Determining which company offers the lowest-priced car insurance rates for Lyft drivers may require more time in order to find a policy that fits your budget.
Every auto insurer uses their own formula to determine rates, so let’s take a look at the most budget-friendly car insurance companies in Boston.
Find Cheaper Auto Insurance for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | State Farm | $733 |
| 2 | National Grange Mutual | $807 |
| 3 | GEICO | $868 |
| 4 | OneBeacon | $876 |
| 5 | Commerce Group | $911 |
| 6 | Progressive | $1,019 |
| 7 | Norfolk and Dedham | $1,036 |
| 8 | Arbella | $1,040 |
| 9 | USAA | $1,044 |
| 10 | Amica | $1,131 |
| 11 | Quincy Mutual | $1,281 |
| 12 | Vermont Mutual | $1,284 |
| 13 | Travelers | $1,336 |
| 14 | Safety Group | $1,366 |
| 15 | Hanover | $1,399 |
| 16 | MetLife | $1,411 |
| 17 | Peerless | $1,457 |
| 18 | Plymouth Rock | $1,588 |
| 19 | Liberty Mutual | $1,753 |
| 20 | Allstate | $1,755 |
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State Farm offers some of the cheapest car insurance rates in Boston at around $733 annually. National Grange Mutual, GEICO, OneBeacon, and Commerce Group would also make the list of some of the cheaper Boston, MA auto insurance companies.
In the rate table above, if you currently have a policy with OneBeacon and switched to National Grange Mutual, you might see yearly savings of roughly $69. Massachusetts drivers with Commerce Group may save as much as $104 a year, and Progressive insureds might reduce prices by as much as $212 a year.
Be aware that those estimates are averages for all types of insureds and vehicles and do not take into consideration an exact location for Lyft drivers. So the insurer that fits your situation best may not even be in the top 21 companies shown above. That affirms the importance of why you need to compare as many prices as possible using your own specific driver information and vehicle.
For Lyft vehicles, one of the big considerations that are used to help calculate auto insurance rates is where you live in Boston. More densely populated places tend to have higher rates, whereas areas with lower crime rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The table below lists the most costly cities in Massachusetts for Lyft drivers to buy car insurance in. Boston ranks #7 with an annual cost of $1,805 for the average policyholder, which is about $150 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Revere | $2,192 |
| 2 | Brockton | $2,143 |
| 3 | Lynn | $1,998 |
| 4 | Malden | $1,860 |
| 5 | Springfield | $1,851 |
| 6 | Lawrence | $1,839 |
| 7 | Boston | $1,805 |
| 8 | New Bedford | $1,750 |
| 9 | Worcester | $1,729 |
| 10 | Fall River | $1,666 |
| 11 | Somerville | $1,616 |
| 12 | Quincy | $1,596 |
| 13 | Medford | $1,590 |
| 14 | Chicopee | $1,515 |
| 15 | Lowell | $1,511 |
| 16 | Weymouth | $1,506 |
| 17 | Cambridge | $1,446 |
| 18 | Brookline | $1,442 |
| 19 | Haverhill | $1,438 |
| 20 | Framingham | $1,432 |
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Rate quotes are comparative as specific Boston zip code can change insurance rates substantially.
The information below illustrates how your deductible choice can increase or decrease yearly insurance costs when searching for cheap insurance for Lyft drivers. The prices are based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
The chart above illustrates that a 40-year-old driver could cut expenses by $232 a year by switching from a $100 deductible up to a $500 deductible, or save $352 by selecting a $1,000 deductible. Even younger drivers, such as the 20-year-old chart data, could potentially save as much as $772 every year by selecting a higher deductible. If you do decide to increase your deductibles, it is essential to have enough funds in savings to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
How to get discounts on Boston auto insurance rates
Auto insurance companies that offer coverage for Lyft drivers may also offer premium discounts that could reduce prices by as much as 30% if you are eligible for them. Large car insurance companies and a summarized list of policyholder discounts are included below.
- State Farm has discounts for Drive Safe & Save, good student, defensive driving training, anti-theft, student away at school, and Steer Clear safe driver discount.
- GEICO includes discounts for driver training, anti-lock brakes, defensive driver, five-year accident-free, military active duty, and good student.
- Allstate may offer discounts for passive restraint, resident student, premier discount, senior citizen, farm vehicle, and premier plus.
- SAFECO may have discounts that include teen safe driver, bundle discounts, multi-car, drive less, anti-theft, safe driver, and homeowner.
- Farm Bureau has savings for 55 and retired, youthful driver, multi-vehicle, renewal discount, and good student.
- Progressive offers premium reductions for continuous coverage, online quote discount, homeowner, online signing, multi-policy, and good student.
- AAA discounts include multi-policy, good driver, good student, education and occupation, and multi-car.
The information below illustrates the comparison of insurance costs with and without discounts applied to the policy premium. The data assumes a male driver, no accidents or driving violations, Massachusetts 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 shows the rates with safe-driver, anti-theft, claim-free, vehicle safety, multiple policy, and accident-free discounts applied. When discounts are factored in, theamount saved on car insurance for Lyft drivers is 28% or $484.
Do you need full coverage?
Reducing the cost of car insurance should be important to most vehicle owners, and one of the fastest ways to pay lower rates for insurance for Lyft drivers is to not buy comprehensive and collision coverage. The chart below illustrates the difference between car insurance rates when comparing full coverage to liability only. The price estimates are based on a clean driving record, no at-fault accidents, $100 deductibles, drivers are single, and no discounts are applied to the premium.
Averaged for all age groups, physical damage insurance costs an additional $1,916 per year more than carrying just liability coverage. That is a significant amount which raises the question if full coverage is worth the money. There is no set rule of when to phase out physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
There are a few cases where only buying liability is not recommended. If you haven’t paid off your loan, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
If you have questions and prefer to get some help when comparing insurance rates for Lyft drivers, the agents below can help you decide which policy is best. To find a Boston insurance agent using an interactive map, click the button after the list.
Marsh and McLennan Agency
500 Boylston St #300 – Boston, MA 02116 – (617) 587-2300
A-Affordable Insurance Agency, Inc.
55 Union St – Boston, MA 02108 – (617) 924-4915
Flynn Insurance Agency, Inc.
30 Park St – Boston, MA 02129 – (617) 242-1200