For Lyft vehicles, one of the largest things that are used to help calculate auto insurance rates is where you choose to live. More populated areas like Pueblo, Lakewood, and Northglenn tend to pay more, whereas areas with less congestion get the luxury of paying less.
The following table ranks the most costly cities in Colorado for Lyft drivers in which to purchase auto insurance.
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Information shown are comparative as the specific Colorado residence address can change prices significantly.
Finding out which company quotes the lowest-priced auto insurance rates for Lyft drivers in Colorado requires more time in order to find coverage that fits your buget.
Every insurance company uses their own formula for determining prices, so let's look at the rankings for the auto insurance companies that tend to have lower prices in Colorado.
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|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,624|
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The Hartford normally has some of the lowest car insurance rates in Colorado at around $834 per year. Grange, USAA, GEICO, and Nationwide also qualify as some of the cheaper Colorado auto insurance companies.
In the above example, if you currently buy coverage from GEICO and switched to Grange, you may realize annual savings of upwards of $192. Colorado drivers with Nationwide might save as much as $206 a year, and Auto-Owners policyholders might cut rates by $219 a year.
To see if you're overpaying, click here to get a free quote or feel free to get quotes from the companies below.
These policy rates are averages for all drivers and vehicles in Colorado and and are not calculated with a rate decrease for Lyft drivers. So the auto insurance company that has the lowest price for you may not even be in the top 21 companies shown above. That underscores the importance of why you need to get quotes using your own specific driver information and vehicle.
Choosing a good quality company can be rather challenging considering how many different companies sell coverage in Colorado. The company information shown below could help you decide which auto insurance companies you want to consider purchasing coverage from.
The ratings below include the largest companies in America, so smaller companies that only insure vehicles in Colorado will not be included in this list. To get price quotes and find cheaper insurance for Lyft drivers, simply click here.
Top 10 Large Auto Insurers Overall in Colorado
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
Difference between full coverage and liability only rates
Paying a lower price for auto insurance is important to most drivers, and one good way to reduce the cost of insurance for Lyft drivers in Colorado is to only buy liability insurance. The example below shows the comparison of insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The data is based on a clean driving record, no claims, $250 deductibles, single marital status, and no policy discounts are applied.
If all age groups are averaged, full coverage costs $1,845 per year over having just liability coverage. Lot's of drivers question if paying for full coverage is worth it. There is no exact rule of when to exclude physical damage coverage, but there is a general guideline. If the annual cost of your full coverage insurance is about 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let's assume your vehicle's claim settlement value is $9,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $8,500 after the deductible is paid. If you are paying in excess of $850 annually for your policy with full coverage, then it might be time to buy liability only.
Types of discounts on Colorado insurance rates
Insurance providers that provide coverage for Lyft drivers could also offer premium discounts that can lower rates by as much as 35% if you meet specific criteria. Companies and some of their more popular discounts are detailed below.
- The Hartford includes discounts for defensive driver, bundle, anti-theft, driver training, and vehicle fuel type.
- American Family policyholders can earn discounts including Steer into Savings, bundled insurance, multi-vehicle, TimeAway discount, and good driver.
- Progressive has discounts for continuous coverage, multi-vehicle, homeowner, good student, online quote discount, and online signing.
- Travelers offers premium reductions for driver training, IntelliDrive, new car, multi-policy, hybrid/electric vehicle, and home ownership.
- Farmers Insurance has savings for early shopping, bundle discounts, switch companies, alternative fuel, distant student, pay in full, and business and professional.
- USAA may offer discounts for military installation, multi-vehicle, vehicle storage, defensive driver, new vehicle, family discount, and driver training.
- Liberty Mutual may include discounts for newly married, hybrid vehicle, newly retired, multi-policy, teen driver discount, exclusive group savings, and new graduate.
The diagram below visualizes the comparison of annual premium costs with and without discounts applied to the rates. The data assumes a female driver, no driving violations, no at-fault accidents, Colorado state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with safe-driver, claim-free, defensive driving course, homeowner, passive restraint, and multiple policy discounts applied. In this example, the average amount saved each year on auto insurance for Lyft drivers is 28% or $653.