Wouldn’t life be so easy if we could tell you instantly the one best company that has the best rates for Lyft drivers? It’s not that simple, unfortunately, as there are a ton of unknown elements such as the likelihood of vehicle theft where you live, whether you just need liability insurance, and whether or not your vehicle has good safety ratings, that all impact the cost of your policy. We will touch on these factors and others that can influence the price of auto insurance and will hopefully give you a good start in finding the cheapest car insurance in Minnesota.
For Lyft vehicles, one of the more important factors that are used to help calculate the annual cost of car insurance is your zip code in Minneapolis. Areas with high crime rates or more dense population likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper car insurance.
The table below sorts the most expensive areas in Minnesota for Lyft drivers to buy car insurance in. Minneapolis is ranked at #1 with an annual cost of $1,997 for the average policyholder, which is around $166 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Minneapolis | $1,997 |
| 2 | Saint Paul | $1,988 |
| 3 | Maplewood | $1,985 |
| 4 | Richfield | $1,796 |
| 5 | Coon Rapids | $1,792 |
| 6 | Duluth | $1,777 |
| 7 | Brooklyn Park | $1,762 |
| 8 | Blaine | $1,748 |
| 9 | Bloomington | $1,739 |
| 10 | Plymouth | $1,731 |
| 11 | Woodbury | $1,731 |
| 12 | Maple Grove | $1,724 |
| 13 | Minnetonka | $1,723 |
| 14 | Saint Louis Park | $1,720 |
| 15 | Edina | $1,707 |
| 16 | Saint Cloud | $1,686 |
| 17 | Eagan | $1,678 |
| 18 | Burnsville | $1,675 |
| 19 | Shakopee | $1,659 |
| 20 | Eden Prairie | $1,655 |
| 21 | Lakeville | $1,649 |
| 22 | Apple Valley | $1,631 |
| 23 | Rochester | $1,623 |
| 24 | Moorhead | $1,504 |
| 25 | Mankato | $1,474 |
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Table data uses estimated as specific location information can modify insurance rates greatly.
The type of vehicle you are buying coverage for is probably the biggest factor in finding affordable car insurance for Lyft drivers. Vehicles with limited top-end speed, excellent safety ratings, or low incidents of liability claims will cost less to insure than high performance models.
The next table features insurance prices for the most economical vehicles to insure in Minnesota.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Toyota RAV4 Limited 4WD | $1,793 |
| Ford Focus SEL 4-Dr Sedan | $1,851 |
| Honda CR-V LX 4WD | $1,857 |
| Hyundai Elantra GLS Touring Station Wagon | $1,867 |
| Ford Edge Sport AWD | $1,888 |
| Ford Escape Limited 2WD | $1,902 |
| Toyota Prius | $1,918 |
| GMC Sierra SL Crew Cab 4WD | $1,921 |
| GMC Sierra 2500HD SLE Regular Cab 4WD | $1,927 |
| Honda Civic EX-L 4-Dr Sedan | $1,980 |
| Chevrolet Silverado 3500HD LTZ Crew Cab 2WD | $1,991 |
| Honda Odyssey EX | $2,013 |
| Honda Accord EX 2-Dr Coupe | $2,016 |
| Dodge Ram 2500 Crew Cab ST 2WD | $2,050 |
| Toyota Camry Hybrid | $2,058 |
| Toyota Camry Hybrid | $2,050 |
| Dodge Grand Caravan Hero | $2,052 |
| Jeep Grand Cherokee Laredo 4WD | $2,060 |
| Chevrolet Equinox LS AWD | $2,052 |
| Chevrolet Impala LT | $2,061 |
| Dodge Ram Crew Cab Laramie 2WD | $2,083 |
| Jeep Wrangler Unlimited Sport 2WD 4-Dr | $2,086 |
| Chevrolet Malibu LT | $2,092 |
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Premium costs do not factor in the specific area where the vehicle is garaged which can affect auto insurance rates considerably.
Looking at the rates, we can tell that models like the Toyota RAV4, Ford Focus, and Honda CR-V are likely to be some of the less-costly vehicles to insure for Lyft vehicles.
Locating affordable car insurance is not easy, and deciding which company quotes the best car insurance rates for Lyft drivers may require more quotes for comparison. Each company uses different criteria for filing rates in each state, so to begin we’ll rank the car insurance companies with the overall cheapest rates in Minneapolis, MN.
