Rideshare insurance policies often include three coverage periods. Period one covers your car when using Uber or Lyft while waiting for a request; period two covers you once an order has been accepted and when travelling to pick up its passenger.
Period 3 is designed for vehicles carrying passengers. Certain policies also offer uninsured/underinsured motorist coverage as well as medical payments coverage.
What Does Geico Offer?
Many insurers now provide rideshare insurance that can protect your vehicle when not being used for personal driving, providing liability and rental reimbursement coverage, medical payments should an accident occur and more. You can add rideshare coverage as an endorsement or standalone policy and it should provide sufficient coverage for most Uber and Lyft drivers.
Before purchasing a rideshare policy, it’s essential to explore all available options and establish which coverage suits your needs best. Cost, deductible amount and rental reimbursement should all be carefully considered when making this choice; be mindful of any requirements from transportation network companies for which you will be driving too.
Rideshare insurance coverage depends on both your state and insurer; some only provide it as an add-on to a personal auto policy while others provide separate commercial for-hire livery policies. If you drive for Uber or Lyft regularly, a commercial policy should likely be purchased instead.
Allstate, Erie, Progressive, State Farm USAA and Farmers provide rideshare insurance policies, with most covering your vehicle for all three periods when driving for Uber or Lyft (Period 0 is when the app is active and you are waiting to pick up passengers, Period 2 when taking one and Period 3 when dropping off).
To help you find the ideal rideshare insurance coverage for your needs, WalletHub conducted research comparing nine major auto insurers’ options across 40 states. We ranked each company based on how many states offered coverage as well as editor and customer ratings to create our list of 2019’s best rideshare insurers.
Does Geico Offer Rideshare Coverage?
State Farm, Progressive, Allstate and USAA all provide rideshare coverage; some provide it as an endorsement on personal car policies while others provide it as a separate commercial policy. Some insurers provide coverage during all three stages of driving for Uber or Lyft while others only during stage 1: waiting for ride requests and in transit to pick them up.
Rideshare coverage should include collision and comprehensive insurance as well as liability protection to cover any damage you cause while driving for a rideshare company. In addition, additional protection such as roadside assistance or rental car reimbursement might also be included; always compare policies in order to find one best suited to your needs.
Cost of adding rideshare coverage to a personal auto policy varies significantly by insurer and state, from as little as $20 annually in some instances up to hundreds or even thousands per year in others. On average, adding this coverage will increase premiums by 15%-20%.
Geico makes adding rideshare coverage easy; simply contact your local Geico agent or branch and request to add it as an endorsement. Note, though, that in order to qualify for such protection you’ll require both a valid driver’s license and vehicle registration number.
Some states mandate having commercial car insurance if you drive for a rideshare company. You can purchase such coverage either from Geico or another insurer that provides it.
Uber and Lyft drivers looking for comprehensive coverage during their trips should invest in a commercial policy; otherwise they must rely on their personal auto policy which covers TNCs as a form of compensation. Unfortunately, the costs can be very expensive so spending some time shopping around is key in finding an acceptable rate.
Does Geico Offer Commercial Coverage?
Geico’s commercial auto insurance is designed for businesses of all sizes and offers a comprehensive suite of coverage options, such as liability, property damage and uninsured motorist coverage. Businesses can customize their policies by selecting deductibles, coverage limits and other criteria – Geico has been offering insurance products at highly competitive rates for more than 70 years, and has built up an enviable reputation among customers for superior service and great prices.
Geico provides rideshare coverage among other commercial policies such as professional liability, worker’s compensation and business owner’s policies. Business owners should reach out to all major insurers in their region – including companies offering rideshare insurance – so as to compare rates and find the ideal choice for their unique requirements.
To obtain a Geico business auto insurance quote, it’s necessary to provide some basic information about your company in order to determine a ballpark figure of what might cost. Rates will differ based on coverage needs, location and risk considerations; so the best thing you can do is reach out to an independent agent and receive their personalized rate estimate.
Recently, more and more insurers are providing rideshare coverage as an add-on to business auto policies. Farmers, Allstate, State Farm and USAA are just a few of the big names that now provide rideshare endorsements; typically this will increase premiums by between 15%-20%.
If you’re interested in comparing quotes from multiple insurers, our state resources below can help. They’ll give you contact details for all the companies selling business auto insurance in your state; then, directly reach out and request a quote. Do your research beforehand as to the coverages and exclusions of each policy before selecting one provider – good luck! Don’t forget to notify your independent agent that you’re driving for Uber or Lyft; they can add rideshare endorsement to their policy accordingly.
Can I Get Rideshare Coverage from Geico?
As a food delivery driver or Uber/Lyft/local ridesharing driver, or driving for other rideshare services like Zipcar and Lyft, having coverage that spans both policies can save thousands in an accident scenario. By adding or updating rideshare car insurance into your coverage portfolio now.
Many major car insurers provide rideshare coverage that you can add onto your current policy. Not all companies provide this add-on coverage, and not all states cover drivers with this option. To find the most cost-effective rideshare insurance in your area, compare quotes from several providers who provide it – prices typically run between $15-20 monthly depending on state and insurer.
Keep an eye out for coverage amounts as well. While rideshare companies like Uber and Lyft may provide limited commercial auto insurance for drivers, such as coverage limits that do not fully protect against accidents that arise while working; more comprehensive options exist that offer higher limits that provide enough cover against costly damages incurred during working hours.
Uber or Lyft drivers need three types of coverage when operating as drivers: Period 0 is when your personal auto policy takes effect, Period 1 when your app is on and waiting for ride requests, and Period 2 when transporting passengers. Most insurers offer rideshare endorsements that protect all three periods; in fact some even cover any discrepancies between your rideshare company’s expensive deductible and your personal policy’s deductible!
WalletHub’s research revealed that USAA, Progressive and MetLife were among the best rideshare insurance providers. Each provides coverage in most states with excellent customer satisfaction ratings. Furthermore, each offers discounts such as bundling your auto and home policies together; in addition, each features an easy mobile claims processing app for fast claims submission. Other factors to take into consideration include premium adjustments depending on coverage limits or deductible amounts; furthermore they also provide fast claims settlement via their mobile apps.