The words “bargain” and “insurance” really shouldn’t be used together, specifically when you are searching for the cheapest coverage for Lyft drivers. Because it’s not cheap, let’s start off by going over some of the factors that significantly impact car insurance prices, and find out if we can help you reduce the cost of the next policy you buy.
Establishing which company has the lowest-priced insurance rates for Lyft drivers involves a bit more effort in order to find the lowest price quote. Each auto insurance company has a unique approach for setting rates, so we need to take a look at the insurance companies with the overall best prices in Tulsa, OK.
Cheap Insurance Rates for Your Lyft Vehicle
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,202|
|11||OK Farm Bureau||$2,018|
|Find Cheaper Rates Go|
USAA offers some of the best car insurance rates in Tulsa at around $1,150 a year. Oklahoma Farmers Union, The Hartford, GEICO, and Safe Auto also make the cut as some of the best Tulsa, OK insurance companies.
As the rates illustrate above, if you currently have a policy with GEICO and switched to USAA, you could realize yearly savings of about $203. Oklahoma drivers with Safe Auto might save as much as $227 a year, and Farmers customers might see rate reductions of $230 a year.
To compare your rates to other Oklahoma insurance companies, click here to start your custom quote or visit several of the following companies.
Remember that these policy prices are averaged across all drivers and vehicles and do not factor in a specific location for Lyft drivers. So the car insurance company that fits your age and vehicle best may not even be in the top 17 companies in the list above. That’s why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
One of the more important factors that aid in calculating the amount you pay each year for auto insurance is the neighborhood you call home in Tulsa. Areas with more people or higher crime rates tend to have higher auto insurance costs, whereas areas with lower crime rates and fewer weather claims get the luxury of paying less.
The next table shows the most expensive places in Oklahoma for Lyft drivers in which to purchase auto insurance. Tulsa is listed at #1 having an annual price of $2,215 for the average policy, which is about $185 each month.
|Rank||City||Premium Per Year|
|Quote Best Rates Go|
Price information shown is approximated as the garaging address in Tulsa can change rates substantially.
The car, truck, or SUV requiring insurance is a large factor when consumers are trying to find cheap coverage for Lyft drivers. Vehicles with higher performance characteristics, poor safety ratings, or a high likelihood of having liability claims will cost significantly more to insure than more economical and safe models. The data below shows car insurance costs for the most cost-effective automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,053|
|Ford Escape XLT 4WD||$1,078|
|Dodge Grand Caravan CV||$1,181|
|Volkswagen Jetta 2.0T Station Wagon||$1,234|
|Chevrolet Malibu Hybrid||$1,246|
|Chevrolet Silverado LS Extended Cab 4WD||$1,252|
|Toyota RAV4 Limited 4WD||$1,246|
|Hyundai Elantra SE Touring Station Wagon||$1,289|
|Ford Explorer XLT 2WD||$1,291|
|Ford Edge Sport AWD||$1,312|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,319|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$1,337|
|Ford Focus S 4-Dr Sedan||$1,364|
|Honda Odyssey EX||$1,371|
|Jeep Grand Cherokee Laredo 2WD||$1,397|
|Kia Optima EX||$1,424|
|Ford F-150 Lariat Crew Cab 4WD||$1,429|
|Toyota Corolla S||$1,432|
|Toyota Tacoma X-Runner 2WD||$1,439|
|Honda Civic EX 4-Dr Sedan||$1,439|
|Ford F-350 Crew Cab Lariat Turbo Diesel 2WD||$1,452|
|Nissan Rogue S 2WD||$1,454|
|Start a Quote Go|
Table data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oklahoma minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Estimates do not factor in vehicle location which can affect coverage prices substantially.
Based upon these rates, we can assume that vehicles like the Honda CR-V, Ford Escape, Dodge Grand Caravan, Volkswagen Jetta, and Chevrolet Malibu will be a few of the more affordable vehicles to insure for Lyft vehicles.
