The car, truck, or SUV you are insuring is a large factor that determines the availability of the lowest-priced auto insurance for Lyft drivers. Vehicles with lower performance, good crash test ratings, or low incidents of liability claims will cost quite a bit less to insure than higher performance models.
The next list shows insurance premiums for a selection of the most economical vehicles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$1,386|
|Ford Escape XLS 4WD||$1,434|
|Honda CR-V EX-L 2WD||$1,470|
|Ford Edge SE 2WD||$1,521|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,531|
|Honda Odyssey LX||$1,577|
|Nissan Rogue S AWD||$1,610|
|Dodge Grand Caravan SE||$1,612|
|Ford F-150 Lariat King Ranch 2WD||$1,617|
|Ford Fusion Sport 4-Dr Sedan||$1,612|
|Chevrolet Silverado LS Crew Cab 4WD||$1,622|
|Toyota RAV4 Sport 2WD||$1,645|
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Data rating is 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 safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Prices do not factor in vehicle garaging location which can modify auto insurance rates substantially.
Looking at the data, we can expect makes and models like the Honda Accord, Ford Escape, and Honda CR-V are some of the cheapest vehicles to insure for Lyft vehicles.
One of the many components that are looked at to determine car insurance rates is your zip code in Orlando. Cities with more crime and/or more people tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The illustration below shows the priciest cities in Florida for Lyft drivers in which to purchase auto insurance. Orlando shows up at #19 with an annual cost of $2,029 for the average insured, which is approximately $169 per month.
|Rank||City||Average Per Year|
|5||West Palm Beach||$2,679|
|20||Port St. Lucie||$1,994|
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Annual rates are comparative as the specific geographic location can raise or lower price quotes greatly.
The illustration below shows how different deductible levels can increase or decrease annual premium costs when quoting cheap insurance for Lyft drivers. The price estimates are based on a married female driver, full coverage, and no discounts are applied to the premium.
In the chart above, a 40-year-old driver could cut expenses by $340 a year by changing from a $100 deductible up to a $500 deductible, or save $514 by selecting a $1,000 deductible. Younger drivers, like the Age 20 category, could drop their prices $848 each year just by choosing higher deductibles.
If you make the decision to raise deductibles, it will be important to have enough savings set aside to satisfy the extra out-of-pocket expense associated with higher deductibles.
Discounts on Orlando insurance
Car insurance companies that sell policies for Lyft drivers may also give you price discounts that could reduce prices by as much as 35% if you meet specific criteria. Companies and their possible discounts are included below.
- State Farm offers premium reductions for safe vehicle, good driver, multiple policy, Steer Clear safe driver discount, passive restraint, and good student.
- GEICO may have discounts that include driver training, anti-theft, defensive driver, anti-lock brakes, and five-year accident-free.
- Progressive has discounts for continuous coverage, homeowner, online signing, multi-vehicle, good student, and multi-policy.
- 21st Century may include discounts for air bags, anti-lock brakes, automatic seat belts, early bird, student driver, driver training, and defensive driver.
- American Family may offer discounts for Steer into Savings, good driver, bundled insurance, early bird, TimeAway discount, good student, and multi-vehicle.
- The Hartford includes discounts for vehicle fuel type, air bag, anti-theft, good student, and defensive driver.
- AAA offers discounts for multi-car, multi-policy, AAA membership discount, education and occupation, pay-in-full, and good driver.
The diagram below illustrates the difference between auto insurance rates with and without discounts applied. The premiums assume a female driver, no accidents or driving violations, Florida state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with homeowner, anti-theft, defensive driving course, claim-free, passive restraint, and marriage discounts applied. When these discounts are applied, the average savings per year on car insurance for Lyft drivers is 28% or $465.
Rate comparison of full coverage and liability-only
Reducing the cost of car insurance is probably important to most drivers, and one great way to pay less for insurance for Lyft drivers is to not buy full coverage. The illustration below visualizes the comparison of yearly insurance costs with full physical damage coverage compared to only buying liability only. The information is based on a clean driving record, no claims, $250 deductibles, drivers are not married, and no additional discounts are factored in.
As an average for all age groups, comprehensive and collision coverage on your policy costs an additional $2,186 per year over and above liability only. That amount may make you wonder when is the right time to remove full coverage. There is no clear-cut rule for dropping physical damage insurance, but there is a general convention. If the annual cost of comprehensive and collision coverage is about 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s replacement cost is $4,500 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $3,500 after paying your deductible. If you are paying more than $350 annually for physical damage coverage, then you may want to consider only buying liability coverage.
There are some situations where buying only liability insurance is not a good idea. If you still owe a portion of the original loan, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.
The importance of shopping around
Orlando car insurance rates are determined by lots of factors which can substantially decrease or increase the price you have to pay. Simply getting older, having a claim, or getting a couple of tickets may prompt premium changes that can make some companies cheaper than competitors. Not only may your situation change, but car insurance companies modify rates multiple times each year in order to offset underwriting gains or losses. An unexpected high level of claims can cause higher prices, while a better claims history may produce cheaper Orlando car insurance rates.
For example, the graph below demonstrates which company has the cheapest car insurance in Orlando, FL for a 40-year-old male driver with no prior accidents, a clean driving record, and a high credit rating. If we compare prices based on his current risk factors, USAA may have the most affordable car insurance rates in Orlando at $1,203 a year. This is $1,245 less than the average premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury are the remaining most affordable Orlando, FL auto insurance companies.
In this next rate comparison, we will give the driver in the first chart an at-fault accident, bad credit, and a blemish on his driving record. Due to the fact that each insurance company uses their own calculation for filing rates in each state, analyzing rates may result in a slightly different list of companies as shown below.
USAA now has the lowest price in Orlando with Allied, Esurance, Auto-Owners, and State Farm also being competitive. This shows why Florida drivers need to compare lots of rates when trying to find the cheapest insurance quotes for Lyft drivers. Prices consist of many different factors and change dramatically, so the cheapest rate the last time you shopped around may now be an over-priced policy.