and how much car insurance cost in Lafayette depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Lafayette. Keep reading to learn more.

Cheap car insurance companies in Lafayette

Southern Farm Bureau offers the cheapest car insurance in Lafayette, at an average of $2,453 per year with full coverage limits of 100/300/100.

The second cheapest company in Lafayette is Geico, offering car insurance rates at $2,849 per year.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Lafayette before deciding on the policy that matches your requirements.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Lafayette, Louisiana:

Read about the best car insurance companies.

Average car insurance cost in Lafayette by coverage limits

The average car insurance rates in Lafayette based on coverage types 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 many states, it’s a legal requirement for drivers to maintain the state minimum coverage, although these requirements vary by state. The state minimum coverage does not cover vehicles listed on your policy in an at-fault accident.

To avoid the risk of insufficient coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage, especially if you frequently borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Lafayette

Based on an analysis by Insure.com, female drivers in Lafayette, Louisiana pay an average annual car insurance premium of $3,184. In comparison, male drivers pay $3,119 annually, which is $65 less than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Lafayette

In Lafayette, car insurance rates are highest for teens, averaging $9,171 per year or $764 per month. According to the Insurance Information Institute, these higher rates for 16- to 19-year-olds are due to their increased likelihood of road accidents due to their lack of driving experience.

Specific teen driving laws have been implemented to help them become better drivers. Additionally, parents can lower teen insurance rates by adding them to their existing auto insurance policy.

As teens grow older and build a positive driving history, their car insurance rates decrease. Young adults usually pay $4,854 annually for their car insurance, which is $4,317 less than what teens pay for their coverage.

In Lafayette, adult drivers pay an average of $3,113 per year for car insurance, while senior drivers pay $3,025 annually.

According to the Insurance Information Institute, rates for adults and seniors are significantly lower than for teens and young adults, as they are more likely to obey speed limits and follow road rules.

Read more on auto insurance for seniors.

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

Car insurance rate trends in Lafayette

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

The table below shows the trend for last four years:

Conclusion

In conclusion, the insurance rates in Lafayette, are higher than the average insurance cost in Louisiana. Shopping around and taking advantage of available discounts, drivers in Lafayette can find affordable car insurance options. 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.