Establishing which company offers the cheapest car insurance rates for Lyft drivers will take more work in order to find a policy that fits your budget. Every car insurance company has their own unique process for establishing rates, so let’s rank the lowest cost car insurance companies in Los Angeles, CA.
It’s important to understand that Los Angeles, CA car insurance rates are determined by lots of factors that will increase or decrease the price you pay. Simply having a birthday, having a teenage driver, or getting a speeding ticket can cause premium changes that can cause some rates to be cheaper in comparison to the competition.
Cheap Insurance Rates for Your Lyft Vehicle
|Rank||Company||Cost Per Year|
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USAA normally has some of the lowest car insurance rates in Los Angeles at around $1,143 each year. This is $508 less than the average policy premium paid by California drivers of $1,651. Wawanesa, CSAA, Nationwide, and Century National also are some of the most economical Los Angeles, CA car insurance companies.
As the rates illustrate above, if you are a policyholder with Nationwide and switched to Wawanesa, you might see an annual savings of around $56. Policyholders with Century National might save as much as $69 a year, and 21st Century policyholders might realize rate reductions of up to $168 a year.
Bear in mind that those policy prices are averages across all drivers and vehicles and and are not figured with a specific zip code for Lyft drivers. So the company that can offer you the best price may not even be in the top 24 companies shown above. That affirms the importance of why you need to quote rates from many companies using your own individual information.
For Lyft vehicles, one of the big components that are looked at to determine the cost of insurance is your address. Areas with more people or even just a higher incidence of claims tend to have higher auto insurance costs, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The following table shows the highest-priced areas in California for Lyft drivers to buy an auto insurance policy in. Los Angeles is ranked at #1 costing $2,168 for the average policyholder, which is approximately $181 monthly.
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Premium amounts are comparative as specific location information can revise rates noticeably.
Difference between full coverage and liability only rates
Lowering the price of car insurance is important to the majority of drivers, and a good way to reduce the cost of insurance for Lyft drivers is to only buy liability insurance. The diagram below compares annual premium costs when comparing full coverage to liability only. The information is based on no claims or driving violations, $500 deductibles, single marital status, and no discounts are applied.
As an overall average, full coverage costs $2,816 per year more than insuring for liability only. Many people question when is it safe to stop buying full coverage. There is no set rule for excluding comp and collision coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than about 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
There are some cases where buying only liability insurance is not in your best interest. If you still have a lienholder on your title, you have to keep full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not buy liability only.
The example below highlights how deductible choice can increase or decrease insurance rates when searching for cheap insurance for Lyft drivers. The information is based on a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
The chart above illustrates that a 30-year-old driver could lower rates by $350 a year by changing from a $100 deductible up to a $500 deductible, or save $530 by choosing a $1,000 deductible. Younger drivers, such as the Age 20 example, could potentially save $750 every year by using higher deductibles when buying full coverage. When increasing deductibles, it is a good idea to have enough savings set aside to be able to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Careless driving habits raise car insurance rates
One of the best ways to receive good car insurance rates for Lyft vehicles is to be a good driver and maintain a clean driving record. The illustration below illustrates how speeding tickets and fender-benders can impact insurance costs for different age groups. The premium estimates are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.
In the prior example, the average cost of auto insurance per year with no accidents or violations is $2,394. Factor in two speeding tickets and the average cost swells to $3,222, an increase of $828 each year. Next add two accidents along with the two speeding tickets and the 12-month cost of car insurance for Lyft drivers jumps again to an average of $6,160. That’s an increase of $3,766, or $314 per month, just for being a careless driver!
The Los Angeles auto insurance agencies shown below can probably provide answers to your questions and help you determine which coverages and limits you need, since some drivers wish to have a little guidance when trying to find the best insurance rates for Lyft drivers. It can be complicated to find the best policy on your own, so using a licensed agent can provide peace of mind knowing your coverage gives you enough protection. To find an auto insurance agency by location nearest to you, click the button at the bottom of the list.
Mirzakhanyan Insurance Agency Inc. – State Farm
7113 1/2 Sunset Boulevard – Los Angeles, CA 90046 – (323) 303-3728
Solid Health Insurance Agency
11639 Chenault St – Los Angeles, CA 90049 – (310) 909-6135
Daniel Williams – State Farm Insurance Agent
7944 W 3rd St – Los Angeles, CA 90048 – (323) 852-6868
Sean Paul Insurance Agency
3101 Silver Lake Blvd – Los Angeles, CA 90039 – (323) 667-9180