Who Has Cheap Car Insurance for Lyft Drivers in Cincinnati?

Deciding which company has the best insurance rates for Lyft drivers will take a tad more effort in order to find coverage that fits your budget.

Every auto insurer uses their own calculation to determine premium rates, so let’s take a look at the overall cheapest insurance companies in Cincinnati, OH. Keep in mind that Cincinnati insurance rates are determined by lots of factors which can significantly increase or decrease the price you have to pay for coverage. Getting older, buying a home instead of renting, or getting a few speeding tickets may cause policy rate changes that can make some companies affordable when they were higher priced.

Best Car Insurance Prices for Your Lyft Vehicle

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Cheapest insurance companies in Ohio
Rank Company Cost Per Year
1 Utica National $635
2 Erie $667
3 Frankenmuth $680
4 Allied $697
5 Travelers $726
6 USAA $733
7 Merchants Insurance Group $771
8 Cincinnati Insurance $772
9 Motorists Mutual $800
10 General Casualty $829
11 Grange Mutual $836
12 Hastings Mutual $858
13 Central Mutual $874
14 State Farm $885
15 Atlantic States $913
16 Westfield $946
17 Progressive $962
18 Western Reserve $970
19 Nationwide $998
20 Auto-Owners $998
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Utica National may have some of the cheapest car insurance rates in Cincinnati at around $635 annually. This is $405 less than the average rate paid by Ohio drivers of $1,040. Erie, Frankenmuth, Allied, and Travelers would also make the list of some of the most economical Cincinnati, OH auto insurance companies.

In the above example, if you are a customer of Travelers and switched to Erie, you may see a yearly price reduction of around $59. Drivers with USAA might save as much as $66 a year, and Merchants Insurance Group insureds might lower prices by up to $104 a year.

It’s important to note that these estimates are averages for all insureds and vehicles and and are not figured with an exact zip code location for Lyft drivers. So the car insurance company that fits your needs best may not even be in the list above. That is why you need to get auto insurance quotes using your own driver data and vehicle information.

The make and model of vehicle you are trying to insure is one of the largest factors when comparing quotes for the most economical car insurance for Lyft drivers. Vehicles with lots of horsepower, a lack of safety features, or a history of substantial liability claims will cost much more to insure than more economical and safe models. The table below shows auto insurance costs for some of the most affordable automobiles to buy coverage for.

Cheapest Vehicles to Insure in Cincinnati, OH
Make and Model Estimated Cost for Full Coverage
Honda CR-V EX 4WD $1,138
Hyundai Elantra SE Touring Station Wagon $1,210
Ford Escape XLT 2WD $1,217
Ford Edge SE 2WD $1,219
Nissan Altima 2.5 4-Dr Sedan $1,317
Toyota RAV4 Limited 2WD $1,325
Toyota Prius $1,352
Honda Accord EX-L 4-Dr Sedan $1,357
Dodge Grand Caravan SE $1,362
Ford F-150 FX2 Super Cab 2WD $1,372
Toyota Corolla S $1,386
Honda Odyssey Touring $1,409
Jeep Grand Cherokee Limited 4WD $1,416
Chevrolet Silverado LT Extended Cab 4WD $1,440
Chevrolet Impala LT $1,446
Toyota Tacoma Double Cab TRD Sport Package 4WD $1,469
Ford Explorer Eddie Bauer AWD $1,475
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Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Price information does not factor in vehicle location which can raise or lower rates substantially.

Based upon these rates, vehicles like the Honda CR-V, Hyundai Elantra, Ford Escape, Ford Edge, and Nissan Altima will definitely be a few of the less-costly vehicles to insure for Lyft vehicles.

For Lyft vehicles, one of the big components that help determine the amount you pay for auto insurance is where your residence is. Areas with more people or higher crime rates are more likely to pay higher prices, whereas areas with lower vehicle theft rates and fewer weather claims can boast about having cheaper rates.

