The words “low-priced” and “insurance” really shouldn’t be used in the same sentence, specifically when trying to find the best insurance rates for Lyft drivers. In an attempt to save some money, let’s get started by showing you a few of the things that have an impact on auto insurance prices, and figure out some ideas to shave a little off the next policy you buy.
Establishing which companies offer the cheapest insurance rates for Lyft drivers will require more time than just picking a company at random.
Each insurance company has a unique formula to set their prices, so we need to take a look at the most affordable insurance companies in Baltimore, MD. It’s important to know that Baltimore, MD insurance rates are impacted by many factors which can substantially decrease or increase the price you have to pay. Simply improving your credit, increasing liability limits, or getting into an accident can trigger rate changes that can make some companies cheaper in comparison to the competition.
Best Cheap Insurance Rates for Your Lyft Vehicle
|Rank||Company||Cost Per Year|
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USAA normally has some of the lowest car insurance rates in Baltimore at around $930 annually. This is $629 less than the average price paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto would also make the list of some of the best Baltimore, MD car insurance companies.
As shown in the table above, if you currently have a policy with Erie and switched to Liberty Mutual, you might realize savings of in the neighborhood of $80. Customers with State Auto might save as much as $109 a year, and Amica insureds might lower prices by up to $253 a year.
If you would like to find cheaper car insurance rates, click here to start your free quote or visit any of the low-priced companies below.
Be aware that those policy prices are averaged across all drivers and vehicles in Maryland and do not factor in an exact location for Lyft drivers. So the car insurance company that can offer you the best price may not even be in the top 16 companies in the list above. That underscores the importance of why you need to quote rates from many companies using your own individual information.
One of the more important things that determine the price you pay for insurance is where you live in Baltimore. Areas with increased crime or more people are more likely to pay higher prices, whereas areas with less people or fewer weather incidents benefit from lower prices.
The table below sorts the priciest cities in Maryland for Lyft drivers to buy car insurance in. Baltimore ranks #1 with an annual cost of $1,742 on average, which is around $145 each month.
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Premium costs are estimated as the specific zip code location can raise or lower rates considerably.
Discounts on Baltimore car insurance
Insurers that offer cheap quotes for Lyft drivers may have policy discounts that can lower rates by as much as 30% if you are eligible. A few popular companies and a partial list of their discounts can be found below.
- State Farm may offer discounts for anti-theft, multiple policy, Steer Clear safe driver discount, safe vehicle, multiple autos, and passive restraint.
- Progressive offers discounts including online signing, multi-vehicle, continuous coverage, homeowner, multi-policy, and good student.
- Travelers offers discounts for hybrid/electric vehicle, multi-car, good student, payment discounts, IntelliDrive, early quote, and multi-policy.
- American Family may have discounts that include defensive driver, accident-free, TimeAway discount, early bird, bundled insurance, Steer into Savings, and air bags.
- Liberty Mutual discounts include new graduate, multi-policy, preferred payment discount, multi-car, new move discount, teen driver discount, and newly married.
The chart below shows the comparison of insurance rates with and without discounts applied to the premium. The premiums are based on a male driver, no violations or claims, Maryland state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with vehicle safety, passive restraint, multiple policy, multiple vehicle, homeowner, and defensive driving course discounts applied. In this example, theaverage yearly reduction on insurance for Lyft drivers is 28% or $530.
Irresponsible driving raises your rates
The easiest method to earn the most affordable insurance rates in Baltimore for Lyft vehicles is to drive attentively and avoid traffic citations and accidents. The example below demonstrates how speeding tickets and at-fault fender-benders impact insurance premiums for different age groups of insureds. The premiums are based on a single female driver, full coverage, $1,000 deductibles, and no discounts are applied to the premium.
In the previous example, the average cost of a car insurance policy in Maryland per year with no accidents and a clean driving record is $2,166. Factor in one speeding ticket and the average cost surges to $2,460, an increase of $294 each year. Now include two accidents along with the one speeding ticket and the annual cost of insurance for Lyft drivers increases to an average of $5,230. That’s an increase of $3,064, or $255 per month, just for being a careless driver!
Ratings for Baltimore insurance companies
Picking the top car insurance company can be rather challenging considering how many companies there are in Maryland. The ranking data in the next section could help you analyze which car insurance companies you want to consider when buying insurance for Lyft drivers.
The rankings below include large insurance companies, so companies without a large exposure are not taken into consideration for the list. If you’d like to compare prices from many more Maryland auto insurance companies, follow this link.
Top 10 Major Car Insurance Companies Overall in Baltimore
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
- American Family
Top 10 Major Car Insurance Companies in Baltimore Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
How to find low-cost car insurance for Lyft drivers
Here are many penny-pinching solutions that can help Baltimore drivers buy cheap auto insurance.
- Save money by bundling your home and auto policies
- Frequent claims may make car insurance unaffordable
- Accident-free drivers may qualify for discounts
- Save money by obeying traffic laws and keeping a clean driving record
- Safer vehicles cost less to insure
- Compare price quotes at least once a year
That final tip is very crucial, as was noted in the prior information. Auto insurance rates can be modified anytime, so don’t be afraid to change to a new company if you find a better deal. Many drivers tend to have loyalty to a certain company, but it’s not recommended if that faithfulness ends up costing you thousands of dollars over several years. Now is a great time to compare rates and find cheaper insurance for Lyft drivers in Baltimore.
The insurance agencies listed below are willing to help you make a decision which car insurance policy is best, since many consumers aren’t sure which coverage to buy and prefer to get help from a professional when shopping for cheaper insurance for Lyft vehicles. It can be time-consuming to find the cheapest auto insurance company, so getting professional guidance from a licensed agent can provide you peace of mind knowing your policy gives you adequate asset protection. To locate a Baltimore car insurance agency nearest to you, click the button after the list.
GEICO Insurance Agent
7915 Belair Rd – Baltimore, MD 21236 – (410) 882-8200
Eve Hamper – State Farm Insurance Agent
1118 Light St A – Baltimore, MD 21230 – (410) 528-8900
Joe Lawton – State Farm Insurance Agent
9008 Harford Rd – Baltimore, MD 21234 – (410) 665-0243
Nationwide Insurance: Robert Frank Stastny
6822 Harford Rd – Baltimore, MD 21234 – (410) 254-1500
State Farm: Scott Garvey
3818 Roland Ave – Baltimore, MD 21211 – (410) 889-5840