Best Cheap Car Insurance for Lyft Drivers in Minnesota

It’s impossible to miss the captivating commercials from auto insurance companies like State Farm and GEICO that say if you switch you’ll get huge savings, so drivers should just pick the one with the catchiest commercial, right?

It’s just not that easy, however, as there are a whole bunch of unknown aspects such as your vehicle’s safety rating, if you own your own home, if you have a tendency to get pulled over, and the liability limit you need, that all impact the cost of coverage. The information below covers the different ways you can keep rates low and hopefully give you enough understanding to have a good beginning to your search for cheaper coverage.

When shopping for the cheapest insurance for Lyft vehicles, one of the many considerations that play a part in determining the price of your policy is where you normally keep your vehicle in Minnesota. Regions with more people or even just more weather-related claims like Saint Paul, Maplewood, and Richfield tend to pay more, whereas cities that are not as densely populated benefit from lower prices.

The information below lists the most expensive places in Minnesota for Lyft drivers to purchase car insurance in.

Premium amounts are approximated as zip code location can influence prices considerably.

The safety and performance level of the vehicle requiring coverage is a significant factor that determines the availablility of the best cheap auto insurance for Lyft drivers in Minnesota. Vehicles with higher performance characteristics, poor safety ratings, or a track record of large liability claims will cost quite a bit more to insure than safer, lower-performance models.

The next lists ranks coverage costs for the cheaper automobiles to insure in Minnesota.

Prices based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Prices do not factor in specific Minnesota garaging location which can lower or raise insurance rates considerably.

Data rating is based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Estimates do not factor in garaging location in Minnesota which can alter price quotes considerably.

Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Price estimates do not factor in garaging location in Minnesota which can decrease or increase prices significantly.

Should you buy full coverage?

Finding the best cheap auto insurance for Lyft drivers in Minnesota should be important to the majority of people, and a good way to buy cheap insurance is to only buy liability insurance. The information below compares insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no accidents, no driving violations, $100 deductibles, drivers are not married, and no discounts are taken into consideration.

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If averaged out across all ages, comp and collision coverage costs an extra $2,479 per year more than carrying just liability coverage. At some point, every insured wonders if physical damage coverage is worth the money. There is no definitive guideline for dropping physical damage coverage, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then you may need to consider dropping full coverage.

For example, let’s say your vehicle’s replacement cost is $10,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $9,000 after the policy deductible has been paid. If you are paying in excess of $900 a year for physical damage coverage, then it might be time to consider dropping full coverage.

There are some conditions where removing full coverage is not advised. If you haven’t satisfied your loan, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.

How to get discounts on Minnesota insurance rates

Insurance companies that offer the best cheap auto insurance for Lyft drivers in Minnesota may additionally offer premium discounts that can lower rates by as much as 40% or more if you are eligible for them. Popular auto insurance companies and a selection of discounts can be found below.

The chart below compares auto insurance rates with and without discounts applied to the policy premium. The information is based on a female driver, no violations or claims, Minnesota state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with multiple policy, claim-free, safe-driver, defensive driving course, vehicle safety, and anti-theft discounts applied. When discounts are factored in, the the average yearly reduction on auto insurance for Lyft drivers is % or $.

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How to get the best cheap auto insurance for Lyft drivers in Minnesota

It’s not impossible to find cheaper rates, and here are many penny-pinching solutions that can help Minnesota drivers locate more affordable coverage.

• Remain accident-free and save
• Good credit can help you save money
• Try to pay small claims out-of-pocket
• Raise your physical damage coverage deductibles
• Serious violations like DUI or careless driving can make car insurance unaffordable
• Bundle home and auto and save
• Compare prices as often as possible

The last tip is remarkably crucial, as we discussed in the article above. Car insurance rates change frequently, so drivers shouldn’t be resistant to buy a policy from a new company if a cheaper price is available. Staying with the same company for years is fine, but we do not recommend it if it’s costing you a lot of money every month. In just a couple of minutes you could compare rates to find cheaper auto insurance for Lyft drivers.