Deciding which company quotes the cheapest car insurance rates for Lyft drivers will involve a tad more effort in order to find the lowest price.
Every insurance company uses a slightly different approach to determine premium rates, so let’s rank the overall cheapest car insurance companies in Florida. It’s important to understand that Miami car insurance rates are impacted by many factors that can increase the cost of a policy. Turning one year older, having a teen driver, or having a fender bender can cause premium changes resulting in some companies being cheaper than others.
Best Car Insurance Prices for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Amica | $1,694 |
| 3 | Electric | $1,764 |
| 4 | Progressive | $1,847 |
| 5 | Travelers | $1,869 |
| 6 | Allied | $1,945 |
| 7 | Mercury | $1,992 |
| 8 | Esurance | $2,040 |
| 9 | GEICO | $2,108 |
| 10 | State Farm | $2,131 |
| 11 | Auto-Owners | $2,149 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,373 |
| 14 | Windhaven Insurance | $2,549 |
| 15 | Safeco | $2,898 |
| 16 | MetLife | $2,900 |
| 17 | Hanover | $2,964 |
| 18 | Liberty Mutual | $3,039 |
| 19 | United Automobile | $3,562 |
| 20 | Direct General | $3,902 |
| Compare Rates Now Go | ||
USAA normally has some of the most affordable car insurance rates in Miami at around $986 per year. Amica, Electric, Progressive, and Travelers also qualify as some of the most economical Miami, FL car insurance companies.
As the rates illustrate above, if you are a customer of Electric and switched to USAA, you could realize savings of around $778. Insureds with Progressive might save as much as $861 a year, and Travelers policyholders might reduce rates by $883 a year.
These policy rates are averaged across all drivers and vehicles and do not factor in a vehicle location for Lyft drivers. So the insurer that can offer you the best rate may not even be in the list above. That illustrates why you need to get car insurance quotes using your own personal information and vehicle type.
The vehicle model requiring coverage is probably the most important factor that determines whether or not you find affordable coverage for Lyft drivers. Vehicles with lower performance, an excellent safety record, or low incidents of liability claims will cost much less to insure than fast, unsafe models.
The list below shows coverage prices for some of the most economical vehicles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $3,519 |
| Ford Edge SEL AWD | $3,559 |
| Honda CR-V LX 2WD | $3,762 |
| Toyota Corolla XLE | $3,814 |
| Dodge Ram Quad Cab ST 4WD | $3,965 |
| Honda Odyssey EX | $4,088 |
| Volkswagen Jetta SE 2.5 Station Wagon | $4,108 |
| Toyota Camry Hybrid | $4,152 |
| Chevrolet Equinox LS 2WD | $4,164 |
| Toyota Prius | $4,183 |
| Ford F-150 Lariat Crew Cab 2WD | $4,243 |
| Hyundai Elantra Blue 4-Dr Sedan | $4,303 |
| Ford Focus SES 4-Dr Sedan | $4,308 |
| GMC Sierra 2500HD SLT Extended Cab 2WD | $4,343 |
| Nissan Altima 3.5 SR 2-Dr Coupe | $4,353 |
| Ford F-250 Lariat Super Cab Turbo Diesel 2WD | $4,414 |
| Dodge Grand Caravan Hero | $4,458 |
| Start Your Quote Go | |
Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Information does not factor in Miami, FL location which can revise premiums significantly.
Looking at the data, we can tell that models like the Ford Escape, Ford Edge, Honda CR-V, Toyota Corolla, and Dodge Ram are most likely going to be a few of the most affordable vehicles to insure for Lyft vehicles.
One of the more important things that are looked at to help calculate the annual cost of car insurance is where you keep your car in Miami. Regions with more people or even just more weather-related claims will most likely pay more, whereas areas that tend to be more rural benefit from lower rates.
The table below sorts the priciest cities in Florida for Lyft drivers to buy auto insurance in. Miami ranks #3 with an annual cost of $3,273 for the average insurance policy, which is approximately $273 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami Gardens | $3,277 |
| 3 | Miami | $3,273 |
| 4 | Miami Beach | $3,043 |
| 5 | Miramar | $2,709 |
| 6 | Hollywood | $2,630 |
| 7 | West Palm Beach | $2,625 |
| 8 | Pompano Beach | $2,620 |
| 9 | Coral Springs | $2,574 |
| 10 | Tampa | $2,532 |
| 11 | Fort Lauderdale | $2,500 |
| 12 | Davie | $2,473 |
| 13 | Pembroke Pines | $2,431 |
| 14 | Brandon | $2,322 |
| 15 | St. Petersburg | $2,219 |
| 16 | Clearwater | $2,194 |
| 17 | Spring Hill | $2,123 |
| 18 | Orlando | $2,029 |
| 19 | Jacksonville | $1,960 |
| 20 | Port St. Lucie | $1,916 |
| 21 | Cape Coral | $1,898 |
| 22 | Lakeland | $1,883 |
| 23 | Tallahassee | $1,748 |
| 24 | Palm Bay | $1,733 |
| 25 | Gainesville | $1,646 |
| Quote Best Rates Go | ||
Price information shown is approximated as specific location information can modify price quotes substantially.
