What Insurance is Cheapest for Lyft Drivers in Anchorage?

Establishing which insurers offer the cheapest auto insurance rates for Lyft drivers calls for more time in order to find the most economical policy. Every car insurance company has a proprietary formula for setting prices, so let’s look at the rankings for the auto insurance companies that tend to have lower prices in Anchorage.

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What’s the cheapest car insurance in Alaska?
Rank Company Cost Per Year
1 Umialik $874
2 USAA $939
3 State Farm $965
4 Progressive $1,223
5 GEICO $1,886
6 Allstate $2,397
7 Safeco $2,501
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Umialik generally has some of the most affordable car insurance rates in Anchorage at around $874 each year. This is $669 less than the average policy premium paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO would also make the list of some of the more affordable Anchorage, AK insurance companies.

As shown in the rates above, if you currently buy coverage from USAA and switched to Umialik, you could see annual savings of about $65. Policyholders with State Farm could save as much as $91 a year, and Progressive customers might cut rates by $349 a year.

To find out how your current rates compare, click here to get a free quote or feel free to get quotes from the companies below.

Remember that these rates are averages across all types of drivers and the different vehicles they drive and do not take into consideration an exact zip code location for Lyft drivers. So the insurer that fits you best may not even be in the list above. That is why you need to quote rates from many companies using your own specific driver and vehicle information.

The make and model of vehicle requiring insurance is probably the largest consideration when comparing quotes for affordable car insurance for Lyft drivers. Vehicles with higher performance, poor safety ratings, or a track record of large liability claims will cost much more to insure than safer models.

The next table showcases insurance rates for the more affordable vehicles to buy insurance for.

Cheapest Vehicles to Insure in Anchorage, AK
Make and Model Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,307
Toyota Prius $1,447
Ford Escape XLS 2WD $1,502
Toyota Tacoma Double Cab 4WD $1,548
Ford F-150 SVT Raptor Super Cab 4WD $1,579
Jeep Wrangler Unlimited Sahara 2WD 4-Dr $1,605
Honda CR-V EX 2WD $1,608
Hyundai Elantra GLS Touring Station Wagon $1,617
Volkswagen Jetta SE 4-Dr Sedan $1,660
Nissan Altima 3.5 SR 4-Dr Sedan $1,670
Chevrolet Silverado LS Crew Cab 4WD $1,660
Dodge Grand Caravan SE $1,681
Dodge Ram Quad Cab SLT 4WD $1,691
Ford Focus S 4-Dr Sedan $1,743
GMC Sierra Denali Crew Cab 2WD $1,769
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Premium data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Rates do not factor in specific location which can lower or raise coverage rates considerably.

Based upon the rates shown, we can assume that vehicles like the Honda Accord, Toyota Prius, and Ford Escape should be some of the most economical vehicles to insure for Lyft vehicles.

One of the many things that are looked at to determine insurance cost is your address in Anchorage. More densely populated places tend to pay more, whereas less populated areas get the luxury of paying less.

The next table sorts the priciest cities in Alaska for Lyft drivers to buy auto insurance in. Anchorage is ranked at #3 with an annual cost of $1,269 on average, which is approximately $106 monthly.

How much is auto insurance in Anchorage, AK?
Rank City Average Per Year
1 Meadow Lakes $1,291
2 Fairbanks $1,284
3 Anchorage $1,269
4 Wasilla $1,266
5 Palmer $1,265
6 College $1,232
7 Kenai $1,202
8 Nikiski $1,190
9 Homer $1,190
10 Sterling $1,190
11 Kodiak $1,167
12 Ketchikan $1,035
13 Sitka $987
14 Juneau $979
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Annual rates are comparative as the vehicle garaging location can raise or lower price quotes noticeably.

Insuring your vehicle with the top auto insurance provider can be challenging considering how many companies sell insurance in Anchorage. The information listed below may help you choose which providers to look at shopping your coverage with.

These ratings are only comprised of companies that insure vehicles across America, so smaller regional companies are not included in the list. To view rates and find cheaper insurance for Lyft drivers, click here.

Top 10 Large Auto Insurance Providers in Anchorage Ranked by Customer Service

  1. State Farm
  2. GEICO
  3. The Hartford
  4. Progressive
  5. The General
  6. Allstate
  7. American Family
  8. AAA Insurance
  9. Liberty Mutual
  10. Farmers Insurance

Top 10 Large Auto Insurance Providers Overall in Anchorage

  1. USAA
  2. American Family
  3. State Farm
  4. The Hartford
  5. AAA Insurance
  6. GEICO
  7. The General
  8. Progressive
  9. Allstate
  10. Liberty Mutual

Liability-only versus full coverage

Saving on auto insurance is important to most vehicle owners, and one of the quickest ways to find cheap insurance for Lyft drivers is to not insure for full coverage. The chart below compares insurance rates with full physical damage coverage compared to only buying liability only. The rate quotes are based on no accidents or driving violations, $250 deductibles, drivers are not married, and no discounts are applied.

If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs an extra $1,434 per year more than insuring for liability only. Many drivers may wonder if full coverage is worth the money. There isn’t a written rule for dropping comp and collision coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is about 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.

There are some circumstances where dropping full coverage is not recommended. If you haven’t satisfied your loan, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not buy liability only.

The benefits of price comparisons

Anchorage auto insurance rates are impacted by many things that will increase or decrease the price you pay for coverage. Simply having a birthday, moving to a different location, or getting a driving violation can produce rate changes that can make some companies affordable when they were higher priced.

Not only may things change on your end, but insurers change premium rates as needed to help ensure profitability. Higher than normal claim frequency or severity can cause higher prices, while a better loss history can result in cheaper Anchorage car insurance rates.

The graph below shows the companies that have the cheapest car insurance in Anchorage, AK for a 30-year-old male driver with a good driving record, no prior claims, and good financial standing. If we look at prices based on his personal profile, Umialik might offer the most affordable car insurance rates in Anchorage at $1,124 annually. This is $419 less than the average rate paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO are the rest of the most affordable Anchorage, AK auto insurance companies.

In this example, we will give the driver in the first example a claim surcharge, slightly worse credit, and a stop sign violation. Since each company uses their own formula for determining rates, analyzing rates will most likely result in a different list of affordable Anchorage car insurance companies as shown below.

USAA now has the cheapest rate in Anchorage, AK with State Farm, Umialik, Progressive, and Safeco now being in the top five. This shows why it is critical to shop around when trying to get the best car insurance rates for Lyft drivers. Insurance rates are influenced by many different factors and can increase or decrease at any time, so the cheapest rate three years ago may now be one of the higher cost companies.

Tips for buying more affordable auto insurance for Lyft drivers

The list below details a few money-saving suggestions that can help Alaska drivers find cheaper car insurance.

The last item on the list is extraordinarily valuable, as was stressed in the prior article. Prices can be adjusted at any time, so drivers shouldn’t be reluctant to buy from a different company if you find a cheaper price.

Having a favorite company is great, but it’s not recommended if that loyalty ends up costing hundreds every year. Now is a great time to compare prices to find cheaper insurance for Lyft drivers in Anchorage.