Wouldn’t life be great if you could know instantly the one company that has the cheapest coverage for Lyft drivers? That is not the case, however, as there are a ton of unknowns such as if you own or rent your home, citations or tickets, the vehicle you drive, and if you are currently insured, that all impact the price you pay. The information below will cover the causes of high insurance rates and will give you a good beginning to your quest for cheaper car insurance in Greensboro.
Finding dependable, budget insurance is challenging, and figuring out which companies quote the cheapest car insurance rates for Lyft drivers may require even more shopping around.
Each insurer has a proprietary method to establish rates, so we need to take a look at the most affordable car insurance companies in North Carolina. It’s important to understand that Greensboro, NC car insurance rates are influenced by many factors which can significantly increase or decrease your annual premium. Simply improving your credit, buying a different home, or getting a couple of tickets can produce rate changes resulting in some rates now being more expensive than competitors.
Lowest Insurance Price Quotes for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $639 |
| 2 | Utica National | $643 |
| 3 | NC Farm Bureau | $716 |
| 4 | Liberty Mutual | $721 |
| 5 | GEICO | $742 |
| 6 | Penn National | $747 |
| 7 | State Farm | $749 |
| 8 | Titan | $751 |
| 9 | Auto-Owners | $878 |
| 10 | Allied | $892 |
| 11 | Erie | $904 |
| 12 | National General | $908 |
| 13 | Travelers | $909 |
| 14 | Peerless | $972 |
| 15 | MetLife | $1,018 |
| 16 | Encompass | $1,031 |
| 17 | Nationwide | $1,041 |
| 18 | Unitrin | $1,042 |
| 19 | Allstate | $1,054 |
| 20 | Safeco | $1,066 |
| Find Cheaper Rates Go | ||
Progressive has some of the lowest car insurance rates in Greensboro at around $639 annually. This is $233 less than the average premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and GEICO would also be considered some of the cheaper Greensboro, NC car insurance companies.
As shown in the rates above, if you currently have coverage with NC Farm Bureau and switched to Progressive, you could realize a yearly savings of approximately $77. Customers with Liberty Mutual may save as much as $82 a year, and GEICO insureds might reduce prices by as much as $103 a year.
To see if your current coverage is too expensive, click here or feel free to get quotes from the companies below.
These policy prices are averaged for all types of drivers and the different vehicles they drive and do not factor in a specific vehicle garaging location for Lyft drivers. So the company that can offer you the lowest price may not even be in the top 20 companies in the list above. That points out the importance of why you need to quote rates from many companies using your own individual information.
For Lyft vehicles, one of the largest things that are looked at to determine the amount you pay for auto insurance is where you live. Areas with more people or more claims are more likely to have higher rates, whereas areas with less people or fewer weather incidents have the luxury of cheap car insurance rates.
The following table rates the most expensive places in North Carolina for Lyft drivers to purchase auto insurance in. Greensboro comes in at #10 with an annual rate of $756 for car insurance, which is about $63 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $923 |
| 2 | Jacksonville | $864 |
| 3 | Charlotte | $816 |
| 4 | Gastonia | $787 |
| 5 | Wilmington | $781 |
| 6 | Durham | $765 |
| 7 | Goldsboro | $765 |
| 8 | Cary | $765 |
| 9 | Huntersville | $756 |
| 10 | Greensboro | $756 |
| 11 | Greenville | $752 |
| 12 | Rocky Mount | $740 |
| 13 | Raleigh | $737 |
| 14 | Hickory | $732 |
| 15 | High Point | $731 |
| 16 | Apex | $725 |
| 17 | Wilson | $724 |
| 18 | Indian Trail | $723 |
| 19 | Winston Salem | $709 |
| 20 | Chapel Hill | $696 |
| 21 | Salisbury | $691 |
| 22 | Kannapolis | $690 |
| 23 | Asheville | $687 |
| 24 | Burlington | $678 |
| 25 | Concord | $669 |
| Find the Best Rates Go | ||
Rate information is approximated as the specific area where the vehicle is garaged can change auto insurance rates substantially.
Cost of full coverage
Finding cheaper car insurance is the goal of the majority of drivers, and an effective way to find cheap insurance for Lyft drivers is to only buy liability insurance. The diagram below shows the comparison of insurance prices with full coverage compared to only the North Carolina minimum liability coverage. The premiums assume no accidents or driving violations, $500 deductibles, single status, and no discounts are factored in.
