Who Has Cheap Nashville Car Insurance Rates for Lyft Drivers?

Finding decent, affordable car insurance is challenging, and finding out which companies have the cheapest insurance rates for Lyft drivers takes more quotes for comparison. Each company uses their own calculation to determine premium rates, so first let’s look at the rankings for the insurance companies with the most affordable rates in Tennessee.

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Rankings for the cheapest Tennessee auto insurance companies
Rank Company Cost Per Year
1 Utica National $744
2 Auto-Owners $827
3 Cincinnati Insurance $884
4 Tennessee Farmers $933
5 Penn National $935
6 USAA $947
7 Erie $997
8 Nationwide $1,032
9 Allied $1,049
10 Westfield $1,069
11 GEICO $1,144
12 State Farm $1,177
13 Travelers $1,177
14 State Auto $1,204
15 Progressive $1,214
16 The Hartford $1,221
17 Shelter $1,235
18 Direct General $1,251
19 Chubb $1,277
20 21st Century $1,300
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Utica National offers some of the cheapest car insurance rates in Nashville at around $744 annually. Auto-Owners, Cincinnati Insurance, Tennessee Farmers, and Penn National are also some of the best Nashville, TN car insurance companies.

In the above rates, if you have coverage with Cincinnati Insurance and switched to Utica National, you may realize an annual premium reduction of in the vicinity of $140. Customers with Tennessee Farmers might save as much as $189 a year, and Penn National customers might see rate reductions of $191 a year.

Be aware that those premium estimates are averages for all drivers and vehicles in Tennessee and and are not figured with an exact zip code location for Lyft drivers. So the auto insurance company that can offer you the best rate may not even be in the list above. That illustrates why you need to quote rates from many companies using your own individual information.

One of the more important criteria that aid in calculating the amount you pay each year for auto insurance is where you keep your car in Nashville. Larger areas will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower coverage costs.

The table below lists the most costly cities in Tennessee for Lyft drivers to buy car insurance in. Nashville ranks #11 with a yearly cost of $1,201 for the average policyholder, which is around $100 each month.

How much does car insurance cost in Nashville, TN?
Rank City Annual Rate
1 Memphis $1,505
2 Bartlett $1,405
3 Collierville $1,363
4 Germantown $1,360
5 Jackson $1,266
6 Knoxville $1,230
7 Columbia $1,214
8 Oak Ridge $1,210
9 Clarksville $1,206
10 Spring Hill $1,205
11 Nashville $1,201
12 Smyrna $1,194
13 Murfreesboro $1,183
14 Franklin $1,175
15 Cookeville $1,171
16 Maryville $1,160
17 La Vergne $1,151
18 Morristown $1,137
19 Hendersonville $1,136
20 Gallatin $1,133
21 Brentwood $1,133
22 Chattanooga $1,127
23 Cleveland $1,102
24 Johnson City $1,073
25 Kingsport $1,068
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Rate information is estimated as the specific zip code location can alter insurance rates greatly.

The make and model of vehicle you are buying coverage for is a significant factor that determines if you can find the best cheap insurance for Lyft drivers. Vehicles with high performance features, poor passenger safety features, or a high likelihood of having liability claims will cost substantially more to insure than more economical and safe models. The data below ranks insurance premiums for a selection of the most budget-friendly vehicles to buy insurance for.

