The words “low-priced” and “insurance” really shouldn’t be used in the same sentence, especially when you are trying to find the best insurance rates for Lyft drivers. To help control this cost, let’s introduce you to some of the factors that can significantly affect car insurance prices, and see if you can lower the cost of the next policy you buy.
Deciphering which insurers offer the cheapest car insurance rates for Lyft drivers will require a bit more work in order to find the best policy. Every insurance provider uses their own calculation to set their prices, so let’s examine the car insurance companies with the overall cheapest rates in Detroit.
It’s important to understand that Detroit, MI car insurance rates are calculated based on many things that can increase the price of coverage. Improving your credit rating, marrying your spouse, or having a fender bender may cause policy rate changes that can cause some rates to be cheaper in comparison to the competition.
Find Cheaper Car Insurance for Your Lyft Vehicle
USAA has some of the lowest car insurance rates in Detroit at around $949 a year. This is $1,444 less than the average policy premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb also rank well as some of the more affordable Detroit, MI auto insurance companies.
In the above example, if you are currently insured with MetLife and switched to USAA, you could see savings of around $401. Michigan drivers with Chubb may save as much as $479 a year, and MEEMIC customers might realize rate reductions of up to $487 a year.
Be aware that those premium estimates are averages for all types of drivers and the different vehicles they drive and do not factor in a specific zip code for Lyft drivers. So the car insurance company that has the lowest price for you may not even be in the list above. That point stresses why you need to get rate quotes using your own specific driver information and vehicle.
The make and model of vehicle needing coverage is one of the biggest factors when consumers are trying to find the lowest-priced car insurance for Lyft drivers. Vehicles with lower performance, good safety features, or low incidents of liability claims will cost significantly less to insure than higher performance models. The next list presents car insurance premiums for a selection of the cheaper automobiles to insure in Michigan.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $3,968 |
| Volkswagen Jetta 2.0T Station Wagon | $4,643 |
| Chevrolet Malibu LS | $4,697 |
| Ford F-150 STX Super Cab 2WD | $5,009 |
| GMC Sierra 2500HD SLE Regular Cab 4WD | $5,036 |
| Hyundai Sonata GLS 4-Dr Sedan | $5,045 |
| Nissan Rogue S AWD | $5,051 |
| Jeep Wrangler Sahara 4WD 2-Dr | $5,109 |
| Ford Focus SE 4-Dr Sedan | $5,290 |
| Honda Accord EX 2-Dr Coupe | $5,294 |
| Ford Escape Limited 4WD | $5,299 |
| Ford Edge SE 2WD | $5,344 |
| Toyota Camry Hybrid | $5,385 |
| Toyota Camry Hybrid | $5,394 |
| Toyota Tacoma Double Cab 4WD | $5,389 |
| Ford Fusion S 4-Dr Sedan | $5,394 |
| Jeep Grand Cherokee Laredo 4WD | $5,389 |
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Rates do not factor in zip code location which can revise prices greatly.
Looking at the numbers, cars like the Honda CR-V, Volkswagen Jetta, Chevrolet Malibu, and Ford F-150 will definitely be some of the most affordable vehicles to insure for Lyft vehicles.
For Lyft vehicles, one of the big things that are used to help calculate auto insurance rates is where you live in Detroit. Areas with more people or even just a higher incidence of claims tend to have higher rates, whereas areas with less people or fewer weather incidents can boast about having cheaper rates.
