The vehicle model that is being insured is probably the largest consideration when shopping for low-cost coverage for Lyft drivers. Vehicles with high performance features, a lack of safety features, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models. The data below features auto insurance premiums for some of the most budget-friendly automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $670 |
| Toyota Prius | $742 |
| Honda CR-V EX-L 2WD | $750 |
| Ford Edge SEL 2WD | $774 |
| GMC Sierra SL Extended Cab 2WD | $790 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $806 |
| Chevrolet Malibu LT | $811 |
| Ford Escape Limited 4WD | $820 |
| Ford Explorer XLT 2WD | $829 |
| Honda Accord EX-L 4-Dr Sedan | $820 |
| Toyota Camry XLE | $832 |
| Ford F-150 XLT Crew Cab 2WD | $838 |
| Dodge Grand Caravan SE | $848 |
| Chevrolet Silverado LT Regular Cab | $857 |
| Dodge Ram Quad Cab SLT 4WD | $864 |
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nebraska minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, multi-vehicle, and claim-free. Rates do not factor in the specific area where the vehicle is garaged which can raise or lower coverage prices noticeably.
Based on these rates, we can expect cars like the Hyundai Elantra, Toyota Prius, and Honda CR-V should be the more affordable vehicles to insure for Lyft vehicles.
For Lyft vehicles, one of the big criteria that aid in calculating the amount you pay each year for auto insurance is your zip code in Lincoln. Areas with more people or higher crime rates tend to have more expensive car insurance rates, whereas areas with less people or fewer weather incidents benefit from lower coverage costs.
The next table shows the highest-priced areas in Nebraska for Lyft drivers to buy auto insurance in. Lincoln is ranked at #24 with an annual cost of $1,062 on average, which is around $89 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Scottsbluff | $1,360 |
| 2 | Gering | $1,343 |
| 3 | Alliance | $1,340 |
| 4 | Lexington | $1,303 |
| 5 | McCook | $1,292 |
| 6 | South Sioux City | $1,290 |
| 7 | North Platte | $1,288 |
| 8 | Beatrice | $1,272 |
| 9 | Omaha | $1,270 |
| 10 | Kearney | $1,224 |
| 11 | Nebraska City | $1,212 |
| 12 | Blair | $1,200 |
| 13 | Crete | $1,198 |
| 14 | Seward | $1,179 |
| 15 | Columbus | $1,174 |
| 16 | Fremont | $1,166 |
| 17 | La Vista | $1,162 |
| 18 | Grand Island | $1,158 |
| 19 | Hastings | $1,158 |
| 20 | York | $1,145 |
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Information shown are comparative as the specific geographic location can revise auto insurance rates significantly.
Liability rates compared to full coverage
Buying cheaper auto insurance is important to most vehicle owners, and one way to find cheap insurance for Lyft drivers is to not buy full coverage. The chart below compares insurance costs with and without physical damage coverage. The data is based on no tickets, no at-fault accidents, $1,000 deductibles, single status, and no other discounts are factored in.
If we average the cost for all age groups, comp and collision coverage costs $1,681 per year more than buying just liability insurance. Many drivers may wonder if physical damage coverage is worth the money. There is no specific rule to stop buying physical damage coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is about 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.
How to get discounts on Lincoln insurance
Insurance companies that provide coverage for Lyft drivers may also give you special discounts that could reduce prices by 30% or more if you can meet the requirements. A list of auto insurance companies and their possible discounts can be read below.
- GEICO has savings for military active duty, anti-theft, seat belt use, federal employee, and five-year accident-free.
- SAFECO may offer discounts for bundle discounts, drive less, homeowner, anti-theft, and teen safety rewards.
- State Farm may include discounts for multiple autos, Steer Clear safe driver discount, driver’s education, Drive Safe & Save, anti-theft, good student, and good driver.
- MetLife may have discounts that include accident-free, defensive driver, good driver, good student, and claim-free.
- 21st Century offers premium reductions for defensive driver, automatic seat belts, theft prevention, driver training, student driver, and homeowners.
- Progressive offers discounts for multi-policy, homeowner, continuous coverage, multi-vehicle, and online quote discount.
The chart below illustrates the comparison of annual premium costs with and without discounts applied to the rates. The costs are based on a male driver, no claims or driving citations, Nebraska state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with vehicle safety, defensive driving course, claim-free, homeowner, safe-driver, and anti-theft discounts applied. When discounts are factored in, the average savings per year on auto insurance for Lyft drivers is 28% or $642.
The benefit of shopping around
Lincoln auto insurance rates are impacted by many things which can substantially change the policy price. Getting older, having a teen driver, or getting a DUI may generate price changes that can make some companies more affordable than before. In addition to those changes, companies change the rates they charge in Nebraska every year to reflect underwriting profits or losses. Larger than normal claims may cause more expensive premiums, while better underwriting can result in more affordable Lincoln car insurance rates.
For instance, the bar chart below compares the cheapest car insurance in Lincoln, NE for a 45-year-old male driver with no accidents or violations, and a good credit history. If we look at prices based on his current risk profile, Safeco has the best car insurance rates in Lincoln at $788 a year. This is $528 less than the average premium paid by Nebraska drivers of $1,316. The Hartford, Auto-Owners, Allied, and Farmers Mutual of Nebraska also make the list of the most affordable Lincoln, NE auto insurance companies.
In this example, we will give the driver from the first rate comparison an accident surcharge, a lower credit score, and a speeding citation. Since each auto insurance company has a proprietary formula for determining rates, comparing rates may now show a significantly different list of affordable Lincoln car insurance companies as shown below.
Nationwide now has the best price on car insurance in Lincoln with State Farm, American National, General Casualty, and USAA now being in the top five. This shows why it is crucial to perform a complete rate comparison when trying to find affordable insurance quotes for Lyft drivers. Car insurance prices are made up of many different factors and change frequently, so the most economical company a year ago may now be one of the more expensive options.