Who Has Affordable Auto Insurance Quotes for Lyft Drivers in Charlotte?

The vehicle requiring insurance is one of the main factors when comparison shopping for the best cheap insurance for Lyft drivers. Vehicles with limited top-end speed, advanced safety features, or a low likelihood of liability claims will cost much less to insure than higher performance models. The next list showcases insurance rates for some of the most cost-effective automobiles to insure.

Cheapest Vehicles to Insure in Charlotte, NC
Make and Model Estimated Cost for Full Coverage
Toyota Prius $1,307
Ford Escape XLT 2WD $1,352
Toyota Camry LE $1,399
Volkswagen Jetta LE 4-Dr Sedan $1,408
Chevrolet Malibu LS $1,399
Honda CR-V EX 2WD $1,451
Jeep Grand Cherokee SRT-8 4WD $1,500
Nissan Rogue S AWD $1,506
Dodge Ram Quad Cab SLT 4WD $1,527
Ford Focus SES 2-Dr Coupe $1,574
Jeep Wrangler Sport Islander Package 4WD 2-Dr $1,586
Kia Optima SX $1,601
Chevrolet Silverado LT Extended Cab 4WD $1,606
Toyota Tacoma 4WD $1,621
Ford F-150 FX2 Super Cab 2WD $1,629
GMC Sierra 3500HD SLT Crew Cab 2WD $1,623
Ford Explorer Limited 2WD $1,633
Dodge Ram 3500 Crew Cab Laramie 2WD $1,643
Hyundai Elantra SE 4-Dr Sedan $1,685
Nissan Altima 2.5 S 4-Dr Sedan $1,691
Toyota Corolla S $1,685
Ford Edge Sport 2WD $1,691
Honda Odyssey EX-L $1,685
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Premium data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, multi-vehicle, and claim-free. Rate information does not factor in specific location information which can impact coverage rates substantially.

Based upon the rates shown, models like the Toyota Prius, Ford Escape, and Toyota Camry are likely to be a few of the cheaper vehicles to insure for Lyft vehicles.

Deciphering which companies offer the cheapest insurance rates for Lyft drivers will require more work in order to find the best policy. Each auto insurer uses their own calculation for determining rates in each state, so let’s examine the most affordable insurance companies in Charlotte.

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Cheapest North Carolina auto insurance companies
Rank Company Cost Per Year
1 Progressive $632
2 Utica National $655
3 NC Farm Bureau $709
4 Liberty Mutual $728
5 Titan $737
6 Penn National $747
7 GEICO $750
8 State Farm $779
9 Auto-Owners $852
10 Erie $904
11 Travelers $909
12 National General $917
13 Allied $928
14 Peerless $1,002
15 MetLife $1,007
16 Unitrin $1,012
17 Safeco $1,034
18 Nationwide $1,041
19 Allstate $1,054
20 Encompass $1,063
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Progressive quotes some of the best car insurance rates in Charlotte at around $632 per year. Utica National, NC Farm Bureau, Liberty Mutual, and Titan also are some of the best Charlotte, NC insurance companies.

As shown above, if you are currently insured with NC Farm Bureau and switched to Progressive, you may see an annual savings of in the vicinity of $77. Insureds with Liberty Mutual could save as much as $96 a year, and Titan customers might lower prices by $105 a year.

Remember that these rates are averaged across all types of drivers and the different vehicles they drive and do not take into consideration an exact vehicle garaging location for Lyft drivers. So the insurer that is most affordable for your situation may not even be in the top 20 companies shown above. That underscores the importance of why you need to get rate quotes using your own driver data and vehicle information.

For Lyft vehicles, one of the more important things that help determine the cost of insurance is the neighborhood you call home in Charlotte. Cities with larger populations or higher claim trends are more likely to pay higher prices, whereas areas with less crime or weather claims have the luxury of cheap car insurance rates.

The illustration below shows the highest-priced areas in North Carolina for Lyft drivers to purchase a policy in. Charlotte comes in at #3 with an annual cost of $816 for the average policyholder, which is about $68 each month.

How much does car insurance cost in Charlotte, NC?
Rank City Premium Per Year
1 Fayetteville $905
2 Jacksonville $891
3 Charlotte $816
4 Durham $789
5 Gastonia $787
6 Cary $772
7 Greensboro $763
8 Greenville $760
9 Wilmington $758
10 Goldsboro $758
11 Indian Trail $753
12 Wilson $746
13 Raleigh $744
14 Huntersville $742
15 High Point $731
16 Apex $725
17 Rocky Mount $718
18 Hickory $711
19 Salisbury $705
20 Kannapolis $697
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Information shown are approximated as the garaging address in Charlotte can modify premiums greatly.

Ratings for Charlotte insurance companies

Finding a good quality insurance provider can be challenging considering how many companies are available to choose from in Charlotte. The rank data shown next may help you select which car insurance providers to look at shopping prices with. The rankings below include large insurance companies, so smaller companies are not included in this list.

Best Ten Insurance Companies for Lyft Drivers in Charlotte
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
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Data Source: Insure.com Best Car Insurance Companies

Full coverage versus liability-only

Lowering the price of insurance is the goal of most drivers, and one great way to reduce the cost of insurance for Lyft drivers is to only buy liability insurance. The information below illustrates the comparison of insurance rates with full physical damage coverage and with liability coverage only. The information is based on no violations or claims, $500 deductibles, marital status is single, and no additional discounts are factored in.

If we average all the age groups together, comprehensive and collision coverage on your policy costs an additional $1,181 per year over having just liability coverage. That raises the question if it’s worth it to buy full coverage. There is no set guideline for phasing out comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.

For example, let’s pretend your vehicle’s replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would get paid by your company is $8,000 after you pay the deductible. If you are paying over $800 annually for physical damage coverage, then you may need to consider dropping full coverage.

There are some situations where removing full coverage is not a good idea. If you haven’t satisfied your loan, you have to carry full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage.

The information below demonstrates how deductibles can affect insurance rates when researching cheap insurance for Lyft drivers. The information is based on a married female driver, comprehensive and collision coverage, and no discounts are taken into consideration.

The chart above illustrates that a 30-year-old driver could lower their policy premium by $196 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $298 by using a $1,000 deductible. Even younger drivers, like the Age 20 chart data, could possibly save as much as $422 every year by choosing a higher deductible.

When using a larger deductible, it is important to have additional funds in a savings account to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.