The information below shows the most expensive places in Ohio for Lyft drivers in which to purchase auto insurance. Cincinnati is ranked at #5 with an annual cost of $1,174 for car insurance, which is around $98 monthly.

How much does car insurance cost in Cincinnati, OH?
Rank City Average Per Year
1 Cleveland $1,272
2 Youngstown $1,235
3 Columbus $1,235
4 Toledo $1,229
5 Cincinnati $1,174
6 Cleveland Heights $1,166
7 Dayton $1,142
8 Euclid $1,140
9 Akron $1,135
10 Hamilton $1,102
11 Springfield $1,094
12 Canton $1,091
13 Fairfield $1,085
14 Lakewood $1,063
15 Newark $1,053
16 Kettering $1,051
17 Beavercreek $1,047
18 Parma $1,037
19 Mansfield $1,032
20 Cuyahoga Falls $1,027
21 Middletown $1,024
22 Strongsville $1,011
23 Lorain $1,005
24 Mentor $988
25 Elyria $975
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Rate quotes are comparative as the garaging address in Cincinnati can increase or decrease coverage prices considerably.

The diagram below shows how different deductible levels can raise or lower yearly insurance costs when searching for cheap insurance for Lyft drivers. The data assumes a single female driver, comp and collision included, and no policy discounts are applied.

The data above shows that a 30-year-old driver could save $206 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $312 by using a $1,000 deductible. Younger drivers, such as the 20-year-old example, could lower their rates up to $456 or even more by choosing a larger deductible amount.

If you do raise deductibles, it will be necessary to have plenty of money set aside to satisfy the extra out-of-pocket expense that is associated with using high deductibles.

What is the best insurance company in Cincinnati?

Insuring your vehicle with the best insurer can be rather challenging considering how many companies sell coverage in Cincinnati. The rank data listed below could help you select which insurers you want to consider comparing rates from. The ratings below only include large, nationwide insurance companies, so companies that only write business in Ohio or surrounding areas are not included in the list.

Top 10 Large Car Insurance Companies in Cincinnati Ranked by Customer Satisfaction

  1. USAA – 92%
  2. Erie Insurance – 88%
  3. American Family – 88%
  4. State Farm – 88%
  5. Nationwide – 88%
  6. 21st Century – 88%
  7. AAA Insurance – 87%
  8. Liberty Mutual – 87%
  9. Farmers Insurance – 87%
  10. The Hartford – 87%

Top 10 Large Car Insurance Companies in Cincinnati Ranked by Value

  1. USAA
  2. GEICO
  3. AAA Insurance
  4. Erie Insurance
  5. State Farm
  6. Liberty Mutual
  7. Safeco Insurance
  8. Allstate
  9. 21st Century
  10. Travelers

Do you need full coverage?

Paying a lower price for insurance is the goal of most drivers, and one easy way to find cheap insurance for Lyft drivers is to only pay for liability coverage. The example below visualizes the comparison of auto insurance rates with and without physical damage coverage. The prices are based on no tickets, no at-fault accidents, $250 deductibles, marital status is single, and no discounts are taken into consideration.

If averaged for all ages, physical damage coverage on your policy costs an additional $1,601 per year more than just buying liability only. Lot’s of drivers question if it’s worth it to buy full coverage. There is no written rule for phasing out full coverage on your policy, but there is a general convention. If the yearly cost of full coverage is more than 10% of the settlement you would receive from your company, then you might want to consider buying only liability coverage.

How to find budget-friendly auto insurance for Lyft drivers

It’s not impossible to find cheaper rates, and here are some of the recommended penny-pinching suggestions that can help drivers quote lower-cost auto insurance.

That last idea is notably valuable, as was emphasized in the article above. Coverage rates vary greatly, so drivers shouldn’t be resistant to buy a different policy if a lower price can be found. Being loyal to a particular company is commendable, but we do not recommend it if that inflexibility results in costing you a lot of money. In less than five minutes you could compare rates to find cheaper auto insurance for Lyft drivers in Cincinnati.