Do you need full coverage?
Buying cheaper insurance is important to most people, and one common way to lower the cost of insurance for Lyft drivers is to only buy liability insurance. The illustration below illustrates the comparison of auto insurance rates with full physical damage coverage compared to only buying liability only. The costs are based on no tickets, no at-fault accidents, $500 deductibles, drivers are single, and no discounts are factored in.
If averaged for all ages, comprehensive and collision coverage on your policy costs an extra $2,308 per year over liability only. Many people question if paying for full coverage is worth it. There isn’t a steadfast formula to eliminate comp and collision coverage, but there is a general guideline you can use. If the annual cost of comprehensive 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.
For example, let’s assume your vehicle’s book value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $4,500 after paying the physical damage deductible. If you are paying in excess of $450 annually for physical damage coverage, the it may be a good time to stop paying for full coverage.
Cautious Tulsa drivers save money
The easiest method to enjoy cheap insurance rates in Tulsa for Lyft vehicles is to be a careful driver and not have accidents or get tickets. The diagram below highlights how traffic violations and at-fault fender-benders can increase insurance rates for different categories of driver ages. The data assumes a married female driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
The data above shows the average cost of an auto insurance policy in Oklahoma per year with a clean driving record and no accidents is $2,192. Get written up for two speeding tickets and the average cost swells to $3,116, an increase of $924 each year. Then throw in one accident along with the two speeding tickets and the yearly cost of insurance for Lyft drivers jumps again to an average of $4,051. That’s an increase of $1,859, or $155 per month, just for not keeping your driving record clean!
The diagram below demonstrates how choosing different deductibles can raise or lower yearly insurance costs when trying to find cheap insurance for Lyft drivers. The rate quotes are based on a married female driver, full coverage, and no other discounts are factored in.
In the chart above, a 50-year-old driver could lower their policy premium by $306 a year by changing from a $100 deductible to a $500 deductible, or save $464 by changing to a $1,000 deductible. Young drivers, like the Age 20 chart data, could reduce their rates as much as $758 or even more by using higher deductibles when buying full coverage. If you do raise deductibles, it will now be necessary to have additional savings on hand to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
How to find cheaper car insurance for Lyft drivers
Here are a few money-saving suggestions that can help Tulsa drivers quote low-cost auto insurance.
- Clean up your credit
- Avoid having at-fault accidents
- Drop full coverage on older vehicles
- Higher deductibles mean lower rates
- Lower rates by purchasing a safer vehicle
- Save money by obeying traffic laws and keeping a clean driving record
- Compare rates and switch if you can find a better deal
That last idea is notably crucial, as we noted in the prior article. Rates in Tulsa change constantly, so drivers shouldn’t be reluctant to buy a policy from a new company if a more affordable price is available. Sticking with a specific company is fine, but is isn’t recommended if that loyalty results in overpaying money that could be used for better things. Take a few minutes and shop around and find cheaper auto insurance for Lyft drivers.
The insurance agents in Tulsa listed below can answer your questions and help you decide which auto insurance policy would work best for you, since many people would rather get some guidance when trying to find the best insurance rates for Lyft drivers. It can be difficult to find the cheapest rate yourself, so a licensed agent can give you peace of mind knowing you have adequate protection.
To find a Tulsa insurance agent closest to you, click the button at the bottom of the list.
Mark Fugett – State Farm Insurance Agent
4949 S Mingo Rd – Tulsa, OK 74146 – (918) 628-1900
6373 E 31st St A – Tulsa, OK 74135 – (918) 270-2220
Cathy Warren – State Farm Insurance Agent
6119 E 91st St Ste 100 – Tulsa, OK 74137 – (918) 481-6655
George Hazlett – State Farm Insurance Agent
6043 S Sheridan Rd – Tulsa, OK 74145 – (918) 496-0513
Ed Martinez Jr – State Farm Insurance Agent
3125 S Yale Ave a – Tulsa, OK 74135 – (918) 742-3131