The vehicle model requiring insurance is one of the largest considerations in finding affordable coverage for Lyft drivers. Vehicles with average performance, a plethora of safety features, or a track record of few liability claims will cost quite a bit less to insure than higher performance models.
The data below estimates insurance costs for a handful of the most affordable vehicles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $1,546 |
| Hyundai Elantra GLS Touring Station Wagon | $1,552 |
| Ford Escape XLT 4WD | $1,579 |
| Dodge Grand Caravan SE | $1,733 |
| Honda Accord LX-P 4-Dr Sedan | $1,748 |
| Ford Edge Limited 2WD | $1,801 |
| Toyota RAV4 4WD | $1,834 |
| Ford Explorer Eddie Bauer 2WD | $1,899 |
| Toyota Prius | $1,935 |
| Chevrolet Silverado LS Extended Cab 2WD | $1,966 |
| Nissan Rogue SL 2WD | $1,972 |
| Kia Optima LX | $1,966 |
| Ford Fusion Sport 4-Dr Sedan | $1,969 |
| GMC Sierra SLE Crew Cab 2WD | $1,976 |
| Ford F-150 Lariat King Ranch 4WD | $2,003 |
| Compare Rates Now Go | |
Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Rate quotes do not factor in garaging location in Memphis, TN which can increase or decrease coverage rates substantially.
Based on these rates, makes and models like the Honda CR-V, Hyundai Elantra, Ford Escape, and Dodge Grand Caravan are the less-costly vehicles to insure for Lyft vehicles.
Deciding which companies have the lowest-priced car insurance rates for Lyft drivers will require a little more sweat in order to find coverage that fits your budget.
Each insurer uses a different method to set their prices, so we need to take a look at the most affordable car insurance companies in Memphis. It’s a good idea to be aware that Tennessee car insurance rates are based on many factors that may substantially change the cost of having a policy. Simply having a birthday, having a teenage driver, or getting a couple of tickets can produce rate changes that can cause some rates to be more affordable than the competition.
Best Car Insurance Prices for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $744 |
| 2 | Auto-Owners | $861 |
| 3 | Cincinnati Insurance | $876 |
| 4 | USAA | $929 |
| 5 | Penn National | $935 |
| 6 | Tennessee Farmers | $961 |
| 7 | Erie | $997 |
| 8 | Nationwide | $1,012 |
| 9 | Westfield | $1,037 |
| 10 | Allied | $1,060 |
| 11 | GEICO | $1,122 |
| 12 | State Farm | $1,213 |
| 13 | Travelers | $1,213 |
| 14 | State Auto | $1,217 |
| 15 | The Hartford | $1,221 |
| 16 | Progressive | $1,226 |
| 17 | Shelter | $1,235 |
| 18 | Direct General | $1,251 |
| 19 | 21st Century | $1,261 |
| 20 | Chubb | $1,316 |
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Utica National generally has some of the cheapest car insurance rates in Memphis at around $744 annually. This is $584 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Penn National also qualify as some of the best Memphis, TN auto insurance companies.
As the example above demonstrates, if you are insured with Auto-Owners and switched to Utica National, you could see an annual savings of in the neighborhood of $117. Policyholders with Cincinnati Insurance may save as much as $132 a year, and USAA customers might reduce rates by $185 a year.
To see if your current coverage is too expensive, click here to start a quote or quote rates from the companies below.
Bear in mind that those policy rates are averages for all drivers and vehicles and and are not figured with an exact location for Lyft drivers. So the insurer that can offer you the best rate may not even be in the top 30 companies in the list above. That emphasizes why you need to quote rates from many companies using your own specific driver information and vehicle.
Choosing the highest-rated auto insurance provider can be difficult considering how many different companies there are to choose from in Tennessee. The company ratings listed below may help you analyze which auto insurers to look at when insurance shopping for Lyft drivers. The ratings below are only comprised of large, nationwide insurance companies, so smaller companies are not taken into consideration for the list.
