The words “low-priced” and “auto insurance” really shouldn’t be used together, in particular when you are searching for the cheapest coverage for Lyft drivers. In an attempt to save some money, let’s start the ball rolling by going over some of the things that have an effect on auto insurance premiums, and find out if we can help you reduce the price of the next policy you buy.
One of the more important components that are looked at to help calculate the annual cost of car insurance is where your residence is. Areas with a lot of weather claims or more people will most likely have higher rates, whereas areas with less congestion get the luxury of paying less.
The illustration below sorts the most costly cities in Indiana for Lyft drivers in which to purchase auto insurance. Indianapolis shows up at #5 with an annual cost of $1,092 for the average insured, which is about $91 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Gary | $1,360 |
| 2 | Hammond | $1,314 |
| 3 | Merrillville | $1,128 |
| 4 | Portage | $1,104 |
| 5 | Indianapolis | $1,092 |
| 6 | Evansville | $1,087 |
| 7 | Lawrence | $1,066 |
| 8 | Jeffersonville | $1,038 |
| 9 | Terre Haute | $1,035 |
| 10 | Anderson | $1,031 |
| 11 | Kokomo | $1,031 |
| 12 | New Albany | $1,028 |
| 13 | Fishers | $983 |
| 14 | Fort Wayne | $976 |
| 15 | Columbus | $975 |
| 16 | Mishawaka | $974 |
| 17 | Richmond | $973 |
| 18 | Bloomington | $968 |
| 19 | Elkhart | $965 |
| 20 | Carmel | $957 |
| 21 | Noblesville | $948 |
| 22 | South Bend | $947 |
| 23 | Greenwood | $941 |
| 24 | Muncie | $927 |
| 25 | Lafayette | $926 |
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Table data uses comparative as the specific Indianapolis residence address can impact auto insurance rates noticeably.
Buying budget car insurance is difficult, and deciding which companies offer the cheapest insurance rates for Lyft drivers may require more quotes for comparison. Every insurance provider uses slightly different criteria to set their prices, so let’s begin by examining the most budget-friendly insurance companies in Indianapolis, IN.
It’s important to know that Indianapolis insurance rates are influenced by many factors that can increase the policy premium. Simply improving your credit, getting divorced, or getting a few speeding tickets may generate price changes resulting in some companies being less affordable than competitors.
Cheap Insurance Rates for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $614 |
| 2 | Cincinnati Insurance | $684 |
| 3 | USAA | $687 |
| 4 | Erie | $705 |
| 5 | Western Reserve | $872 |
| 6 | Indiana Farmers Mutual | $875 |
| 7 | The Hartford | $889 |
| 8 | Auto-Owners | $915 |
| 9 | Nationwide | $930 |
| 10 | Motorists Mutual | $956 |
| 11 | Safeco | $983 |
| 12 | Utica National | $985 |
| 13 | State Farm | $997 |
| 14 | Hastings Mutual | $1,013 |
| 15 | Farmers | $1,022 |
| 16 | Wolverine Mutual | $1,061 |
| 17 | Westfield | $1,072 |
| 18 | GEICO | $1,089 |
| 19 | Progressive | $1,106 |
| 20 | State Auto | $1,120 |
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Travelers may offer some of the lowest car insurance rates in Indianapolis at around $614 annually. This is $626 less than the average price paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also rank well as some of the cheaper Indianapolis, IN insurance companies.
As shown above, if you currently have coverage with Erie and switched to Cincinnati Insurance, you could realize yearly savings of about $21. Policyholders with Western Reserve may save as much as $188 a year, and Indiana Farmers Mutual policyholders might reduce rates by $191 a year.
If you would like to find cheaper car insurance rates, click here to start your custom quote or visit any of the low-priced companies below.
Bear in mind that those rates are averages for all types of insureds and vehicles and and are not calculated with a specific zip code for Lyft drivers. So the company that is best for you may not even be in the top 36 companies shown above. That point stresses why you need to compare prices as often as possible using your own personal information and vehicle type.
The vehicle model needing coverage is probably the biggest factor when shopping for low-cost auto insurance for Lyft drivers. Vehicles with limited top-end speed, an excellent safety record, or a low likelihood of liability claims will cost substantially less to insure than high performance models. The information below shows insurance premiums for a number of the most budget-friendly vehicles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,033 |
| Honda CR-V LX 4WD | $1,131 |
| Hyundai Elantra GLS Touring Station Wagon | $1,140 |
| Toyota RAV4 2WD | $1,223 |
| Ford Escape Limited 4WD | $1,232 |
| Honda Odyssey LX | $1,239 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,246 |
| Toyota Prius | $1,257 |
| Ford Explorer Eddie Bauer 2WD | $1,266 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,274 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,312 |
| Ford Edge SEL 2WD | $1,318 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $1,312 |
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Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Price estimates do not factor in Indianapolis, IN location which can raise or lower coverage prices significantly.
Based upon these rates, you can figure that makes and models like the Honda Accord, Honda CR-V, Hyundai Elantra, and Toyota RAV4 are likely to be the most budget-friendly vehicles to insure for Lyft vehicles.
Insurance company ratings
Choosing the best car insurance company can be a challenge considering how many choices drivers have in Indianapolis. The company ratings in the lists below may help you choose which providers you want to consider when shopping insurance around for Lyft drivers.
These rankings are only made up of the largest companies in the United States, so companies that only write business in Indiana or surrounding areas will not be included in this list. If you wish to compare rates and find cheaper insurance for Lyft drivers, follow this link.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Does full coverage make sense?
Paying less for insurance is the goal of most people, and an effective way to reduce the cost of insurance for Lyft drivers is to buy liability only. The example below compares car insurance costs with full coverage and liability only. The data assumes no accidents, no driving violations, $250 deductibles, single status, and no other discounts are factored in.
If averaged for all ages, physical damage coverage costs an extra $2,009 per year over and above liability only. Many drivers will wonder when is the right time to remove full coverage. There isn’t a steadfast formula to stop paying for physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
There are some conditions where removing full coverage is not in your best interest. If you still have a lienholder on your title, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not remove full coverage.
The information below illustrates how your choice of deductibles can impact insurance rates when researching cheap insurance for Lyft drivers. The price estimates are based on a single female driver, full physical damage coverage, and no additional discounts are factored in.
A 50-year-old driver could lower rates by $222 a year by increasing from a $100 deductible to a $500 deductible, or save $334 by choosing a $1,000 deductible. Even younger drivers, like the age 20 example, can cut as much as $566 or more just by using higher deductibles. When using a larger deductible, it is necessary to have spare funds to be able to pay the extra out-of-pocket expense that is associated with using high deductibles.
Ideas for finding economical car insurance for Lyft drivers
The list below details many thrifty ideas that can help Indiana drivers locate cheap coverage.
- The safer your car, the less it costs to insure
- If your vehicles are older, consider dropping full coverage
- Bundle home and auto and save
- Increase your credit rating
- Prevent price hikes by avoiding at-fault accidents
- Compare rates regularly and switch companies to save money
The final tip is incredibly critical, as we hit on in the prior article. Coverage prices adjust frequently, so don’t hesitate to buy a policy from a new company if you find a better deal.
Having a favorite company is fine, but is isn’t recommended if that loyalty ends up costing a considerable chunk of change every month. Now is a great time to compare rates and find cheaper insurance for Lyft drivers in Indianapolis.