You’ve seen the captivating ads from companies like Liberty Mutual and GEICO that say if you switch you’ll get huge savings, so drivers just need to choose the one with the best commercial, right?
Regrettably, it’s not quite that easy, as there are many unknown aspects like if you have a tendency to get into accidents, whether you are married or single, and if you own your own home. This article will discuss the best ways to avoid paying too much and will hopefully give you some help in finding cheaper rates.
For Lyft vehicles, one of the more important criteria that aid in calculating the amount you pay for auto insurance is where you normally keep your vehicle. More populated areas are more likely to pay higher prices, whereas less populated areas have the luxury of lower rates.
The following table ranks the highest-priced places in Oregon for Lyft drivers to purchase a policy in. Portland is ranked at #2 with a yearly cost of $1,544 for coverage, which is about $129 monthly.
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Information shown are approximated as the garaging address in Portland can increase or decrease prices considerably.
The vehicle model that is being insured is one of the biggest factors that determines whether or not you find economical auto insurance for Lyft drivers. Vehicles with limited top-end speed, advanced safety features, or low incidents of liability claims will cost quite a bit less to insure than higher performance models.
The next list features auto insurance costs for a handful of the most cost-effective vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$1,517|
|Hyundai Elantra GLS Touring Station Wagon||$1,681|
|Honda Accord EX 4-Dr Sedan||$1,689|
|Honda CR-V EX-L 4WD||$1,725|
|Ford F-150 XL Regular Cab 2WD||$1,756|
|Ford Explorer Limited AWD||$1,791|
|Ford Focus SES 4-Dr Sedan||$1,819|
|Dodge Grand Caravan CV||$1,826|
|Honda Odyssey EX-L W/Rear Entertainment||$1,852|
|GMC Sierra SLE Regular Cab 4WD||$1,885|
|Chevrolet Equinox LTZ AWD||$1,893|
|Toyota Corolla XRS||$1,885|
|Kia Optima LX||$1,895|
|Ford Fusion SEL 4-Dr Sedan||$1,885|
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oregon minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Rate quotes do not factor in specific zip code location which can raise or lower coverage rates considerably.
Based upon the table data, you can presume that makes and models like the Ford Escape, Toyota Prius, and Hyundai Elantra are likely to be the most affordable vehicles to insure for Lyft vehicles.
Auto insurance rates are higher with tickets and accidents
In a perfect world, the ideal way to score the cheapest auto insurance prices for Lyft vehicles is to pay attention while driving and avoid accidents and keep your driving record clean. The illustration below shows how speeding tickets and at-fault collisions increase premium costs for different age categories. Data assumes a single male driver, full physical damage coverage, $500 deductibles, and no discounts are taken into consideration.
In the previous example, the average cost of car insurance per year with a clean driving record and no accidents is $1,509. Add in two speeding tickets and the average cost surges to $1,990, an increase of $481 each year. Now add in two accidents along with the two speeding tickets and the 12-month cost of auto insurance for Lyft drivers goes up to an average of $3,875. That’s an increase of $2,366, or $197 per month, just for not being a responsible driver!
Choosing the highest-rated auto insurance provider can be rather challenging considering how many companies are available to choose from in Portland. The company ratings shown next may help you select which car insurance providers to look at when trying to find the cheapest insurance for Lyft drivers. These ratings only include companies who write in the majority of U.S. states, so companies that have a smaller presence are not taken into consideration for this list.
Top 10 Large Auto Insurance Companies in Portland Ranked by Customer Service
- State Farm
- The Hartford
- The General
- AAA Insurance
- American Family
- Liberty Mutual
Top 10 Large Auto Insurance Companies in Portland Ranked by Customer Satisfaction
- USAA – 94%
- AAA Insurance – 91%
- Nationwide – 90%
- State Farm – 90%
- GEICO – 89%
- The Hartford – 89%
- The General – 88%
- 21st Century – 88%
- Allstate – 88%
- Liberty Mutual – 88%
The diagram below shows how different deductible levels can impact insurance premiums when searching for cheap insurance for Lyft drivers. The premium estimates are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.
The data above shows that a 30-year-old driver could cut expenses by $304 a year by changing from a $100 deductible to a $500 deductible, or save $458 by selecting a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could potentially save up to $648 annually just by using higher deductibles.
If you do raise deductibles, it will be required to have emergency funds available to be able to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Compare rates to save
Portland, OR auto insurance rates are determined by lots of factors which can substantially decrease or increase the price of coverage. Simply having another birthday, buying a different home, or getting caught speeding can produce rate changes that can cause some rates to be cheaper than others. In addition to those changes, insurance companies change their prices at least once a year to reflect underwriting profits or losses. Unexpectedly high claims can cause more expensive premiums, while lower claim expenses can result in cheaper Portland car insurance rates.
To illustrate this example, the graph below shows which companies have the cheapest car insurance in Portland, OR for a 30-year-old male driver with a clean driving record, no accidents, and solid credit. If we estimate rates based on his current risk factors, Grange offers the cheapest car insurance rates in Portland at $982 a year. This is $496 less than the average price paid by Oregon drivers of $1,478. Oregon Mutual, Country, Travelers, and USAA are also included in the cheapest Portland, OR auto insurance companies.
Now let’s give the driver from the above example a claim or two, a lower credit rating, and a stop sign violation. Since every insurance provider uses a different method to set policy rates, comparing rates may result in a significantly different list of affordable companies as shown below.
Amica now has the cheapest rate in Portland, OR with Country, GEICO, Oregon Mutual, and Allied also being competitive. This demonstrates why drivers need to shop around to get the most affordable car insurance quotes for Lyft drivers. Insurance prices are determined by many risk factors and can decrease or increase without notice, so the most affordable company when you bought your policy may now be one of the higher cost companies.
The agents below can provide answers to your questions and help you determine which coverage meets your needs best, as some people prefer to have some professional guidance when comparing insurance rates for Lyft vehicles. It can be challenging to find the cheapest rate yourself, so getting advice from a licensed Oregon insurance agent can provide peace of mind knowing your coverage gives you decent coverage if you have a claim.
To locate a Portland auto insurance agent close to where you live, click the button below the list.
State Farm: Jared Dean
101 SW Main St #915 – Portland, OR 97204 – (503) 222-6601
Pibal Insurance Brokers of Oregon
1314 NW Irving St – Portland, OR 97209 – (503) 287-8808
Lidia Mazun – State Farm Insurance Agent
11916 SE Division St – Portland, OR 97266 – (503) 761-1444