Best Cheap Auto Insurance for Lyft Drivers in Alaska

The vehicle model you are seeking coverage for is probably the most important factor when shopping for low-cost auto insurance for Lyft drivers. Vehicles with lower performance, good crash test ratings, or a track record of few liability claims will cost less to insure than higher performance models.

The list below illustrates auto insurance premiums for the cheaper automobiles to insure in Alaska.

Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Price information does not factor in specific garaging location which can lower or raise insurance rates noticeably.

Based upon these rates, we can conclude that cars like the Hyundai Elantra, Subaru Forester, and Chevrolet Traverse are most likely to be some of the more affordable vehicles to insure for Lyft vehicles.

Figuring out which companies quote the most affordable auto insurance rates for Lyft drivers takes a little more work than just comparing rates from one or two companies. Each auto insurer uses a little different formula to establish rates, so let’s rank the lowest cost auto insurance companies in Alaska.

It’s important that readers know that Alaska auto insurance rates are impacted by many things which can significantly increase or decrease the price you pay. Improving your credit rating, getting married, or getting a reckless driving citation may prompt premium changes that can cause some rates to be more affordable than the competition.

Best Cheap Insurance Rates for Your Lyft Vehicle

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Umialik has some of the best car insurance rates in Alaska at around $874 each year. USAA, State Farm, Progressive, and GEICO would also be considered some of the lowest-priced Alaska car insurance companies.

In the above rates, if you are currently insured with Progressive and switched to Umialik, you could see a yearly price reduction of upwards of $373. Policyholders with GEICO may save as much as $1,088 a year, and Allstate insureds might lower prices by $1,500 a year.

To see if you’re overpaying, click here to get a free quote or visit several of the following companies.

Be aware that those premium estimates are averaged for all types of drivers and the different vehicles they drive and do not factor in a rate decrease for Lyft drivers. So the insurer that fits your age and vehicle best may not even be included in the company chart above. That underscores the importance of why you need to get auto insurance quotes using your own driver information and specific vehicle type.

One of the more important considerations that is looked at to determine the annual cost of car insurance is where you live in Alaska. Areas with more people or even just a higher incidence of claims like Palmer, Meadow Lakes, and Fairbanks are more likely to pay higher prices, whereas areas with less crime or weather claims benefit from having to pay less for coverage.

The table below lists the highest-priced places in Alaska for Lyft drivers to purchase a policy in.

Rate information is approximated as specific location information can influence auto insurance rates significantly.

Full coverage versus liability-only

Finding the best cheap auto insurance for Lyft drivers in Alaska is the goal of most drivers, and one great way to reduce the cost of insurance is to only pay for liability coverage. The information below illustrates the comparison of auto insurance rates when comparing full coverage to liability only. The data is based on a clean driving record, no claims, $500 deductibles, marital status is single, and no policy discounts are applied.

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If averaged for all ages, physical damage coverage costs $1,288 per year over and above liability coverage. That is a large expense which might make you wonder if physical damage coverage is worth the money. There is no clear-cut rule to delete comp and collision coverage, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.

There are some conditions where dropping full coverage is not a good plan. If you haven’t paid off your loan, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage in place.

The information below demonstrates how deductible levels can affect premium costs when getting quotes for cheap insurance for Lyft drivers. The premiums assume a married female driver, full physical damage coverage, and no policy discounts are applied.

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As shown above, a 30-year-old driver could save $300 a year by switching from a $100 deductible to a $500 deductible, or save $454 by changing to a $1,000 deductible. Even younger insureds, like the 20-year-old, could potentially save up to $644 or more by choosing a larger deductible amount. If you do decide to increase your deductibles, it’s a good idea to have emergency funds available to allow you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

How to find the best cheap auto insurance for Lyft drivers in Alaska

Lowering your rates is not difficult, and here are many thrifty suggestions that can help Alaska drivers quote more affordable auto insurance.

• Drive vehicles with five-star safety ratings
• Do not pay for comprehensive and collision coverage on older vehicles
• Frequent claims may make car insurance unaffordable
• Pay lower rates with good credit
• Raise your physical damage coverage deductibles
• Buy your homeowners policy from the same company as your auto insurance
• Shop around for cheaper prices

That last piece of advice is extraordinarily critical, as we emphasized in this write-up. Insurance rates can change in a short period of time, so don’t hesitate to change to a new company if a cheaper price is available. Staying with the same company for years is fine, but it’s not a good idea if that dedication is costing thousands of dollars over several years. It takes less than five minutes to shop around to find cheaper car insurance for Lyft drivers.