I’m sure you’ve seen the captivating ads from insurers like Nationwide, GEICO, and Progressive that claim the cheapest rates, so you should just pick the one with the best commercial, right?
Unfortunately, it’s just not that easy, as there are a ton of unknown aspects such as if you are currently insured, whether or not you own a home, the area you live in, and if you want the added protection of full coverage. In this article, we will cover these topics and also should give you a good start in finding the cheapest insurance.
Determining which companies quote the most affordable auto insurance rates for Lyft drivers may require a little more work in order to find the lowest price.
Each insurer has their own unique process to establish rates, so we’ll take a look at the auto insurance companies that tend to have lower prices in Houston. It’s a good idea to know that Houston, TX auto insurance rates are calculated based on many things which can substantially change the cost of having a policy. Turning one year older, moving to a new city, or getting into an accident can cause premium changes that can cause some rates to be cheaper in comparison to the competition.
Find the Cheapest Car Insurance for Your Lyft Vehicle
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,199|
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Travelers has some of the best car insurance rates in Houston at around $1,052 a year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also be considered some of the cheapest Houston, TX car insurance companies.
As shown in the rates above, if you have coverage with Germania Mutual and switched to Travelers, you could earn a yearly savings of in the vicinity of $192. Insureds with Esurance could save as much as $355 a year, and California Casualty insureds might realize rate reductions of up to $372 a year.
Understand that those policy rates are averaged for all drivers and vehicles and and are not figured with an exact location for Lyft drivers. So the auto insurance company that is most affordable for your situation may not even be in the top 23 companies shown above. That point stresses why you need to compare rates from multiple companies using your own personal information and vehicle type.
For Lyft vehicles, one of the more important criteria that are looked at to help calculate auto insurance rates is where you choose to live. Regions with larger populations or more claims are more likely to pay higher prices, whereas areas that tend to be more rural tend to receive cheaper rates.
The table below shows the most expensive areas in Texas for Lyft drivers to buy an auto insurance policy in. Houston ranks #4 with a yearly premium of $1,853 on average, which is approximately $154 per month.
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Rate information is comparative as specific Houston garaging address can affect coverage rates substantially.
The make and model of vehicle requiring coverage is one of the primary factors when trying to find the most economical auto insurance for Lyft drivers. Vehicles with high performance engines, poor safety ratings, or a track record of large liability claims will cost substantially more to insure than more modest models. The information below showcases car insurance rates for some of the most budget-friendly automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Chevrolet Impala LT||$1,342|
|Toyota RAV4 Sport 2WD||$1,349|
|Dodge Grand Caravan Crew||$1,368|
|Ford Focus SES 4-Dr Sedan||$1,385|
|Ford Escape XLS 4WD||$1,390|
|Honda CR-V LX 4WD||$1,396|
|Toyota Camry SE||$1,412|
|Chevrolet Equinox LTZ AWD||$1,439|
|Ford Fusion SE 4-Dr Sedan||$1,449|
|Chevrolet Malibu LTZ||$1,439|
|Jeep Grand Cherokee Limited 4WD||$1,446|
|Kia Optima LX||$1,439|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$1,489|
|Chevrolet Silverado LS Extended Cab 4WD||$1,542|
|Ford Explorer Limited AWD||$1,569|
|Ford Edge SEL AWD||$1,615|
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Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Price estimates do not factor in specific location information which can modify premiums substantially.
Based upon the rates shown, you can presume that makes and models like the Chevrolet Impala, Toyota RAV4, Dodge Grand Caravan, Ford Focus, and Ford Escape are most likely to be the more affordable vehicles to insure for Lyft vehicles.
Liability only or full coverage
Saving money on auto insurance is the goal of the majority of drivers, and an easy way to buy cheaper insurance for Lyft drivers is to not buy comprehensive and collision coverage. The example below compares insurance costs with and without full coverage. Data assumes no accidents or driving violations, $1,000 deductibles, single status, and no discounts are applied.
Averaged for all ages 20 through 70, full coverage costs an extra $1,598 per year more than carrying just liability coverage. Many of you may wonder when is it safe to stop buying full coverage. There is no definitive formula of when to eliminate full coverage on your policy, but there is a guideline you can use. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.
Get discount Houston insurance rates
Insurance companies that provide coverage for Lyft drivers may additionally offer special discounts that could reduce prices by 30% or more if you are eligible for them. Companies and some of the premium reductions they offer are included below.
