The words “low-priced” and “auto insurance” really shouldn’t be used in the same sentence, in particular when searching for the cheapest car insurance for Lyft drivers. In an attempt to save some money, let’s go over some of the factors that impact insurance prices, and figure out some ways to reduce the cost of the next policy you buy.
The vehicle model that is being insured is one of the biggest factors that determines whether or not you can buy the best auto insurance for Lyft drivers. Vehicles with limited top-end speed, modern passenger safety features, or a positive history of liability claims will cost much less to insure than fast, unsafe models.
The data below shows auto insurance costs for a selection of the most cost-effective vehicles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $1,488 |
| Ford Escape XLS 2WD | $1,497 |
| Ford Edge Limited 2WD | $1,526 |
| Volkswagen Jetta SE 2.5 Station Wagon | $1,544 |
| Toyota RAV4 Limited 4WD | $1,557 |
| Chevrolet Malibu LS | $1,566 |
| Ford F-150 XLT Crew Cab 2WD | $1,612 |
| Toyota Tacoma X-Runner 2WD | $1,643 |
| Hyundai Elantra SE 4-Dr Sedan | $1,653 |
| Chevrolet Impala LTZ | $1,643 |
| Toyota Prius | $1,648 |
| Jeep Grand Cherokee Limited 4WD | $1,671 |
| Honda Odyssey EX W/Rear Entertainment | $1,674 |
| Ford Explorer XLT 4WD | $1,679 |
| Dodge Grand Caravan CV | $1,684 |
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Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Price estimates do not factor in specific zip code location which can increase or decrease coverage rates substantially.
Looking at the data, models like the Honda CR-V, Ford Escape, and Ford Edge are most likely to be a few of the cheapest vehicles to insure for Lyft vehicles.
One of the many considerations that are used to help calculate the price you pay for insurance is your address in Aurora. More populated areas tend to have higher auto insurance costs, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower rates.
The following table shows the highest-priced areas in Colorado for Lyft drivers in which to buy car insurance. Aurora makes the list at #3 having an annual price of $1,361 for the average insured, which is around $113 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Pueblo | $1,440 |
| 2 | Denver | $1,397 |
| 3 | Aurora | $1,361 |
| 4 | Lakewood | $1,324 |
| 5 | Colorado Springs | $1,316 |
| 6 | Commerce City | $1,314 |
| 7 | Ken Caryl | $1,313 |
| 8 | Northglenn | $1,303 |
| 9 | Arvada | $1,295 |
| 10 | Security-Widefield | $1,291 |
| 11 | Brighton | $1,285 |
| 12 | Thornton | $1,281 |
| 13 | Centennial | $1,278 |
| 14 | Westminster | $1,272 |
| 15 | Parker | $1,270 |
| 16 | Littleton | $1,267 |
| 17 | Castle Rock | $1,248 |
| 18 | Highlands Ranch | $1,241 |
| 19 | Broomfield | $1,203 |
| 20 | Boulder | $1,171 |
| 21 | Grand Junction | $1,154 |
| 22 | Longmont | $1,133 |
| 23 | Greeley | $1,122 |
| 24 | Fort Collins | $1,089 |
| 25 | Loveland | $1,074 |
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Rate quotes are approximated as the specific garaging location can lower or raise premiums substantially.
Impact of careless driving on Aurora insurance rates
The obvious way to earn affordable insurance rates in Aurora for Lyft vehicles is to drive attentively and not have accidents or get tickets. The illustration below shows how violations and fender-benders can drive up insurance premiums for different insured age categories. The rate quotes are based on a married female driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
In the previous chart, the average cost of a car insurance policy in Aurora per year with a clean driving record and no accidents is $1,501. Receive one speeding ticket and the average cost rises to $1,756, an increase of $255 each year. Then add one accident along with the one speeding ticket and the yearly cost of insurance for Lyft drivers goes up to an average of $2,464. That’s an increase of $963, or $80 per month, just for being a careless driver!
Rate comparison of full coverage and liability-only
Buying cheaper insurance is probably important to the majority of people, and an effective way to find cheap insurance for Lyft drivers is to only buy liability insurance. The illustration below visualizes the comparison of insurance prices with full physical damage coverage and with liability coverage only. The rate quotes are based on no violations or claims, $100 deductibles, drivers are not married, and no other discounts are factored in.
If averaged out across all ages, full coverage costs an additional $2,013 per year over having just liability coverage. At some point, about every driver wonders when is it safe to stop buying full coverage. There is no clear-cut 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 your full coverage insurance is more than about 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.
How to find economical insurance for Lyft drivers
It is possible to find better rates, and here are some of the recommended thrifty solutions that can help you locate cheap coverage.
- Do not get traffic citations
- Prevent price hikes by avoiding at-fault accidents
- Increase your comprehensive and collision deductibles
- Try paying for small claims out-of-pocket
- Home or renters coverage can save on auto insurance
- Drivers with good credit ratings often pay less
- Ensure you have the best deal by shopping around regularly
That final tip is certainly valuable, as we emphasized in this piece. Insurance rates vary considerably, so drivers shouldn’t hesitate to change to a new company if a more affordable rate is found. Having a favorite company is great, but it isn’t a good idea if that faithfulness ends up costing you a lot of money every month. Spend a few minutes and compare rates and find cheaper auto insurance for Lyft drivers in Aurora.
If you aren’t sure which coverage you need and prefer to get help from a professional when comparing insurance rates for Lyft drivers, the insurance agencies listed below can most likely help you determine which insurance coverage you need. To locate an agency closest to you, click the button at the bottom of the list.
- Denise Smith – State Farm Insurance
1278 S Chambers Rd – Aurora, CO 80017 – (303) 343-3515 - A All City Auto Insurance
9720 E Colfax Ave – Aurora, CO 80010 – (303) 364-0555 - Rick Simmons – State Farm Insurance Agent
14571 E Mississippi Ave – Aurora, CO 80012 – (303) 369-4100 - American Family Insurance – Daniel Kane
1730 S Abilene St # I-201 – Aurora, CO 80012 – (303) 873-1277