How Much Does Auto Insurance Cost for Lyft Drivers in New Jersey?

Wouldn’t it be great if we could tell you instantly the one perfect company that has the most affordable coverage for Lyft drivers? That is not the case, however, as there are a ton of unknown elements like if you have ever had a gap in coverage, the number of miles you drive each year, whether you have prior claims, and if you are a homeowner, that all help calculate your car insurance rates. We are going to cover the best ways to pay less and hopefully give you enough understanding to have a good beginning to your search for cheaper coverage.

For New Jersey drivers, one of the components that is used to help calculate the price of your policy is your address in New Jersey. Areas with more people or even just a higher incidence of claims like Newark, West New York, and Union City tend to pay more, whereas areas with less crime or weather claims benefit from lower rates.

The table below illustrates the most expensive places in New Jersey for Lyft drivers to purchase car insurance in.

Price information shown is estimated as the specific garaging location can modify auto insurance rates noticeably.

Finding out which companies have the best car insurance rates for Lyft drivers involves a little more work in order to find the most economical policy.

Every car insurance company has a different formula for setting prices, so let’s examine the most budget-friendly car insurance companies in New Jersey. We do need to point out that New Jersey car insurance rates are influenced by many factors that can increase the cost of your policy. Simply having another birthday, buying a home, or having an accident can cause premium changes that can cause some rates to be cheaper than competitors.

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21st Century quotes some of the cheapest car insurance rates in New Jersey at around $1,067 per year. Travelers, New Jersey Manufacturers, Palisades, and Penn National also rank well as some of the cheapest New Jersey auto insurance companies.

As illustrated above, if you currently have a policy with Travelers and switched to 21st Century, you might achieve annual savings of in the vicinity of $124. Policyholders with New Jersey Manufacturers might save as much as $204 a year, and Palisades insureds might lower prices by up to $287 a year.

These policy prices are averages for all types of insureds and vehicles and do not factor in a price discount for Lyft drivers. So the company that fits your needs best may not even be featured in the list above. That affirms the importance of why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.

The safety and performance level of the vehicle on the policy is a significant factor when comparison shopping for cheaper coverage for Lyft drivers. Vehicles with lower performance, advanced safety features, or a positive history of liability claims will cost substantially less to insure than higher performance models. The data below features coverage premiums for some of the most affordable automobiles to insure.

Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Rate quotes do not factor in vehicle garaging location which can revise premium rates significantly.

Table data represents married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Table data does not factor in specific location which can lower or raise price quotes noticeably.

Price data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Estimates do not factor in New Jersey location which can revise premium rates considerably.

Get discounts on New Jersey auto insurance

Auto insurance companies that sell cheap auto insurance for Lyft drivers in New Jersey may have policy discounts that may potentially lower prices by as much as 35% if you can meet the requirements. Large car insurance companies and their possible discounts can be read below.

The chart below illustrates the comparison of yearly insurance costs with and without discounts. The price estimates are based on a male driver, no driving violations, no at-fault accidents, New Jersey state minimum liability limits, full coverage, and $1,000 deductibles.

The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with anti-theft, safe-driver, defensive driving course, vehicle safety, multiple vehicle, and accident-free discounts applied. In this example, the the amount saved on car insurance for Lyft drivers is % or $.

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Is Allstate, State Farm, Geico, or Progressive cheaper?

When comparing rates for car insurance for Lyft vehicles in New Jersey, four good companies to start with are Allstate, State Farm, Geico, and Progressive. Between them, they insure 48.5% of the entire U.S. auto insurance market. The data below ranks some of the different options and features that policyholders can buy.

How to find low-cost car insurance for Lyft drivers

The list below details many thrifty ideas that can help you buy more affordable coverage.

• Do not get into accidents
• Do not get traffic violations
• Claim-free policyholders usually earn a discount
• Buy your homeowners policy from the same company as your auto insurance
• Increase your comprehensive and collision deductibles
• Good credit can help you save money
• Compare quotes from other companies often

The last item on the list is incredibly vital, as was discussed in this piece. Coverage prices can change considerably in a year, so you should be ready to buy from a new company if a lower-cost policy is available. Brand loyalty is not necessarily bad, but we do not recommend it if that inflexibility results in costing you a considerable chunk of change every month. It only takes a couple minutes to shop around and find cheaper car insurance for Lyft drivers.