Figuring out which companies have the most affordable insurance rates for Lyft drivers will require a little more effort than just picking a company at random. Every insurance provider uses different criteria for setting rates, so let’s take a look at the most affordable insurance companies in Buffalo.
Find Cheaper Auto Insurance for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,152 |
| 2 | Erie | $1,255 |
| 3 | Progressive | $1,496 |
| 4 | Travelers | $1,529 |
| 5 | Utica National | $1,534 |
| 6 | Allstate | $1,541 |
| 7 | MetLife | $1,588 |
| 8 | Amica | $1,628 |
| 9 | Preferred Mutual | $1,686 |
| 10 | New York Central Mutual | $1,818 |
| 11 | GEICO | $1,907 |
| 12 | Safeco | $1,908 |
| 13 | Central Mutual | $1,968 |
| 14 | State Farm | $1,982 |
| 15 | Liberty Mutual | $2,026 |
| 16 | Hanover | $2,299 |
| 17 | Encompass | $2,689 |
| 18 | Nationwide | $3,147 |
| 19 | Mercury | $3,848 |
| 20 | 21st Century | $4,281 |
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USAA offers some of the most affordable car insurance rates in Buffalo at around $1,152 each year. This is $923 less than the average price paid by New York drivers of $2,075. Erie, Progressive, Travelers, and Utica National are also some of the most economical Buffalo, NY insurance companies.
In the above example, if you currently buy coverage from Progressive and switched to USAA, you might achieve an annual premium reduction of roughly $344. Policyholders with Travelers could save as much as $377 a year, and Utica National policyholders might reduce prices by as much as $382 a year.
If you would like to find cheaper car insurance rates, click here to start a quote or visit any of the companies below.
Bear in mind that those premium estimates are averaged for all drivers and vehicles in New York and do not factor in a vehicle location for Lyft drivers. So the auto insurance company that is best for you may not even be in the list above. That point stresses why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
For Lyft vehicles, one of the largest components that aid in calculating insurance cost is where you normally keep your vehicle in Buffalo. Areas with more people or even just a higher incidence of claims will most likely have higher rates, whereas areas with less people or fewer weather incidents benefit from lower rates.
The illustration below shows the most expensive places in New York for Lyft drivers to purchase a policy in. Buffalo is ranked at #13 with a yearly premium of $1,533 for the average policyholder, which is approximately $128 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | New York | $2,627 |
| 2 | Freeport | $2,303 |
| 3 | Hempstead | $2,211 |
| 4 | Mount Vernon | $1,997 |
| 5 | Levittown | $1,981 |
| 6 | Yonkers | $1,900 |
| 7 | Brentwood | $1,872 |
| 8 | West Babylon | $1,856 |
| 9 | Hicksville | $1,843 |
| 10 | Coram | $1,784 |
| 11 | New Rochelle | $1,676 |
| 12 | White Plains | $1,661 |
| 13 | Buffalo | $1,533 |
| 14 | Cheektowaga | $1,253 |
| 15 | West Seneca | $1,225 |
| 16 | Niagara Falls | $1,225 |
| 17 | Tonawanda | $1,177 |
| 18 | Utica | $1,103 |
| 19 | Syracuse | $1,097 |
| 20 | Albany | $1,056 |
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Premium amounts are estimated as the specific Buffalo residence address can lower or raise coverage rates substantially.
The type of vehicle on the policy is one of the primary factors that determines whether or not you find the most economical coverage for Lyft drivers. Vehicles with economical engines, advanced safety features, or a low likelihood of having liability claims will cost substantially less to insure than higher performance models. The next table illustrates insurance premiums for a selection of the more affordable vehicles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $2,060 |
| Honda CR-V LX 4WD | $2,065 |
| Ford Edge SE 2WD | $2,265 |
| Ford Explorer Eddie Bauer 2WD | $2,314 |
| Ford F-150 XLT Super Cab 4WD | $2,359 |
| Chevrolet Malibu LS | $2,441 |
| GMC Sierra SL Extended Cab 2WD | $2,448 |
| Nissan Altima 2.5 4-Dr Sedan | $2,441 |
| Ford Focus SEL 4-Dr Sedan | $2,519 |
| Honda Civic LX 4-Dr Sedan | $2,529 |
| Honda Accord LX-P 4-Dr Sedan | $2,526 |
| Chevrolet Impala LTZ | $2,568 |
| Kia Optima LX | $2,620 |
| Honda Odyssey LX | $2,773 |
| Toyota Prius | $2,806 |
| Ford F-350 XL Super Cab 2WD | $2,900 |
| Toyota Tacoma 2WD | $2,933 |
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New York minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Estimates do not factor in garaging location in Buffalo, NY which can impact rates greatly.
