The car, truck, or SUV on the policy is one of the main factors when comparing economical insurance for Lyft drivers. Vehicles with average performance, excellent safety ratings, or a positive history of liability claims will cost significantly less to insure than high performance models. The list below illustrates car insurance prices for a number of the cheapest vehicles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $1,609 |
| Ford Escape XLT 4WD | $1,646 |
| Chevrolet Silverado LS Regular Cab 4WD | $1,767 |
| Ford F-150 XLT Regular Cab 2WD | $1,777 |
| Hyundai Elantra GLS Touring Station Wagon | $1,845 |
| Ford Focus S 4-Dr Sedan | $1,865 |
| Toyota RAV4 Limited 4WD | $1,903 |
| Chevrolet Equinox LT 2WD | $1,913 |
| Honda Accord LX 4-Dr Sedan | $1,972 |
| Ford Edge Limited AWD | $2,001 |
| Dodge Grand Caravan SE | $2,070 |
| Nissan Rogue SL AWD | $2,139 |
| Chevrolet Impala LS | $2,144 |
| Kia Optima SX | $2,173 |
| Ford Fusion SEL AWD 4-Dr Sedan | $2,179 |
| Chevrolet Malibu LS | $2,185 |
| Toyota Prius | $2,190 |
| Ford Explorer Eddie Bauer 2WD | $2,208 |
| Dodge Ram 2500 Crew Cab Laramie 4WD | $2,211 |
| Honda Odyssey EX-L W/Rear Entertainment | $2,297 |
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Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Arizona minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, multi-vehicle, and claim-free. Premium amounts do not factor in specific Phoenix, AZ garaging location which can decrease or increase coverage prices noticeably.
Based upon these rates, you can see that makes and models like the Honda CR-V, Ford Escape, Chevrolet Silverado, Ford F-150, and Hyundai Elantra are likely to be a few of the most economical vehicles to insure for Lyft vehicles.
For Lyft vehicles, one of the more important factors that help determine the price you pay for insurance is where you keep your car. Cities with more crime and/or more people likely pay more, whereas more rural areas benefit from lower rates.
The information below sorts the highest-priced places in Arizona for Lyft drivers to buy car insurance in. Phoenix is ranked #1 with an annual cost of $1,255 for the average policy, which is around $105 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Phoenix | $1,255 |
| 2 | Avondale | $1,222 |
| 3 | Glendale | $1,214 |
| 4 | San Tan Valley | $1,185 |
| 5 | Mesa | $1,147 |
| 6 | Goodyear | $1,131 |
| 7 | Scottsdale | $1,129 |
| 8 | Peoria | $1,126 |
| 9 | Buckeye | $1,122 |
| 10 | Gilbert | $1,120 |
| 11 | Tempe | $1,106 |
| 12 | Tucson | $1,105 |
| 13 | Chandler | $1,093 |
| 14 | Casa Grande | $1,089 |
| 15 | Maricopa | $1,085 |
| 16 | Catalina Foothills | $1,072 |
| 17 | Oro Valley | $1,051 |
| 18 | Surprise | $1,048 |
| 19 | Casas Adobes | $1,040 |
| 20 | Yuma | $992 |
| 21 | Flagstaff | $960 |
| 22 | Prescott | $942 |
| 23 | Bullhead City | $905 |
| 24 | Lake Havasu City | $878 |
| 25 | Sierra Vista | $863 |
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Annual rates are estimated as specific Phoenix garaging address can increase or decrease insurance rates considerably.
The diagram below highlights how deductible selection can increase or decrease premium costs when searching for cheap insurance for Lyft drivers. The data assumes a married female driver, full coverage, and no discounts are applied to the premium.
The data above shows that a 40-year-old driver could reduce rates by $246 a year by switching from a $100 deductible to a $500 deductible, or save $370 by choosing a $1,000 deductible. Even younger drivers, like the 20-year-old example, could possibly save up to $606 annually by choosing a higher deductible.
If you make the decision to raise deductibles, it is important to have additional funds in a savings account to enable you to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Car insurance rates are higher with tickets and accidents
A great way to find the best car insurance prices for Lyft vehicles is to be a careful driver and avoid tickets and accidents. The chart below demonstrates how speeding tickets and at-fault collisions can affect auto insurance rates for different age categories. The data is based on a single male driver, comp and collision included, $100 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of auto insurance in Phoenix per year with no violations or accidents is $1,722. Receive two speeding tickets and the average cost surges to $2,283, an increase of $562 each year. Now include one accident along with the two speeding tickets and the annual cost of car insurance for Lyft drivers jumps again to an average of $2,847. That’s an increase of $1,125, or $94 per month, just for not maintaining a clean driving record!
Liability rates compared to full coverage
Saving money when shopping for car insurance is probably important to most people, and one common way to reduce the cost of insurance for Lyft drivers is to not buy full coverage. The chart below shows the difference between insurance prices with full physical damage coverage compared to only buying liability only. The premiums are based on no driving violations, no at-fault accidents, $500 deductibles, single status, and no discounts are factored in.
Averaged for all age groups, full coverage on your policy costs an extra $1,551 per year more than just insuring for liability. That touches on the question if full coverage is worth the money. There isn’t a steadfast formula that works best for making the decision to drop physical damage coverage, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then you might consider buying liability only.
For example, let’s pretend your vehicle’s claim settlement value is $12,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $11,000 after paying your policy deductible. If you are paying more than $1,100 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
Can you find cheaper Phoenix car insurance?
Phoenix, AZ car insurance rates are determined by lots of factors which can significantly increase or decrease the cost of a policy. Getting older, filing a claim, or getting a ticket for running a stop sign can cause premium changes resulting in some rates now being cheaper than competitors. Not only may your situation change, but auto insurance companies file new Arizona car insurance rates every year or even multiple times each year to ensure their profitability. Heavy losses can result in high rates, while profitable underwriting may result in more affordable Phoenix car insurance rates.
To help illustrate this point, the graph below compares the cheapest car insurance in Phoenix, AZ for a 40-year-old male driver with no prior accidents, a clean driving record, and a decent credit rating. If we look at prices based on his current rating profile, The Hartford might offer the cheapest car insurance rates in Phoenix at $1,204 per year. This is $224 less than the average rate paid by Arizona drivers of $1,428. Auto-Owners, Safeco, USAA, and Travelers are the remaining cheapest Phoenix, AZ auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison a claim, a lower credit rating, and a speeding ticket. Due to the fact that every insurance company has a unique formula to determining premium rates, comparing prices may result in a slightly different list of affordable companies as shown below.
Progressive now has the best insurance rate in Phoenix, AZ with CSAA, Ameriprise Group, Auto-Owners, and Allied now being in the top five. This example shows why it is so important to take the time to shop around when trying to get the lowest auto insurance quotes for Lyft drivers. Insurance prices are determined by many things and can increase or decrease at any time, so the cheapest rate the last time you shopped your coverage around may now be quite expensive.