The vehicle model you are trying to insure is a significant factor that determines whether or not you find cheaper car insurance for Lyft drivers. Vehicles with lots of horsepower, poor passenger safety features, or a history of substantial liability claims will cost significantly more to insure than safer models. The information below illustrates car insurance costs for a selection of the most cost-effective vehicles to insure.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,862 |
| Ford Escape XLS 4WD | $1,870 |
| Honda CR-V EX-L 4WD | $1,902 |
| Toyota Prius | $2,065 |
| Ford Explorer XLT 4WD | $2,080 |
| Chevrolet Silverado LS Regular Cab 4WD | $2,231 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $2,265 |
| Honda Odyssey LX | $2,311 |
| Nissan Rogue SL 2WD | $2,357 |
| Jeep Grand Cherokee Limited 2WD | $2,360 |
| Ford F-150 Lariat Crew Cab Harley 4WD | $2,403 |
| Toyota RAV4 4WD | $2,409 |
| Volkswagen Jetta LE 4-Dr Sedan | $2,416 |
| Ford Edge SEL AWD | $2,424 |
| Toyota Tacoma 2WD | $2,434 |
| Dodge Grand Caravan SXT | $2,458 |
| Ford Fusion S 4-Dr Sedan | $2,480 |
| Chevrolet Silverado 2500HD LTZ Crew Cab Diesel 4WD | $2,523 |
| Chevrolet Malibu LT | $2,535 |
| Toyota Corolla LE | $2,541 |
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Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Rate information does not factor in zip code location which can increase or decrease rates greatly.
Based upon the rates shown, you can presume that models like the Honda Accord, Ford Escape, Honda CR-V, Toyota Prius, and Ford Explorer are most likely going to be a few of the more affordable vehicles to insure for Lyft vehicles.
One of the more important things that aid in calculating the cost of insurance is where you live. Areas with more people or higher crime rates are more likely to have higher rates, whereas areas with less congestion have the gratification of cheaper auto insurance rates.
The following table shows the highest-priced places in New Jersey for Lyft drivers to purchase auto insurance in. Newark comes in at #2 having an annual price of $2,522 for coverage, which is approximately $210 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | East Orange | $2,571 |
| 2 | Newark | $2,522 |
| 3 | Union City | $2,450 |
| 4 | Paterson | $2,448 |
| 5 | West New York | $2,431 |
| 6 | Elizabeth | $2,398 |
| 7 | Passaic | $2,395 |
| 8 | Clifton | $2,368 |
| 9 | Hoboken | $2,353 |
| 10 | Jersey City | $2,345 |
| 11 | Kearny | $2,266 |
| 12 | Camden | $2,199 |
| 13 | Bayonne | $2,184 |
| 14 | Fort Lee | $2,123 |
| 15 | Linden | $2,121 |
| 16 | Perth Amboy | $2,102 |
| 17 | Atlantic City | $2,086 |
| 18 | Hackensack | $1,940 |
| 19 | New Brunswick | $1,932 |
| 20 | Sayreville | $1,920 |
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Rate quotes are approximated as the garaging address in Newark can alter price quotes noticeably.
The chart below illustrates how choosing a deductible can affect insurance rates when quoting cheap insurance for Lyft drivers. The data assumes a single male driver, comp and collision included, and no discounts are applied.
The data above shows that a 40-year-old driver could save $536 a year by increasing from a $100 deductible to a $500 deductible, or save $804 by changing to a $1,000 deductible. Youthful drivers, like the age 20 example, have the ability to save up to $1,782 each year just by using higher deductibles.
If you make the decision to raise deductibles, it is a good idea to have spare funds to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Discount Newark auto insurance rates
Car insurance companies that offer cheap quotes for Lyft drivers may provide policy discounts that can lower rates by as much as 40% or more if you can meet the requirements. Large insurance companies and their offered discounts can be read below.
- State Farm includes discounts for multiple policy, anti-theft, Steer Clear safe driver discount, student away at school, and safe vehicle.
- Nationwide discounts include Farm Bureau membership, family plan, anti-theft, business or organization, multi-policy, easy pay, and good student.
- GEICO may have discounts that include anti-lock brakes, defensive driver, multi-policy, five-year accident-free, good student, and multi-vehicle.
- AAA policyholders can earn discounts including good driver, multi-policy, multi-car, education and occupation, pay-in-full, and anti-theft.
- 21st Century has discounts for anti-lock brakes, homeowners, air bags, automatic seat belts, early bird, driver training, and good student.
- The Hartford may offer discounts for bundle, defensive driver, air bag, anti-theft, driver training, and vehicle fuel type.
The information below compares car insurance rates with and without discounts applied to the rates. The premium estimates are based on a male driver, a clean driving record, no at-fault accidents, New Jersey state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with marriage, passive restraint, homeowner, safe-driver, anti-theft, and claim-free discounts applied. When discounts are factored in, theaverage amount saved on insurance for Lyft drivers is 28% or $697.
Bad driving habits will cost you more
The best way to obtain good insurance premiums in New Jersey for Lyft vehicles is to be a safe driver and avoid traffic citations and accidents. The illustration below illustrates how violations and accidents can impact insurance costs for different ages of insureds. The data assumes a single male driver, comprehensive and collision coverage, $100 deductibles, and no other discounts are factored in.
The data charted above shows the average cost of a car insurance policy in New Jersey per year with no accidents or violations is $3,679. Factor in two speeding tickets and the average cost increases to $4,891, an increase of $1,212 each year. Then add one accident along with the two speeding tickets and the 12-month cost of insurance for Lyft drivers jumps again to an average of $6,133. That’s an increase of $2,454, or $205 per month, just for being a little careless behind the wheel!