The next table lists the most expensive places in Michigan for Lyft drivers to buy an auto insurance policy in. Detroit shows up at #1 with the yearly price of $4,960 for the average policy, which is around $413 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Detroit | $4,960 |
| 2 | Dearborn | $3,961 |
| 3 | Southfield | $3,862 |
| 4 | Pontiac | $3,639 |
| 5 | Flint | $3,371 |
| 6 | Warren | $3,289 |
| 7 | Taylor | $3,210 |
| 8 | Dearborn Heights | $3,207 |
| 9 | Westland | $2,937 |
| 10 | Sterling Heights | $2,924 |
| 11 | St. Clair Shores | $2,792 |
| 12 | Farmington Hills | $2,758 |
| 13 | Livonia | $2,634 |
| 14 | Rochester Hills | $2,542 |
| 15 | Royal Oak | $2,537 |
| 16 | Troy | $2,536 |
| 17 | Saginaw | $2,507 |
| 18 | Novi | $2,439 |
| 19 | Battle Creek | $2,426 |
| 20 | Lansing | $2,367 |
| 21 | Grand Rapids | $2,275 |
| 22 | Kalamazoo | $2,192 |
| 23 | Kentwood | $2,183 |
| 24 | Wyoming | $2,130 |
| 25 | Ann Arbor | $2,128 |
| Quote Best Rates Go | ||
Premium costs are estimated as vehicle location can alter insurance rates considerably.
Michigan car insurance companies ranked
Ending up with a high-quality car insurance provider can be challenging considering how many companies provide coverage in Detroit. The ranking data shown below can help you select which car insurance companies to look at buying from.
The ratings below are only comprised of the companies with a significant amount of written premium nationwide, so companies that may only write in Michigan are not factored into these rankings. To compare price quotes and find cheaper insurance for Lyft drivers, click this link.
Top 10 Major Auto Insurance Providers in Detroit Ranked by Claims Service
- Progressive
- USAA
- Liberty Mutual
- State Farm
- GEICO
- Nationwide
- Allstate
- The Hartford
- 21st Century
- Farmers Insurance
Accidents and violations increase rates
The best way to maintain the most affordable car insurance rates for Lyft vehicles is to be an attentive driver and not get tickets or have accidents. The diagram below illustrates how traffic citations and at-fault accidents can raise yearly insurance costs for each different age category. The information is based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.
In the previous example, the average cost of auto insurance in Michigan per year with no accidents or violations is $3,030. Add in one speeding ticket and the average cost increases to $3,528, an increase of $498 each year. Now throw in two accidents along with the one speeding ticket and the annual cost of car insurance for Lyft drivers goes up to an average of $7,715. That’s an increase of $4,686, or $390 per month, just for not driving attentively!
The example below demonstrates how choosing different deductibles can impact insurance premiums when researching cheap insurance for Lyft drivers. The rates are based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
The data above shows that a 40-year-old driver could lower rates by $480 a year by switching from a $100 deductible up to a $500 deductible, or save $728 by switching to a $1,000 deductible. Even younger insureds, like the Age 20 chart data, have the ability to save as much as $1,602 or more just by choosing higher deductibles when buying full coverage.
If you do raise deductibles, it will now be necessary to have plenty of money set aside to enable you to pay the extra out-of-pocket expense that comes with higher deductibles.
How to find low-cost auto insurance for Lyft drivers
It is possible to find better rates, and here are some of the recommended penny-pinching suggestions that can help Michigan drivers quote cheap auto insurance.
- Buying home and auto together can help save money
- If your vehicles are older, consider dropping full coverage
- Vehicles with good safety ratings have lower liability rates
- Avoid accidents
- Drive safely
- Do not file small claims
- Compare quotes from other companies often
That final tip is extraordinarily crucial, as we pointed out in the prior article. Coverage rates fluctuate considerably, so drivers shouldn’t be resistant to switch companies if a cheaper rate is available.
Sticking with a specific company is fine, but it isn’t a good idea if that faithfulness ends up costing you a fortune every year. In just a couple of minutes you could compare prices and find cheaper auto insurance for Lyft drivers in Detroit.
If you have coverage questions and would like to have a consultation when comparing insurance rates for Lyft drivers, the agents shown below can most likely answer your questions and help you decide which insurance coverage will be best for you. To find a Detroit insurance agent by location nearest to you, click the button below the list or click here to get price quotes now.
- Thomas L Whatley Agency Inc
14710 Puritan Ave – Detroit, MI 48227 – (313) 272-5955 - Premier Insurance
16119 W Warren Ave – Detroit, MI 48228 – (313) 582-1500 - Detroit Auto Insurance
620 Woodward Ave – Detroit, MI 48226 – (517) 618-1693