The words “low-priced” and “insurance” really shouldn’t be used together, specifically when trying to find the best price on coverage for Lyft drivers. Let’s introduce you to a few of the things that have a considerable impact on auto insurance rates, and find out if we can help you reduce the price of the next policy you buy.
Deciding which company quotes the cheapest insurance rates for Lyft drivers will involve a bit more effort in order to find the lowest price.
Every insurance provider has a different process to establish rates, so let’s rank the most affordable insurance companies in Albuquerque, NM.
Find Cheaper Auto Insurance for Your Lyft Vehicle
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,214|
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USAA may offer some of the cheapest car insurance rates in Albuquerque at around $663 a year. Allied, Safeco, Farm Bureau Mutual, and State Farm would also make the list of some of the most economical Albuquerque, NM insurance companies.
As the example above demonstrates, if you are insured with Allied and switched to USAA, you might see annual savings of roughly $285. Policyholders with Safeco may save as much as $321 a year, and Farm Bureau Mutual customers might realize rate reductions of up to $551 a year.
Bear in mind that those premiums are averages across all ages of drivers and types of vehicles and and are not figured with a vehicle location for Lyft drivers. So the auto insurance company that is best suited for you may not even be in the top 17 companies in the list above. That helps illustrate why you need to get car insurance quotes using your own individual information.
The vehicle on the policy is probably the most important factor when quoting the lowest-priced coverage for Lyft drivers. Vehicles with high performance, a lack of safety features, or high incidents of liability claims will cost significantly more to insure than more economical and safe models. The information below estimates coverage costs for a handful of the most economical vehicles to insure in New Mexico.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,468|
|Honda Accord LX 4-Dr Sedan||$1,682|
|Hyundai Elantra GLS Touring Station Wagon||$1,690|
|Honda CR-V EX-L 4WD||$1,718|
|Toyota Corolla XRS||$1,858|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,894|
|Honda Odyssey EX W/Rear Entertainment||$1,954|
|Chevrolet Impala LS||$1,959|
|Ford Focus S 4-Dr Sedan||$1,954|
|Toyota RAV4 Sport 2WD||$1,990|
|Chevrolet Malibu LS||$2,000|
|Chevrolet Silverado LS Regular Cab 2WD||$1,993|
|Ford Explorer Eddie Bauer 2WD||$2,015|
|Ford F-350 XLT Crew Cab Cabela Turbo Diesel 2WD||$2,018|
|Dodge Grand Caravan Crew||$2,029|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$2,037|
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Table data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Prices do not factor in specific zip code location which can lower or raise premiums greatly.
Looking at the data, vehicles like the Ford Escape, Toyota Prius, Honda Accord, and Hyundai Elantra are most likely going to be some of the more affordable vehicles to insure for Lyft vehicles.
For Lyft vehicles, one of the more important factors that are used to help calculate insurance cost is where you keep your car. Areas with increased crime or more people tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims benefit from having to pay less for coverage.
The next table shows the highest-priced areas in New Mexico for Lyft drivers to purchase car insurance in. Albuquerque is ranked #1 with the annual price of $1,417 for the average insured, which is about $118 monthly.
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Information shown are comparative as vehicle location can impact coverage prices considerably.
Buying coverage from the best auto insurance provider can be difficult considering how many different insurance companies sell coverage in New Mexico. The company ratings below can help you select which auto insurance companies you want to consider when shopping around. These rankings only include companies that insure vehicles nationwide, so companies that may only write in New Mexico are not factored into this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Discount Albuquerque car insurance
Insurance providers that offer cheap quotes for Lyft drivers may also provide price discounts that could lower prices by 30% or more if you are eligible to receive them. A few of the larger companies and their possible discounts are included below.
- American Family may include discounts for TimeAway discount, accident-free, Steer into Savings, defensive driver, and mySafetyValet.
- State Farm offers discounts for good driver, safe vehicle, defensive driving training, accident-free, multiple policy, and good student.