- State Farm offers discounts for multiple policy, anti-theft, passive restraint, safe vehicle, and driver’s education.
- American Family has discounts for defensive driver, early bird, TimeAway discount, Steer into Savings, multi-vehicle, and good student.
- AAA has savings for multi-car, pay-in-full, education and occupation, good student, anti-theft, good driver, and multi-policy.
- GEICO may have discounts that include good student, seat belt use, membership and employees, federal employee, military active duty, emergency military deployment, and five-year accident-free.
- Mercury Insurance includes discounts for ease of repair, low natural disaster claims, good driver, age of vehicle, type of vehicle, and professional/association.
- Farmers Insurance offers premium reductions for early shopping, business and professional, pay in full, distant student, electronic funds transfer, alternative fuel, and switch companies.
- Progressive may include discounts for good student, homeowner, multi-policy, online signing, online quote discount, continuous coverage, and multi-vehicle.
The chart below compares car insurance rates with and without discounts applied to the premium. Data assumes a female driver, no violations or claims, Texas state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with vehicle safety, marriage, defensive driving course, claim-free, anti-theft, and multiple policy discounts applied. When discounts are factored in, theaverage yearly reduction on auto insurance for Lyft drivers is 28% or $474.
Here’s why you should shop around
Texas auto insurance rates are impacted by many factors which can substantially decrease or increase the policy price. Simply improving your credit, having a claim, or getting a couple of tickets can trigger rate changes that may make certain companies more affordable than before. Not only that, but insurers file new rates as often as every three months to ensure their profitability. An unexpected high level of claims may cause increased rates, while lower claim expenses may result in cheaper Houston car insurance rates.
To illustrate this example, the data below analyzes the cheapest car insurance in Houston, TX for a 40-year-old female driver with a clean driving record, no accidents, and a decent credit rating. When quoting prices based on her personal profile, Travelers quotes the cheapest car insurance rates in Houston at $1,234 per year. This is $670 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance round out the rest of the cheapest Houston, TX auto insurance companies.
Let’s now give the driver in the first chart a claim or two, bad credit, and a few blemishes on her driving record. Since each insurance company has a proprietary method for determining rates in each state, comparing quotes could now result in a significantly different list of affordable Houston car insurance companies as shown below.
State Farm now has the best car insurance rate in Houston with Mercury, USAA, Nationwide, and Safe Auto also having competitive pricing. This shows why Houston drivers need to do a thorough rate comparison to find the most economical car insurance quotes for Lyft drivers.
Insurance prices are determined by many factors and change frequently, so the best price the last time you compared rates may now be quite expensive.
How to find cheaper auto insurance for Lyft drivers
Lowering your rates is not difficult, and here are a few money-saving ideas that can help Houston drivers locate lower-cost coverage.
- Higher credit ratings may save you money
- Drive attentively and avoid accidents
- Buy safe vehicles
- Buy your auto and home insurance from the same company and save
- Remove physical damage coverage on older vehicles
- Compare rates regularly and switch companies to save money
The last item on the list is extremely critical, as was discussed in this write-up. Prices adjust frequently, so don’t be tentative to switch to a new company if a better rate can be found.
Sticking with a specific company is fine, but we do not recommend it if that loyalty ends up costing a small fortune year after year. If you have a few minutes, compare prices and find cheaper insurance for Lyft drivers in Houston.
If you prefer to have professional advice when comparing insurance rates for Lyft vehicles, the professional agents shown below are willing to help you determine which policy fits your needs best.
To find an agent in your neighborhood, click the button following the list or click here to compare price quotes.
Felicia Boudreaux – State Farm Insurance Agent
14901 TX-249 #105 – Houston, TX 77086 – (713) 464-2077
R.Y.A. Insurance Agency, Inc.
12155 Jones Rd #300 – Houston, TX 77070 – (281) 469-6286
Diego Martinez – State Farm Insurance Agent
2575 S Dairy Ashford Rd m – Houston, TX 77077 – (281) 496-5330
Ben Speer – State Farm Insurance Agent
1110 E NASA Pkwy Ste 300 – Houston, TX 77058 – (281) 204-8282
ProTECH Insurance Agency, Inc.
#100, 3120 SW Freeway Service Rd – Houston, TX 77098 – (713) 520-1090