The words “bargain” and “auto insurance” really should not be used together, specifically when you are searching for the best coverage prices for Lyft drivers. Because it’s not cheap, let’s get started by showing you some of the factors the can have a considerable influence on car insurance rates, and see if we can help you cut the cost of the next policy you buy.
For Lyft vehicles, one of the more important criteria that determine the price you pay for insurance is where you live. Cities with more crime and/or more people tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of cheap car insurance rates.
The table below shows the most expensive places in Florida for Lyft drivers to purchase a policy in. Jacksonville ranks #18 with an annual cost of $2,040 for the average policy, which is approximately $170 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Hialeah | $3,488 |
| 2 | Miami | $3,177 |
| 3 | Miami Gardens | $3,149 |
| 4 | Miami Beach | $3,043 |
| 5 | Miramar | $2,709 |
| 6 | West Palm Beach | $2,599 |
| 7 | Davie | $2,548 |
| 8 | Tampa | $2,532 |
| 9 | Hollywood | $2,526 |
| 10 | Pompano Beach | $2,518 |
| 11 | Fort Lauderdale | $2,500 |
| 12 | Pembroke Pines | $2,481 |
| 13 | Coral Springs | $2,474 |
| 14 | Brandon | $2,322 |
| 15 | Clearwater | $2,238 |
| 16 | St. Petersburg | $2,219 |
| 17 | Spring Hill | $2,123 |
| 18 | Jacksonville | $2,040 |
| 19 | Orlando | $2,029 |
| 20 | Port St. Lucie | $1,994 |
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Table data uses approximated as the specific area where the vehicle is garaged can decrease or increase auto insurance rates considerably.
Figuring out which company has the lowest-priced car insurance rates for Lyft drivers may require a bit more effort in order to find the best price.
Every auto insurer has a unique approach for establishing rates, so we will examine the most affordable car insurance companies in Jacksonville, FL. We do need to point out that Jacksonville car insurance rates are based on many factors that control the price of your policy. Simply turning a year older, buying a home instead of renting, or getting a DUI may cause policy rate changes that may make certain companies cheaper than competitors.
Find the Cheapest Auto Insurance for Your Lyft Vehicle
USAA quotes some of the best car insurance rates in Jacksonville at around $986 a year. Amica, Electric, Progressive, and Travelers would also be considered some of the best Jacksonville, FL insurance companies.
In the above rates, if you have coverage with Electric and switched to USAA, you may see a yearly savings of in the neighborhood of $778. Customers with Progressive could save as much as $789 a year, and Travelers customers might realize rate reductions of up to $959 a year.
Remember that these policy rates are averages across all drivers and vehicles in Florida and are not factoring in an exact location for Lyft drivers. So the auto insurance company that fits your needs best may not even be in the list above. That’s why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
The car, truck, or SUV you are insuring is a large consideration that determines if you can find affordable auto insurance for Lyft drivers. Vehicles with average performance, excellent safety ratings, or a positive history of liability claims will cost quite a bit less to insure than adrenaline junky models. The information below features coverage premiums for some of the most affordable automobiles to insure in Florida.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $1,077 |
| Ford Edge SE 2WD | $1,153 |
| Ford Escape XLT 4WD | $1,176 |
| Dodge Grand Caravan SE | $1,185 |
| Honda Accord EX 4-Dr Sedan | $1,188 |
| Chevrolet Impala LS | $1,220 |
| Toyota RAV4 Limited 2WD | $1,243 |
| Chevrolet Equinox LS 2WD | $1,248 |
| Toyota Prius | $1,280 |
| Ford F-150 STX Regular Cab 4WD | $1,287 |
| Ford Explorer Eddie Bauer 2WD | $1,297 |
| Toyota Camry SE | $1,311 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,334 |
| Chevrolet Malibu LTZ | $1,344 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $1,334 |
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Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Price estimates do not factor in the specific area where the vehicle is garaged which can increase or decrease auto insurance rates noticeably.
Based upon these rates, cars like the Honda CR-V, Ford Edge, Ford Escape, and Dodge Grand Caravan should be the most economical vehicles to insure for Lyft vehicles.
Buying coverage from the right car insurance company can be difficult considering how many companies sell insurance in Florida. The rank data shown below can help you select which auto insurers you want to consider comparing rate quotes with. The ratings below are only made up of large, nationwide insurance companies, so companies that have a smaller presence are not taken into consideration for these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
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Data Source: Insure.com Best Car Insurance Companies
The information below demonstrates how deductible levels can impact insurance rates when researching cheap insurance for Lyft drivers. The premiums assume a married male driver, full physical damage coverage, and no policy discounts are applied.
As shown above, a 30-year-old driver could lower their car insurance rates by $320 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $486 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old example, could reduce their rates $966 annually by choosing a higher deductible. If you do decide to increase your deductibles, it is a good idea to have emergency funds available to enable you to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
Rate difference between full and liability-only coverage
Finding cheaper car insurance is the goal of the majority of drivers, and an easy way to pay less for insurance for Lyft drivers is to not pay for full coverage. The diagram below illustrates the difference between car insurance costs with full physical damage coverage and with liability coverage only. The premiums are based on no driving violations, no at-fault accidents, $500 deductibles, single marital status, and no other discounts are factored in.
Averaged for all ages 20 through 70, physical damage coverage on your policy costs $2,619 per year more than just buying liability insurance. That is a significant amount which raises the question if paying for full coverage is worth it. There is no definitive rule of when to drop full coverage on your policy, but there is a general guideline. If the annual cost of coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
Tips to find economical insurance for Lyft drivers
Lowering your rates is not difficult, and here are a few money-saving ideas that can help Florida drivers buy cheaper auto insurance.
- Full coverage may not be needed on older vehicles
- Avoid getting citations and tickets
- Avoid price increases by not filing claims
- Increase deductibles to save money
- Avoid having at-fault accidents
- Compare rates and switch if you can find a better deal
That last piece of advice is certainly vital, as we emphasized in the article above. Coverage prices change a lot, so don’t be afraid to change insurance companies if a cheaper price is available.
Many drivers prefer to stick with one company, but it’s not recommended if that stubbornness costs you money that could be used for better things. In less than five minutes you could compare rates to find cheaper auto insurance for Lyft drivers in Jacksonville.