One of the many things that are looked at to determine insurance cost is where you choose to live in Virginia. Regions with larger populations or more claims like Dale City, Alexandria, and Lake Ridge are more likely to have higher rates, whereas areas that tend to be more rural benefit from lower rates.
The table below lists the most costly cities in Virginia for Lyft drivers to purchase auto insurance in.
|Find Cheaper Rates Go|
Rate quotes are approximated as the specific zip code location can decrease or increase premiums noticeably.
Locating cost effective car insurance is confusing at best, and determining which companies offer the most affordable auto insurance rates for Lyft drivers in Virginia will require even more perseverance. Every insurance company has a unique approach for establishing rates, so let's begin by examining the auto insurance companies with the overall cheapest rates in Virginia.
Best Car Insurance Prices for Your Lyft Vehicle
|Rank||Company||Cost Per Year|
|9||Virginia Farm Bureau||$802|
|15||National Grange Mutual||$1,093|
|Find Your Rate Go|
Travelers has some of the most affordable car insurance rates in Virginia at around $659 per year. USAA, Penn National, Utica National, and Cincinnati Insurance also qualify as some of the lowest-priced Virginia auto insurance companies.
As shown in the table above, if you are a customer of Utica National and switched to Travelers, you might achieve a yearly savings of around $99. Customers with Cincinnati Insurance might save as much as $104 a year, and The Hartford insureds might lower prices by up to $118 a year.
Be aware that those prices are averaged for all ages of drivers and types of vehicles and and are not calculated with a rate discount for Lyft drivers. So the company that has the lowest price for you may not even be in the list above. That's why you need to get auto insurance quotes using your own specific driver information and vehicle.
Types of discounts on Virginia auto insurance rates
Insurance providers that offer coverage for Lyft drivers may also give you price discounts that may potentially lower prices by as much as 40% or more if you are eligible. A few popular companies and some of the premium reductions they offer are:
- American Family offers discounts including bundled insurance, TimeAway discount, multi-vehicle, air bags, Steer into Savings, good driver, and early bird.
- Nationwide has savings for accident-free, defensive driving, multi-policy, easy pay, good student, and anti-theft.
- MetLife has discounts for good driver, defensive driver, good student, claim-free, accident-free, multi-policy
- 21st Century includes discounts for automatic seat belts, good student, 55 and older, student driver, anti-lock brakes, and early bird.
- Farmers Insurance offers discounts for distant student, youthful driver, multi-car, teen driver, business and professional, alternative fuel, and switch companies.
- Allstate may offer discounts for EZ pay plan discount, anti-lock brakes, new car, farm vehicle, good payer, FullPay discount, and good student.
The illustration below illustrates the comparison of yearly insurance costs with and without discounts applied to the premium. Data assumes a male driver, no claims or driving violations, Virginia state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with multiple vehicle, homeowner, multiple policy, accident-free, passive restraint, and vehicle safety discounts applied. When these discounts are applied, theamount saved on auto insurance for Lyft drivers is 28% or $300.
Responsible drivers pay cheaper auto insurance rates
A great way to get affordable auto insurance rates for Lyft vehicles is to be an attentive driver and not receive tickets or have accidents. The diagram below demonstrates how traffic citations and at-fault claims raise annual premium costs for each different age group. The premiums assume a married male driver, comp and collision included, $250 deductibles, and no policy discounts are applied.
The data charted above shows the average cost of a car insurance policy per year with no violations or accidents is $1,544. Get one speeding ticket and the average cost swells to $1,774, an increase of $230 each year. Next add one accident along with the one speeding ticket and the annual cost of auto insurance for Lyft drivers in Virginia jumps again to an average of $2,424. That's an increase of $880, or $73 per month, just for not maintaining a clean driving record!
Why are you paying too much for Virginia car insurance?
Virginia auto insurance rates are determined by lots of factors that may substantially change the policy premium. Simply turning a year older, moving to a new city, or getting into an accident may generate price changes that can make some companies cheaper than before. Not only that, but insurers change their prices as needed in order to remain profitable. An extended period of higher than normal claims may result in rate increases, while profitable underwriting may cause lower-priced Virginia car insurance rates.
For instance, the data below shows which company has the cheapest car insurance in Virginia for a 30-year-old female driver with a good driving record, no prior claims, and a good credit history. When comparing rates based on her personal risk profile, Travelers quotes the best car insurance rates in Virginia at $653 each year. This is $505 less than the average rate paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Utica National also make the list of the cheapest Virginia auto insurance companies.
Now we will pretend the driver from the first example a chargeable claim, poor credit, and a speeding citation. Due to the fact that every auto insurer has their own process for determining prices, comparing rates could result in a substantially altered list of the cheapest companies as shown below.
The Hartford now has the cheapest rate in Virginia with Erie, Virginia Farm Bureau, Donegal Mutual, and Nationwide now being in the top five. This example demonstrates why it is important to compare many different companies to find the most economical car insurance quotes for Lyft drivers.
Auto insurance prices are impacted by many different factors and can change substantially, so the most affordable company when you last compared rates may now be quite expensive.
How to find economical insurance for Lyft drivers
It's not impossible to find cheaper rates, and here are some of the better thrifty ideas that can help Virginia drivers buy cheap coverage.
- Vehicles with safetly features generally cost less to insure
- Ensure your driving record is clean
- Pay lower rates with good credit
- Increase physical damage deductibles
- Older vehicles may not need full coverage
- Being accident-free can lower rates significantly
- Shop your coverage around for the best deal
The last suggestion is highly important, as we pointed out in the article above. Prices charged by auto insurers go up and down frequently, so don't hesitate to switch to a new company if a lower price can be found.
Staying with the same company for years is fine, but is isn't recommended if that devotion results in you overpaying lots of money. In just a few minutes you could compare prices to find cheaper insurance for Lyft drivers.