The words “cheap” and “insurance” really shouldn’t be used in the same sentence, specifically when you are trying to find the lowest insurance prices for Lyft drivers. Because it’s so expensive, let’s take a look at a few of the factors that influence car insurance rates, and find a way to lower the price of your next policy.
Trying to find cheap car insurance is not the easiest thing to accomplish, and figuring out which companies quote the best auto insurance rates for Lyft drivers will take even more diligence. Every car insurance company uses their own formula for determining rates in each state, so we’ll take a look at the most budget-friendly auto insurance companies in Oakland.
Find Cheaper Car Insurance for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,155 |
| 2 | Wawanesa | $1,181 |
| 3 | CSAA | $1,186 |
| 4 | Century National | $1,226 |
| 5 | Nationwide | $1,263 |
| 6 | 21st Century | $1,325 |
| 7 | Grange | $1,433 |
| 8 | Mercury | $1,503 |
| 9 | GEICO | $1,513 |
| 10 | Progressive | $1,558 |
| 11 | Allstate | $1,559 |
| 12 | Allied | $1,588 |
| 13 | The Hartford | $1,591 |
| 14 | MetLife | $1,638 |
| 15 | State Farm | $1,733 |
| 16 | Unitrin | $1,733 |
| 17 | Esurance | $1,739 |
| 18 | Travelers | $1,788 |
| 19 | Bristol West | $1,831 |
| 20 | Farmers | $2,006 |
| Find Cheaper Rates Go | ||
USAA quotes some of the lowest car insurance rates in Oakland at around $1,155 annually. This is $496 less than the average price paid by California drivers of $1,651. Wawanesa, CSAA, Century National, and Nationwide would also be considered some of the best Oakland, CA insurance companies.
In the above rates, if you are currently insured with Century National and switched to Wawanesa, you might realize an annual savings of roughly $45. Insureds with Nationwide may save as much as $82 a year, and 21st Century insureds might realize rate reductions of up to $144 a year.
To discover how much you can save, click here to start your free quote or quote rates from the companies below.
Bear in mind that those estimates are averaged for all drivers and vehicles and and are not figured with an exact zip code location for Lyft drivers. So the car insurance company that fits your situation best may not even be in the list above. That underscores the importance of why you need to quote rates from many companies using your own personalized driver profile and vehicle information.
One of the more important considerations that are looked at to help calculate auto insurance rates is where you choose to live in Oakland. More populated areas will most likely have higher rates, whereas areas with lower crime rates and fewer weather claims get the luxury of paying less.
The next table sorts the most expensive places in California for Lyft drivers in which to purchase auto insurance. Oakland shows up at #3 with an annual cost of $1,755 for the average policy, which is approximately $146 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Glendale | $2,121 |
| 2 | Los Angeles | $2,104 |
| 3 | Oakland | $1,755 |
| 4 | San Francisco | $1,711 |
| 5 | Sacramento | $1,652 |
| 6 | San Bernardino | $1,644 |
| 7 | Stockton | $1,588 |
| 8 | Garden Grove | $1,570 |
| 9 | Long Beach | $1,562 |
| 10 | Modesto | $1,547 |
| 11 | Fontana | $1,535 |
| 12 | Santa Clarita | $1,533 |
| 13 | Riverside | $1,527 |
| 14 | Fresno | $1,517 |
| 15 | Moreno Valley | $1,506 |
| 16 | Anaheim | $1,474 |
| 17 | Santa Ana | $1,439 |
| 18 | San Jose | $1,437 |
| 19 | Bakersfield | $1,394 |
| 20 | Fremont | $1,389 |
| 21 | Irvine | $1,384 |
| 22 | Huntington Beach | $1,360 |
| 23 | San Diego | $1,340 |
| 24 | Oxnard | $1,318 |
| 25 | Chula Vista | $1,298 |
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Rate quotes are comparative as the specific Oakland residence address can decrease or increase premium rates considerably.