Discount Miami car insurance
Car insurance companies that provide policies for Lyft drivers could also offer policy discounts that could reduce prices by as much as 35% or more if you are eligible for them. Larger car insurance companies and a summarized list of policyholder discounts include:
- Farm Bureau offers discounts for 55 and retired, renewal discount, multi-vehicle, multi-policy, driver training, and good student.
- MetLife offers discounts including good driver, multi-policy, defensive driver, accident-free, claim-free, and good student.
- Progressive may have discounts that include multi-vehicle, good student, multi-policy, continuous coverage, homeowner, and online signing.
- AAA may offer discounts for AAA membership discount, good driver, multi-policy, anti-theft, good student, multi-car, and education and occupation.
- American Family discounts include defensive driver, accident-free, Steer into Savings, air bags, good student, and early bird.
- GEICO offers premium reductions for multi-vehicle, daytime running lights, federal employee, defensive driver, five-year accident-free, multi-policy, and emergency military deployment.
- State Farm includes discounts for student away at school, safe vehicle, Steer Clear safe driver discount, good student, good driver, multiple policy, and driver’s education.
The example below illustrates the difference between yearly insurance costs with and without discounts applied. The prices are based on a female driver, no claims or driving violations, Florida state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with multiple vehicle, passive restraint, vehicle safety, safe-driver, claim-free, and anti-theft discounts applied. When taking advantage of discounts, theaverage yearly reduction on car insurance for Lyft drivers is 28% or $566.
Full coverage rates compared to liability-only
Saving on car insurance should be important to the majority of vehicle owners, and one of the best ways to lower the cost of insurance for Lyft drivers is to only buy liability coverage. The information below shows the comparison of premium costs with full coverage compared to only the Florida minimum liability coverage. The rate quotes are based on no violations or accidents, $500 deductibles, drivers are not married, and no other discounts are factored in.
If we average the cost for ages 20 through 70, physical damage coverage on your policy costs $1,961 per year over liability only. That touches on the question when is it safe to stop buying full coverage. There is no definitive guideline to drop physical damage coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your vehicle’s replacement cost is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,000 after the policy deductible has been paid. If it’s costing in excess of $700 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
The diagram below shows how choosing a deductible can raise or lower insurance rates when getting quotes for cheap insurance for Lyft drivers. The rate quotes are based on a married female driver, full coverage, and no discounts are applied to the premium.
The data above shows that a 30-year-old driver could save $332 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $500 by switching to a $1,000 deductible. Young drivers, like the age 20 example, could save as much as $708 each year by using a higher deductible.
When using a larger deductible, it is important to have enough savings set aside to be able to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
If you aren’t sure which coverage you need and prefer to have a professional recommendation when shopping for cheaper insurance for Lyft drivers, the agents shown below can probably help you make a decision which is the best policy. To locate a Miami insurance agent near you, click the link after the list.
Allstate Insurance: Pamela Brumer
141 Alton Rd – Miami Beach, FL 33139 – (305) 531-1223
Clark Alvarado – State Farm Insurance Agent
5209 NW 36th St – Miami Springs, FL 33166 – (305) 887-9543
Cari Insurance Agency Inc.
12890 NW 7th Ave – Miami, FL 33168 – (305) 685-0305
Find a Miami, FL insurance agent near you
How to find budget-friendly car insurance for Lyft drivers
The list below summarizes many thrifty ideas that can help drivers buy more affordable car insurance.
- Higher credit ratings may save you money
- Choose a safer vehicle and pay lower rates
- Do not get tickets or violations
- Accidents can significantly increase rates
- Raise physical damage deductibles
- Comparison shop at least once a year
The final tip is remarkably necessary, as we pointed out in this piece. Coverage prices in Miami fluctuate constantly, so drivers shouldn’t be resistant to switch companies if you can find a cheaper rate. Staying with the same company for years is fine, but it’s not recommended if that inflexibility results in costing you money that could be spent on other things. Take a few minutes and compare prices to find cheaper insurance for Lyft drivers.