What Insurance is Cheapest for Lyft Drivers in Atlanta?

The car, truck, or SUV you are buying coverage for is a significant factor when consumers are trying to find cheap insurance for Lyft drivers. Vehicles with higher performance, poor passenger safety features, or high incidents of liability claims will cost more to insure than more economical and safe models. The data below outlines coverage costs for some of the more affordable automobiles to buy insurance for.

Cheapest Vehicles to Insure in Atlanta, GA
Insured Vehicle Estimated Cost for Full Coverage
Honda CR-V EX 4WD $1,547
Hyundai Elantra SE Touring Station Wagon $1,640
Ford F-150 STX Regular Cab 4WD $1,701
Ford Explorer XLT AWD $1,711
Ford Escape XLT 2WD $1,735
Honda Accord LX-P 4-Dr Sedan $1,741
Honda Odyssey EX W/Rear Entertainment $1,757
Chevrolet Equinox LS 2WD $1,793
Ford Edge Sport 2WD $1,888
Hyundai Sonata GLS 4-Dr Sedan $1,922
Nissan Rogue S 2WD $1,928
Volkswagen Jetta SE 4-Dr Sedan $1,922
Toyota Tacoma 4WD $1,947
GMC Sierra 3500HD SLE Regular Cab 2WD $1,955
Ford Focus SES 2-Dr Coupe $2,017
GMC Sierra Denali Crew Cab 4WD $2,047
Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD $2,056
Toyota Prius $2,064
Jeep Wrangler Sahara 4WD 2-Dr $2,081
Dodge Grand Caravan Crew $2,092
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Georgia minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Price information does not factor in specific location which can raise or lower premium rates greatly.

By looking at the data, models like the Honda CR-V, Hyundai Elantra, and Ford F-150 are most likely to be the most affordable vehicles to insure for Lyft vehicles.

Establishing which insurers offer the cheapest car insurance rates for Lyft drivers requires a little more effort in order to find a policy that fits your budget. Every insurance provider has a different formula to set their prices, so we’ll go over the car insurance companies with the overall best prices in Georgia.

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What’s the cheapest car insurance in Georgia?
Rank Company Cost Per Year
1 Auto-Owners $864
2 The Hartford $886
3 USAA $1,008
4 Central Mutual $1,193
5 MetLife $1,238
6 Georgia Farm Bureau $1,260
7 Travelers $1,331
8 Mercury $1,355
9 State Farm $1,390
10 Safeco $1,397
11 Country $1,433
12 Allied $1,467
13 California Casualty $1,515
14 Encompass $1,689
15 Progressive $1,738
16 Nationwide $1,883
17 Liberty Mutual $2,064
18 GEICO $2,165
19 Allstate $2,268
20 Victoria $2,585
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Auto-Owners may offer some of the best car insurance rates in Atlanta at around $864 annually. This is $665 less than the average rate paid by Georgia drivers of $1,529. The Hartford, USAA, Central Mutual, and MetLife also are some of the more affordable Atlanta, GA auto insurance companies.

As shown in the table above, if you currently buy coverage from Central Mutual and switched to The Hartford, you could realize a yearly savings of around $307. Drivers with MetLife might save as much as $352 a year, and Georgia Farm Bureau insureds might see rate reductions of $374 a year.

Understand that those policy rates are averaged for all drivers and vehicles and do not take into consideration an exact vehicle garaging location for Lyft drivers. So the insurer that fits your age and vehicle best may not even be in the top 20 companies in the list above. That illustrates why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.

Difference between liability only and full coverage rates

Reducing the cost of car insurance is the goal of the majority of vehicle owners, and one of the easiest ways to find cheaper insurance for Lyft drivers is to only pay for liability coverage. The chart below illustrates the difference between insurance costs with and without physical damage coverage. The premium estimates are based on no violations or accidents, $1,000 deductibles, single status, and no policy discounts are applied.

Averaged for all ages 20 through 70, physical damage coverage costs an additional $1,650 per year more than carrying just liability coverage. That is a large expense and it proposes the question when is the right time to remove full coverage. There is no definitive rule for eliminating physical damage insurance, but there is a general convention. If the annual cost of your full coverage insurance is about 10% or more of any settlement you would receive from your insurance company, then you might consider buying liability only.

For example, let’s assume your vehicle’s replacement cost is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company would pay you is $4,500 after the policy deductible has been paid. If premiums are more than $450 a year for your policy with full coverage, then it might be time to buy liability only.

There are some cases where buying only liability insurance is not recommended. If you still owe money on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not consider dropping full coverage.

Impact of violations and accidents on rates in Atlanta

One of the best ways to earn the most affordable car insurance rates in Atlanta for Lyft vehicles is to drive carefully and avoid traffic citations and accidents. The illustration below illustrates how violations and at-fault collisions raise car insurance costs for each different age category. The costs are based on a single female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are factored in.

In the example above, the average cost of a car insurance policy per year with no violations or accidents is $2,387. Add in two speeding tickets and the average cost hikes up to $3,198, an increase of $811 each year. Now add in one accident along with the two speeding tickets and the yearly cost of car insurance for Lyft drivers increases to an average of $4,018. That’s an increase of $1,631, or $136 per month, just for not driving safely!

Compare rates to save

Georgia car insurance rates are calculated based on many things that can increase the price you pay. Simply having a birthday, marrying your spouse, or getting a couple of tickets can trigger price changes resulting in some rates now being more affordable than the competition. Not only may your situation change, but insurers change rates at least once a year in order to be able to pay unexpected claims. Higher than usual claims can result in rate hikes, while lower claim expenses can produce lower-cost Atlanta car insurance rates.

As an example, the graph below compares the cheapest car insurance in Atlanta, GA for a 35-year-old female driver with a clear driving record, no claims, and a high credit rating. Based on her current risk profile, Auto-Owners quotes the lowest car insurance rates in Atlanta at $1,195 per year. This is $334 less than the average rate paid by Georgia drivers of $1,529. The Hartford, USAA, Central Mutual, and MetLife are also included in the best Atlanta, GA auto insurance companies.

The chart below compares rates after we give the driver from the above example an accident surcharge, a lower credit rating, and a traffic citation. Since each company has their own process to set their prices, comparing insurance quotes will most likely result in a different list of affordable Atlanta car insurance companies as shown below.

The Hartford now has the lowest car insurance rate in Atlanta, GA with Travelers, Mercury, Safeco, and USAA completing the list. This example proves why it is critical to compare rates to find the most affordable auto insurance quotes for Lyft drivers. Insurance prices consist of many factors and can change substantially, so the cheapest option the last time you shopped your coverage around may now be an over-priced policy.