How to get discounts on Oakland auto insurance
Insurance companies that provide policies for Lyft drivers may additionally offer price discounts that can lower rates by 25% or more if you meet certain criteria. Companies and their possible discounts can be read below.
- GEICO has discounts for military active duty, anti-lock brakes, federal employee, defensive driver, multi-policy, good student, and membership and employees.
- Mercury Insurance has savings for multi-car, good student, accident-free, professional/association, good driver, type of vehicle, and multi-policy.
- Farmers Insurance may have discounts that include bundle discounts, electronic funds transfer, good student, early shopping, switch companies, multi-car, and pay in full.
- Auto-Owners Insurance discounts include mature driver, anti-theft, paid in full, good student, and teen driver.
- Liberty Mutual offers premium reductions for multi-car, exclusive group savings, newly retired, new vehicle discount, new graduate, and safety features.
- SAFECO may include discounts for teen safe driver, safe driver, bundle discounts, multi-car, and anti-lock brakes.
- Progressive policyholders can earn discounts including online quote discount, multi-vehicle, online signing, multi-policy, continuous coverage, homeowner, and good student.
- USAA offers discounts for defensive driver, good student, multi-policy, safe driver, driver training, and military installation.
The chart below illustrates the difference between insurance rates with and without discounts being applied to the rates. The rate quotes are based on a male driver, no accidents or driving violations, California state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with vehicle safety, anti-theft, multiple vehicle, accident-free, homeowner, and safe-driver discounts applied. When these discounts are applied to the policy premium, theaverage yearly reduction on auto insurance for Lyft drivers is 28% or $698.
How accidents and tickets impact rates
The common sense way to get cheap auto insurance premiums in California for Lyft vehicles is to drive safely and avoid accidents and traffic violations. The information below illustrates how violations and accident claims influence annual premium costs for each different age group. The data is based on a married female driver, full physical damage coverage, $1,000 deductibles, and no policy discounts are applied.
The data above shows the average cost of an auto insurance policy per year with no violations or accidents is $1,418. Get written up for one speeding ticket and the average cost hikes up to $1,657, an increase of $239 each year. Then throw in two accidents along with the one speeding ticket and the yearly cost of auto insurance for Lyft drivers increases to an average of $3,897. That’s an increase of $2,480, or $207 per month, just for not driving carefully!
Cost comparison with and without full coverage
Saving money on auto insurance is important to most people, and one good way to pay less for insurance for Lyft drivers is to buy liability only. The information below visualizes the comparison of yearly insurance costs with full physical damage coverage and with liability coverage only. The information is based on no violations or accidents, $1,000 deductibles, drivers are not married, and no discounts are factored in.
If we average all the age groups together, physical damage coverage costs an additional $2,467 per year over and above liability coverage. That raises the question if you should buy full coverage. There is no set rule to eliminate full coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement cost is $7,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $6,000 after paying the physical damage deductible. If premiums are more than $600 a year to have full coverage, then it might be time to consider dropping full coverage.
There are some conditions where removing full coverage is not recommended. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not opt for liability only.
The agents below are a good start to help you decide which coverages and limits you need, since lots of people like to have some professional guidance when comparing insurance rates for Lyft vehicles. It can be difficult to find the cheapest auto insurance company, so a licensed agent can give satisfaction knowing you have suitable coverage if you ever need to use it.
To locate an agency near you, click the link after the list.
Farmers Insurance – Scott Halbrook
1433 Leimert Blvd – Oakland, CA 94602 – (510) 531-1432
On My Way Insurance
320 10th St – Oakland, CA 94607 – (510) 893-3298
Farmers Insurance: Man Kin Lau
638 Webster St #200a – Oakland, CA 94607 – (510) 282-7996
State Farm: Julie La
3800 Park Blvd #200 – Oakland, CA 94602 – (510) 550-9775
Joe Trapasso – State Farm Insurance Agent
1901 Harrison St Ste 100 – Oakland, CA 94612 – (510) 808-7120