It’s important that readers know that Minneapolis car insurance rates are determined by lots of factors that may substantially change your annual premium. This price variability is why consumers need to take the time to do a thorough rate comparison to find affordable car insurance rates for Lyft drivers. Auto insurance prices are calculated by many different factors and can change without notice, so the most economical company the last time you checked may now be costing you a lot of money.
Best Cheap Insurance Rates for Your Lyft Vehicle
Travelers quotes some of the most affordable car insurance rates in Minneapolis at around $647 annually. USAA, Farm Bureau Mutual, Western National, and The Hartford would also make the list of some of the cheapest Minneapolis, MN car insurance companies.
As depicted above, if you are currently insured with USAA and switched to Travelers, you could realize savings of upwards of $160. Customers with Farm Bureau Mutual may save as much as $190 a year, and Western National insureds might lower prices by up to $254 a year.
These estimates are averages across all drivers and vehicles and and are not calculated with an exact zip code location for Lyft drivers. So the insurer that has the lowest price for you may not even be in the top 24 companies in the list above. That point stresses why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
Get discount Minneapolis car insurance
Insurance providers that offer quotes for Lyft drivers may have premium discounts that may potentially lower prices by 30% or more if you are eligible to receive them. Companies and the discounts they provide are:
- State Farm may have discounts that include passive restraint, multiple autos, good driver, Steer Clear safe driver discount, and student away at school.
- Progressive includes discounts for homeowner, multi-policy, online signing, multi-vehicle, and online quote discount.
- Progressive policyholders can earn discounts including good student, homeowner, online quote discount, multi-policy, and multi-vehicle.
- MetLife may include discounts for good driver, multi-policy, claim-free, defensive driver, good student, accident-free
- Farm Bureau offers discounts for multi-vehicle, good student, driver training, safe driver, renewal discount, and youthful driver.
- GEICO has savings for membership and employees, military active duty, five-year accident-free, driver training, air bags, and anti-lock brakes.
- SAFECO has discounts for safe driver, accident prevention training, teen safe driver, teen safety rewards, anti-theft, and homeowner.
The example below shows the comparison of insurance costs with and without discounts applied to the policy premium. The price estimates are based on a female driver, no violations or claims, Minnesota state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with safe-driver, defensive driving course, multiple policy, claim-free, marriage, and accident-free discounts applied. When discounts are factored in, the average savings per year on car insurance for Lyft drivers is 28% or $437.
How accidents and violations affect rates
One of the best ways to receive affordable car insurance rates for Lyft vehicles is to drive safely and not receive tickets or have accidents. The illustration below highlights how traffic violations and at-fault fender-benders increase insurance premiums for each age group. The price estimates are based on a single female driver, full coverage, $100 deductibles, and no discounts are factored in.
The data above shows the average cost of car insurance in Minneapolis per year with no violations or accidents is $1,726. Add in one speeding ticket and the average cost increases to $1,954, an increase of $228 each year. Now add two accidents along with the one speeding ticket and the annual cost of car insurance for Lyft drivers jumps again to an average of $3,879. That’s an increase of $2,153, or $179 per month, just for not being more responsible behind the wheel!
Why you are probably overpaying for car insurance
Minneapolis car insurance rates are impacted by many factors which can substantially change the price you have to pay for coverage. Turning one year older, buying a different vehicle, or getting a reckless driving citation can trigger rate changes resulting in some companies being more affordable than before.
Also, car insurance companies modify pricing as often as every quarter as an adjustment for underwriting gains or losses. Heavy losses may result in increased policy costs, while lower claims can cause lower-cost Minneapolis car insurance rates.
For instance, the graph below shows the cheapest car insurance in Minneapolis, MN for a 30-year-old male driver with no prior claims, no tickets, and great credit. When comparing rates based on his current risk profile, Travelers might offer the most affordable car insurance rates in Minneapolis at $922 each year. This is $499 less than the average price paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, Western National, and The Hartford round out the rest of the most affordable Minneapolis, MN auto insurance companies.
Now we will pretend the driver from the first set of rates a claim, bad credit, and a speeding citation. Since each insurance company uses their own formula to determine rates, comparing insurance quotes could result in a completely different list of affordable Minneapolis car insurance companies as shown below.
Farm Bureau Mutual now has the best car insurance rate in Minneapolis with USAA, Allied, Western National, and State Farm also having competitive pricing. This illustrates why it is important to perform an extensive rate comparison to find the most economical car insurance rates for Lyft drivers.
Car insurance prices are calculated by many things and change dramatically, so the best company the last time you shopped your coverage around may now be quite expensive.