Cheapest Vehicles to Insure in Nashville, TN
Vehicle Estimated Cost for Full Coverage
Ford Escape XLT 2WD $1,206
Toyota Prius $1,222
Honda CR-V LX 2WD $1,244
Chevrolet Malibu Hybrid $1,303
Chevrolet Impala LT $1,311
Honda Accord EX-L 4-Dr Sedan $1,310
Jeep Wrangler Unlimited Sport 2WD 4-Dr $1,319
Ford F-150 XL Super Cab 2WD $1,322
Ford Edge Sport AWD $1,371
GMC Sierra SLE Regular Cab 4WD $1,397
Hyundai Sonata GLS 4-Dr Sedan $1,402
Dodge Grand Caravan SE $1,400
Chevrolet Silverado 3500HD LT Crew Cab 2WD $1,421
Chevrolet Equinox LT AWD $1,426
Toyota RAV4 4WD $1,434
Toyota Tacoma Double Cab TRD Sport Package 4WD $1,454
Ford Explorer Limited 4WD $1,461
Jeep Grand Cherokee Laredo 2WD $1,468
Hyundai Elantra Blue 4-Dr Sedan $1,478
Ford Fusion Sport AWD 4-Dr Sedan $1,492
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Cost estimates assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Estimates do not factor in specific zip code location which can change price quotes significantly.

Looking at the data, we can conclude that vehicles like the Ford Escape, Toyota Prius, and Honda CR-V should be some of the most budget-friendly vehicles to insure for Lyft vehicles.

Comparison of full coverage and liability-only policies

Reducing the cost of insurance is important to most drivers, and a great way to pay less for insurance for Lyft drivers is to not insure for full coverage. The information below shows the comparison of yearly insurance costs with full physical damage coverage and with liability coverage only. The data assumes no claims, a clean driving record, $100 deductibles, single status, and no additional discounts are factored in.

On average, physical damage coverage on your policy costs an extra $1,847 per year more than just buying liability only. That amount may make you wonder when is it a good idea to stop buying full coverage. There is no clear-cut rule to exclude physical damage coverage, but there is a general school of thought. If the annual cost of coverage is about 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.

For example, let’s say your vehicle’s replacement cost is $10,500 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $9,500 after the deductible is paid. If you are paying more than $950 a year for your policy with full coverage, then you might consider buying liability only.

There are some scenarios where only buying liability is not financially feasible. If you still have a loan on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should keep full coverage on your policy.

Tennessee insurance companies

Ending up with a good quality insurer is hard considering how many different insurance companies sell coverage in Nashville. The information below can help you select which car insurance companies to look at buying from. The ratings below are for large, nationwide insurance companies, so smaller companies are not included in these rankings.

Top 10 Large Auto Insurance Providers in Nashville Ranked by Claims Service

  1. Travelers
  2. Nationwide
  3. Allstate
  4. State Farm
  5. Liberty Mutual
  6. GEICO
  7. American Family
  8. Esurance
  9. AAA Insurance
  10. Titan Insurance

The example below illustrates how your deductible choice can affect insurance costs when quoting cheap insurance for Lyft drivers. The premiums are based on a single female driver, full physical damage coverage, and no additional discounts are factored in.

As shown above, a 50-year-old driver could pocket $230 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $346 by switching to a $1,000 deductible. Even younger insureds, like the Age 20 category, could save as much as $580 every year by using higher deductibles when buying full coverage.

When increasing deductibles, it is necessary to have plenty of discretionary funds to offset the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.

The professional agents shown below are willing to help you make a decision which car insurance company is the best fit, since some drivers wish to get some professional advice when comparing insurance rates for Lyft vehicles. It’s not always simple to find the cheapest rates, and a professional agent can give comfort knowing your policy gives you adequate protection.

To find an auto insurance agency close to you, click the link at the bottom.

Eric Osborne – State Farm Insurance Agent
2301 21st Ave S #350Nashville, TN 37212(615) 837-9000

Cheryl Crewse – State Farm Insurance Agent
15582 Old Hickory BlvdNashville, TN 37211(615) 831-1800

Charles Sargent – State Farm Insurance Agent
4094 Hillsboro Pike #202Nashville, TN 37215(615) 385-1700

Mike Maclean – State Farm Insurance Agent
3922 Gallatin PikeNashville, TN 37216(615) 891-1241

Roy Arnold – State Farm Insurance Agent
2600 Lebanon Pike aNashville, TN 37214(615) 871-0663

More Nashville, TN insurance agents