Averaged for all ages 20 through 70, comp and collision coverage costs an additional $1,598 per year more than just insuring for liability. At some point, every insured wonders if you should buy full coverage. There is no written rule to delete physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s replacement cost is $8,500 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $7,500 after paying the physical damage deductible. If premiums are more than $750 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where eliminating full coverage is not a good plan. If you still have a loan on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not opt for liability only.
Careless Greensboro drivers pay higher rates
The easiest way to maintain the cheapest car insurance rates in Greensboro for Lyft vehicles is to be a safe driver and avoid accidents and traffic citations. The illustration below highlights how traffic violations and at-fault fender-benders can influence car insurance rates for each age group. The premiums are based on a married female driver, comp and collision included, $1,000 deductibles, and no discounts are applied to the premium.
In the chart above, the average cost of an auto insurance policy in North Carolina per year with a clean driving record and no accidents is $810. Factor in one speeding ticket and the average cost jumps to $944, an increase of $134 each year. Then throw in one accident along with the one speeding ticket and the yearly cost of car insurance for Lyft drivers goes up to an average of $1,314. That’s an increase of $504, or $42 per month, just for being a little careless behind the wheel!
Chances are good that you’re overpaying for Greensboro car insurance
North Carolina car insurance rates are impacted by many things which can substantially change the price you have to pay for coverage. Simply turning a year older, moving to a different location, or getting a speeding ticket may generate price changes that may make certain companies cheaper than competitors.
In addition, insurers change prices every year to reflect underwriting profits or losses. An extended period of higher than normal claims can result in higher rates, while profitable underwriting may result in more affordable Greensboro car insurance rates.
To help illustrate this point, the chart below shows a variety of companies that have the cheapest car insurance in Greensboro, NC for a 40-year-old male driver with no accidents, a clean driving record, and good credit. If we estimate prices based on his personal profile, Progressive may offer the cheapest car insurance rates in Greensboro at $723 a year. This is $149 less than the average price paid by North Carolina drivers of $872. Utica National, Liberty Mutual, GEICO, and NC Farm Bureau are the rest of the best Greensboro, NC auto insurance companies.
Now let’s give the driver in the first chart an at-fault accident, poor credit, and a couple of points charged on his driving record. Due to the fact that each insurance company has their own formula to set policy rates, analyzing rate quotes will most likely result in a substantially altered list of the cheapest car insurance companies in Greensboro as shown below.
Titan now has the lowest car insurance rate in Greensboro with State Farm, Auto-Owners, National General, and Utica National now being in the top five. This example proves why it is important to compare many different companies when trying to get the most budget-friendly insurance quotes for Lyft drivers. Insurance rates can be altered by many factors and can decrease or increase without notice, so the best price the last time you shopped around may now be costing you a lot of money.
How to find cheaper auto insurance for Lyft drivers
The list below details many thrifty suggestions that can help drivers get lower-cost auto insurance.
- Assess whether full coverage is needed
- Improve your credit rating
- Save money by obeying traffic laws and keeping a clean driving record
- Avoid having at-fault accidents
- Raise deductibles to save money
- Drive vehicles with five-star safety ratings
- Ensure you have the best deal by shopping around regularly
The last idea is incredibly critical, as we hit on in the prior article. Auto insurance rates in Greensboro fluctuate constantly, so don’t be afraid to switch to a new company if a lower price can be found.
Brand loyalty is not necessarily bad, but it’s not a great idea if that faithfulness ends up costing you thousands of dollars over the life of your policy. In less than five minutes you could compare rates to find cheaper insurance for Lyft drivers.
If you wish to have professional advice when shopping for cheaper insurance for Lyft vehicles, the insurance agencies below can most likely help you determine which auto insurance policy would work best for you.
To find an auto insurance agency nearest to you, click the button link following the list or click here to compare prices now.
- Allstate Insurance: Kayode Abimbola
603 Summit Ave #101 – Greensboro, NC 27405 – (336) 273-6363 - Zach Crutchfield – State Farm Insurance Agent
3608 W Friendly Ave #207 – Greensboro, NC 27410 – (336) 547-0316 - Nationwide Insurance: Jenkins Insurance Agency Inc
3907 W Market St a – Greensboro, NC 27407 – (336) 854-7900