Trying to buy low-priced insurance is challenging, and determining which companies offer the lowest-priced car insurance rates for Lyft drivers will take more quotes for comparison.
Each auto insurer has a proprietary formula to set premium rates, so let’s take a look at the most budget-friendly car insurance companies in Indiana. It’s important that readers know that Indiana car insurance rates are determined by lots of factors which can significantly increase or decrease your annual premium. This price variation is why drivers need to compare rates to find the most affordable auto insurance quotes for Lyft drivers. Insurance prices consist of many risk factors and change dramatically, so the best company when you bought your policy may now be wasting a lot of money.
Compare Cheap Insurance Quotes for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $602 |
| 2 | Cincinnati Insurance | $664 |
| 3 | USAA | $681 |
| 4 | Erie | $712 |
| 5 | Western Reserve | $846 |
| 6 | Indiana Farmers Mutual | $849 |
| 7 | The Hartford | $863 |
| 8 | Auto-Owners | $888 |
| 9 | Nationwide | $940 |
| 10 | Utica National | $965 |
| 11 | Hastings Mutual | $983 |
| 12 | State Farm | $987 |
| 13 | Motorists Mutual | $996 |
| 14 | Safeco | $1,003 |
| 15 | Westfield | $1,061 |
| 16 | Farmers | $1,064 |
| 17 | GEICO | $1,089 |
| 18 | Wolverine Mutual | $1,094 |
| 19 | State Auto | $1,120 |
| 20 | Celina Insurance | $1,135 |
| Find Cheaper Rates Go | ||
Travelers generally has some of the best car insurance rates in Fort Wayne at around $602 a year. This is $638 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also rank well as some of the more affordable Fort Wayne, IN insurance companies.
As shown in the rates above, if you currently buy coverage from Western Reserve and switched to Cincinnati Insurance, you could see annual savings of upwards of $182. Policyholders with Indiana Farmers Mutual may save as much as $185 a year, and The Hartford policyholders might realize rate reductions of up to $199 a year.
Bear in mind that those premium estimates are averaged across all ages of drivers and types of vehicles and and are not calculated with a specific vehicle garaging location for Lyft drivers. So the insurer that can offer you the lowest price may not even be in the top 36 companies shown above. That illustrates why you need to get auto insurance quotes using your own specific driver information and vehicle.
One of the many things that are used to help calculate the annual cost of car insurance is where you keep your vehicle in Fort Wayne. Cities with more crime and/or more people are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The illustration below sorts the highest-priced places in Indiana for Lyft drivers to purchase a policy in. Fort Wayne comes in at #17 with the annual price of $976 for coverage, which is approximately $81 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Gary | $1,388 |
| 2 | Hammond | $1,275 |
| 3 | Portage | $1,137 |
| 4 | Merrillville | $1,095 |
| 5 | Indianapolis | $1,092 |
| 6 | Evansville | $1,077 |
| 7 | Lawrence | $1,055 |
| 8 | Jeffersonville | $1,048 |
| 9 | Terre Haute | $1,045 |
| 10 | Kokomo | $1,041 |
| 11 | New Albany | $1,039 |
| 12 | Anderson | $1,031 |
| 13 | Bloomington | $988 |
| 14 | Elkhart | $985 |
| 15 | Columbus | $984 |
| 16 | Fishers | $983 |
| 17 | Fort Wayne | $976 |
| 18 | Mishawaka | $974 |
| 19 | Greenwood | $969 |
| 20 | South Bend | $947 |
| Compare Prices Now Go | ||
Table data uses estimated as the specific geographic location can affect prices greatly.
Rate comparison of full coverage and liability-only
Saving money when shopping for car insurance is probably important to the majority of people, and a great way to pay lower rates for insurance for Lyft drivers is to not buy full coverage. The diagram below illustrates the comparison of insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Indiana. The information is based on no claims, a clean driving record, $250 deductibles, single marital status, and no discounts are taken into consideration.
If we average all the age groups together, physical damage coverage on your policy costs $1,480 per year more than insuring for liability only. At some point, every insured wonders if buying full coverage is a waste of money. There is no definitive guideline for phasing out physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of full 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.
For example, let’s pretend your vehicle’s replacement cost is $10,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $9,000 after paying your deductible. If it’s costing in excess of $900 a year for your policy with full coverage, then you might want to think about dropping full coverage.
There are a few cases where only buying liability is not recommended. 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 case of an accident, you should not drop full coverage.
Get discount Fort Wayne insurance
Insurers that offer quotes for Lyft drivers may also give you rate discounts that could lower prices by as much as 35% or more if you are eligible for them. Popular car insurance companies and some of the premium reductions they offer can be found below.
- State Farm includes discounts for multiple policy, defensive driving training, student away at school, accident-free, driver’s education, and Drive Safe & Save.
- Liberty Mutual offers discounts for new graduate, new vehicle discount, newly retired, newly married, and safety features.
- American Family policyholders can earn discounts including good driver, TimeAway discount, multi-vehicle, mySafetyValet, Steer into Savings, and good student.
- Progressive may offer discounts for homeowner, multi-vehicle, continuous coverage, multi-policy, online quote discount, online signing, and good student.
- Farmers Insurance has savings for pay in full, youthful driver, homeowner, multi-car, distant student, early shopping, and teen driver.
- Auto-Owners Insurance offers discounts including good student, group or association, multi-policy, air bags, safe driver, paid in full, and safe vehicle.
- SAFECO has discounts for teen safe driver, anti-lock brakes, teen safety rewards, homeowner, multi-car, and safe driver.
The chart below illustrates the comparison of insurance prices with and without discounts applied to the rates. The prices are based on a female driver, no driving violations, no at-fault accidents, Indiana state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with vehicle safety, marriage, safe-driver, anti-theft, accident-free, and passive restraint discounts applied. When these discounts are applied to the policy premium, theamount saved on car insurance for Lyft drivers is 28% or $425.
Careless drivers pay higher rates
The common sense way to receive the cheapest car insurance rates in Indiana for Lyft vehicles is to pay attention while driving and maintain a clean driving record. The diagram below demonstrates how citations and at-fault collisions can impact insurance costs for different age groups of insureds. The premiums are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.
The data charted above shows the average cost of car insurance in Indiana per year with no accidents and a clean driving record is $1,337. Factor in one speeding ticket and the average cost hikes up to $1,540, an increase of $203 each year. Now add in two accidents along with the one speeding ticket and the 12-month cost of car insurance for Lyft drivers increases to an average of $3,456. That’s an increase of $2,118, or $177 per month, just for not being more responsible behind the wheel!