Looking at the numbers, you can figure that models like the Ford Escape, Honda CR-V, Ford Edge, Ford Explorer, and Ford F-150 are some of the most budget-friendly vehicles to insure for Lyft vehicles.
Reckless driving habits raise insurance rates
The common sense way to enjoy low insurance rates for Lyft vehicles is to drive safely and avoid getting tickets or having accidents. The diagram below demonstrates how traffic citations and at-fault collisions can raise auto insurance costs for different insured age categories. The costs are based on a single male driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.
The chart shows that the average cost of an auto insurance policy per year with no accidents or violations is $1,508. Get written up for two speeding tickets and the average cost swells to $1,985, an increase of $477 each year. Now throw in two accidents along with the two speeding tickets and the yearly cost of insurance for Lyft drivers goes up to an average of $3,965. That’s an increase of $2,458, or $205 per month, just for not paying attention while driving!
Which insurance company is best in New York?
Finding a high-quality car insurance company can be challenging considering how many different companies insure vehicles in Buffalo. The information in the lists below can help you pick which providers to look at to insure your vehicles. These rankings only include companies that write coverage in many states, so smaller companies that only insure vehicles in New York are not factored into the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| The General | 96 | 100 | 92 | 91% | A- | 95 |
| Mercury Insurance | 87 | 96 | 100 | 87% | A+ | 93.4 |
| The Hartford | 88 | 96 | 91 | 93% | A+ | 92.6 |
| Progressive | 84 | 94 | 99 | 90% | A+ | 92.4 |
| Travelers | 84 | 93 | 100 | 87% | A++ | 92.3 |
| State Farm | 84 | 93 | 95 | 87% | A++ | 91 |
| Farmers Insurance | 87 | 92 | 90 | 85% | A | 90.6 |
| Erie Insurance | 92 | 90 | 82 | 88% | A+ | 88.5 |
| Safeco Insurance | 85 | 91 | 87 | 86% | A | 88.4 |
| USAA | 71 | 93 | 98 | 87% | A++ | 88 |
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Data Source: Insure.com Best Car Insurance Companies
Price comparison of only insuring for liability
Paying less for insurance is important to most vehicle owners, and one of the fastest ways to find cheap insurance for Lyft drivers is to buy only liability coverage. The diagram below shows the comparison of annual premium costs with full physical damage coverage and with liability coverage only. The rates are based on no claims or driving citations, $250 deductibles, marital status is single, and no additional discounts are factored in.
As an average, comprehensive and collision coverage on your policy costs $1,895 per year more than carrying just liability coverage. Many of you may wonder if buying full coverage is a good investment. There isn’t a written rule to exclude comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is 10% or more of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s pretend your vehicle’s claim settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company will settle for is $3,000 after you pay the deductible. If premium cost is more than $300 annually to have full coverage, then you might want to think about dropping full coverage.
Are you paying too much for car insurance in Buffalo?
New York insurance rates are impacted by many factors that can increase the policy premium. Simply having a birthday, moving to a new city, or having an at-fault accident may cause policy rate changes that can make some companies more affordable than the competition. Also, car insurance companies amend premium rates every year or even multiple times each year in order to be able to pay unexpected claims. Heavy losses may cause higher prices, while lower claims may result in more affordable Buffalo car insurance rates.
As an example, the chart below shows rates for the cheapest car insurance in Buffalo, NY for a 45-year-old female driver with no prior claims, no tickets, and excellent credit. Based on her current risk factors, USAA may have the cheapest car insurance rates in Buffalo at $1,876 annually. This is $199 less than the average price paid by New York drivers of $2,075. Erie, Progressive, Utica National, and Travelers are the remainder of the best Buffalo, NY auto insurance companies.
In the next rate comparison, we’ll give the driver from the above example a chargeable accident, less-than-perfect credit, and a traffic ticket or two. Because each insurer uses their own calculation for filing rates in each state, comparing rates may now present a new list of the cheapest companies as shown below.
Allstate now has the cheapest car insurance in Buffalo with MetLife, Preferred Mutual, Erie, and GEICO now being in the top five. This example shows why it is crucial to shop around to get the most budget-friendly insurance rates for Lyft drivers. Prices can be altered by many risk factors and can change substantially, so the best company the last time you checked may now not even be in the top five.