- 21st Century may have discounts that include theft prevention, air bags, automatic seat belts, anti-lock brakes, driver training, defensive driver, and 55 and older.
- Travelers has discounts for save driver, early quote, IntelliDrive, continuous insurance, multi-policy, and new car.
- GEICO discounts include multi-policy, membership and employees, good student, seat belt use, military active duty, multi-vehicle, and driver training.
The example below visualizes the comparison of insurance costs with and without discounts. The premiums assume a female driver, no accidents or driving violations, New Mexico state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with vehicle safety, accident-free, multiple policy, claim-free, homeowner, and passive restraint discounts applied. When drivers take advantage of discounts, the average amount saved each year on insurance for Lyft drivers is 28% or $482.
Why are you paying too much for car insurance?
New Mexico insurance rates are impacted by many things which can substantially change the price you have to pay. Simply improving your credit, getting divorced, or getting a ticket for careless driving can trigger price changes resulting in some companies being more affordable than competitors.
In addition to those changes, auto insurance companies amend premium rates as needed in order to maintain liquidity for claims. Significantly higher claims can cause price increases, while a lower level of claims can produce cheaper Albuquerque car insurance rates.
For example, the graph below shows a variety of companies that have the cheapest car insurance in Albuquerque, NM for a 40-year-old male driver with no prior claims, no tickets, and good credit. When quoting prices based on his current risk profile, USAA quotes the lowest car insurance rates in Albuquerque at $930 annually. This is $638 less than the average policy premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the remaining best Albuquerque, NM auto insurance companies.
In this next rate comparison, we will give the driver in the first example an accident claim, slightly worse credit, and a speeding ticket. Because each company has a unique formula for determining prices, comparing insurance quotes may result in a slightly different list of the cheapest car insurance companies in Albuquerque as shown below.
USAA now has the best car insurance rate in Albuquerque, NM with Central Mutual, Safeco, State Farm, and Allied now being in the top five. This shows why it is so important to shop around with many companies when trying to find the best car insurance rates for Lyft drivers. Insurance prices are impacted by many things and can increase or decrease at any time, so the lowest-price company the last time you shopped your coverage around may now be quite expensive.
The agents below are willing to answer your questions and help you decide which policy is best, as some drivers wish to have some professional guidance when shopping for cheaper insurance for Lyft drivers. It can be challenging to find coverage yourself, so a professional agent can give satisfaction knowing your policy gives you sufficient coverage for your assets. To locate an Albuquerque car insurance agency in your neighborhood, click the button link following the list.
J. B. Martin Insurance Agency
8500 Menaul Blvd NE #345 – Albuquerque, NM 87112 – (505) 888-8846
Mike Volk – State Farm Insurance Agent
3716 Central Ave SE – Albuquerque, NM 87108 – (505) 232-2886
Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444
Matt Medina – State Farm Insurance Agent
4253 Montgomery Blvd NE g205 – Albuquerque, NM 87109 – (505) 881-8100
Associated Insurance Professionals, Inc
1429 Carlisle Blvd NE – Albuquerque, NM 87110 – (505) 265-3704
How to find economical auto insurance for Lyft drivers
It is possible to find better rates, and here are many thrifty solutions that can help drivers find more affordable coverage.
- Choose a safer vehicle and pay lower rates
- Good credit can help you save money
- Staying accident-free helps keep rates low
- Earn discounts for being claim-free
- Speeding tickets and other violations increase rates
- Comparison shop at least once a year
The last suggestion is remarkably valuable, as we pointed out in the prior information. Prices charged by auto insurers in Albuquerque can be modified anytime, so drivers shouldn’t be reluctant to buy from a different company if a lower price can be found. Many consumers stick with the same company and that’s fine, but it’s not a great idea if that devotion results in you overpaying lots of money. Take a few minutes and compare prices to find cheaper car insurance for Lyft drivers.