Top 10 Large Auto Insurers Overall in Memphis
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Full coverage rates compared to liability only
Finding cheaper car insurance is important to most vehicle owners, and one way to save on the cost of insurance for Lyft drivers is to buy liability only. The example below illustrates the difference between insurance costs with liability coverage only compared to full coverage. The prices are based on no claims or driving violations, $500 deductibles, marital status is single, and no discounts are factored in.
If averaged out across all ages, physical damage insurance costs $1,848 per year more than just buying liability only. That proposes the question when is the right time to remove full coverage. There isn’t a written rule to stop buying full coverage, but there is a general guideline. If the yearly cost for physical damage coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
Types of discounts on Memphis insurance rates
Car insurance companies that provide policies for Lyft drivers may also offer policy discounts that may potentially lower prices by 30% or more if you are eligible to receive them. A list of companies and the discounts they provide can be found below.
- Progressive may have discounts that include continuous coverage, good student, multi-vehicle, multi-policy, online quote discount, and online signing.
- The Hartford policyholders can earn discounts including bundle, air bag, anti-theft, defensive driver, vehicle fuel type, driver training, and good student.
- Mercury Insurance includes discounts for multi-policy, ease of repair, low natural disaster claims, good driver, annual mileage, and good student.
- GEICO has savings for anti-lock brakes, daytime running lights, military active duty, federal employee, defensive driver, air bags, and good student.
- AAA may include discounts for pay-in-full, education and occupation, anti-theft, AAA membership discount, good student, multi-car, and multi-policy.
- State Farm offers discounts for defensive driving training, anti-theft, multiple autos, safe vehicle, and good driver.
The illustration below visualizes the comparison of car insurance costs with and without policy discounts. The information is based on a female driver, no accidents or driving violations, Tennessee state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with passive restraint, accident-free, anti-theft, vehicle safety, multiple policy, and safe-driver discounts applied. When drivers take advantage of discounts, the average amount saved each year on car insurance for Lyft drivers is 27% or $398.
The benefits of price comparisons
Tennessee car insurance rates are impacted by many factors which can substantially change the price of coverage. Simply turning a year older, getting divorced, or getting a ticket for careless driving can trigger price changes that can cause some rates to be cheaper than before.
In addition to those changes, companies amend pricing as often as every quarter in order to remain profitable. Higher than normal claims can result in higher rates, while lower claim expenses may result in more affordable Memphis car insurance rates.
To illustrate this example, the graph below shows the cheapest car insurance in Memphis, TN for a 40-year-old male driver with a clear driving record, no claims, and a good credit rating. If we look at prices based on his current situation, Utica National may have the most affordable car insurance rates in Memphis at $1,034 each year. This is $294 less than the average price paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Penn National, and USAA are the remaining cheapest Memphis, TN auto insurance companies.
Now let’s give the driver in the first chart a couple of claims, a lower credit rating, and a few blemishes on his driving record. Because each insurer uses a different method for determining rates in each state, comparing quotes will most likely result in a significantly different list of the cheapest companies as shown below.
Erie now has the cheapest auto insurance in Memphis with Allied, Nationwide, Westfield, and GEICO also having competitive pricing. This example proves why it is critical to shop around with many companies to get the most economical insurance quotes for Lyft drivers.
Rates are determined by many risk factors and change frequently, so the most affordable company six months ago may now be one of the more expensive options.
The agents below can most likely help you decide which auto insurance policy fits you best, as lots of people like to get help from a professional when buying car insurance for Lyft vehicles. It’s not always simple to find the cheapest auto insurance company, so insurance agents can bring comfort knowing you have adequate coverage when you need it most. To locate an agency closest to you, click the button at the bottom of the list.
- Allstate Insurance: Josh Roman
579 S Perkins Rd – Memphis, TN 38117 – (901) 683-8600 - Lipscomb and Pitts Insurance LLC
2670 Union Ave – Memphis, TN 38112 – (901) 321-1000 - Henry Hooper II – State Farm Insurance Agent
348 S Main St – Memphis, TN 38103 – (901) 575-0001