It would sure make life easier if we could just give you the name of the company that has the cheapest rates in Texas. It’s just not that simple, as there are a whole slew of unknown factors such as the level of liability coverage you want, any driving violations you may have, and your credit score, that all impact the cost of your policy. This article covers the best ways to avoid paying too much and will hopefully give the reader some help in finding cheaper rates.
For Lyft vehicles, one of the largest criteria that determine the annual cost of car insurance is where you choose to live. Cities with larger populations or higher claim trends will most likely have higher rates, whereas areas with less congestion have the luxury of cheap car insurance rates.
The next table rates the highest-priced places in Texas for Lyft drivers to buy an auto insurance policy in. Fort Worth shows up at #21 having an annual price of $1,604 on average, which is around $134 monthly.
|Rank||City||Premium Per Year|
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Table data uses estimated as the garaging address in Fort Worth can alter auto insurance rates greatly.
The car, truck, or SUV that is being insured is one of the largest factors when consumers are trying to find the best car insurance for Lyft drivers. Vehicles with average performance, good safety features, or low incidents of liability claims will cost less to insure than adrenaline junky models. The information below illustrates auto insurance costs for some of the most affordable automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$901|
|Volkswagen Jetta S 2.5 Station Wagon||$979|
|Ford F-150 STX Super Cab 2WD||$992|
|Dodge Grand Caravan SE||$1,013|
|Ford Escape XLS 4WD||$1,035|
|Ford Edge SE AWD||$1,048|
|Ford Focus SE 4-Dr Sedan||$1,058|
|Chevrolet Malibu Hybrid||$1,069|
|Toyota RAV4 Limited 4WD||$1,075|
|Toyota Camry SE||$1,123|
|Honda CR-V EX-L 4WD||$1,132|
|GMC Sierra SLT Extended Cab 2WD||$1,143|
|Hyundai Sonata GLS 4-Dr Sedan||$1,147|
|Ford F-350 XLT Crew Cab Lariat 2WD||$1,186|
|Honda Odyssey EX W/Rear Entertainment||$1,201|
|Chevrolet Silverado LS Regular Cab 4WD||$1,212|
|Kia Optima SX||$1,220|
|Chevrolet Impala LT||$1,225|
|Toyota Tacoma Double Cab 4WD||$1,246|
|Ford Explorer Eddie Bauer 4WD||$1,251|
|Ford F-250 XL Turbo Diesel 2WD||$1,276|
|Dodge Ram 2500 Crew Cab Laramie 2WD||$1,283|
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Price 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 homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Price estimates do not factor in vehicle garaging location which can change coverage rates greatly.
Based upon the table data, you can presume that cars like the Hyundai Elantra, Volkswagen Jetta, and Ford F-150 will definitely be the most affordable vehicles to insure for Lyft vehicles.
Full coverage versus liability only rates
Paying a lower price for insurance is important to the majority of drivers, and one great way to pay lower rates for insurance for Lyft drivers is to not buy full coverage. The example below illustrates the difference between insurance premiums with and without full coverage. The rates are based on no claims or violations, $250 deductibles, drivers are not married, and no discounts are taken into consideration.
If we average all the age groups together, full coverage costs $2,000 per year more than insuring for liability only. That amount may make you wonder if it’s a good idea to buy full coverage. There is no exact rule of when to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is more than 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.
There are some circumstances where buying only liability insurance is not advised. If you still have a loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Accidents and violations increase rates
The best way to score affordable insurance prices in Fort Worth for Lyft vehicles is to drive attentively and avoid accidents and traffic violations. The diagram below illustrates how violations and at-fault fender-benders can drive up insurance prices for each different age group. Data assumes a married female driver, full coverage, $250 deductibles, and no other discounts are factored in.
In the previous example, the average cost of auto insurance per year with no accidents or violations is $1,542. Factor in two speeding tickets and the average cost increases to $2,191, an increase of $649 each year. Then throw in two accidents along with the two speeding tickets and the annual cost of insurance for Lyft drivers jumps again to an average of $4,584. That’s an increase of $3,042, or $253 per month, just for being a less-than-perfect driver!
How to find more affordable insurance for Lyft drivers
It is possible to find better rates, and here are many penny-pinching suggestions that can help Fort Worth drivers locate lower-cost car insurance.
- Buy a safer vehicle
- Violations like speeding or DUI increase rates
- If possible, pay for small claims out-of-pocket
- Remain accident-free and save
- Bundle home and auto and earn a discount
- Compare price quotes at least once a year
That last tip is highly crucial, as was pointed out in this piece. Insurance prices in Fort Worth fluctuate constantly, so drivers shouldn’t be reluctant to buy from a new company if a cheaper rate is available.
Being loyal to a particular company is commendable, but it’s not a great idea if that stubbornness costs you thousands of dollars over several years. In just a few minutes you could shop around and find cheaper auto insurance for Lyft drivers.
If you would rather have a consultation when trying to find the best insurance rates for Lyft vehicles, the agents listed below can help you make a decision which car insurance policy is best.
To locate a Fort Worth car insurance agency close to you, click the link after the list or click here to compare rates now.
- Calvin Harris – State Farm Insurance Agent
1100 Bridgewood Dr #100 – Fort Worth, TX 76112 – (817) 451-2511
- Amado Flores – State Farm Insurance Agent
3345 Western Center Blvd Ste 180 – Fort Worth, TX 76137 – (817) 232-3000
- Lucien Wright Insurance Services
6000 Western Pl #100 – Fort Worth, TX 76107 – (817) 335-3400