Many large car insurers provide rideshare coverage as an add-on policy, which typically costs $15-20 monthly and helps drivers avoid gaps and high deductibles.
Geico offers a rideshare endorsement that can be added to a personal auto policy, providing coverage similar to that provided by Uber and Lyft services, covering drivers while they wait for or transport passengers.
Costs
Cost of rideshare insurance coverages depends on both insurer and coverage options available to drivers, according to MarketWatch. Some providers provide standalone policies while others add riders as add-ons to existing auto policies; such policies typically cost between $5-30 monthly depending on individual driver histories and limits selected – higher limit options often tend to cost more.
State Farm and Allstate offer rideshare endorsements as an add-on coverage policy, helping drivers fill gaps left by Uber and Lyft’s coverage policies. According to WalletHub, these policies typically cost 10%-20% more than standard personal auto rates but can still be found across most states.
Other companies such as Geico offer stand-alone rideshare policies at similar prices to major insurers but with lower deductibles and refundable premiums so you can cancel them on the date your new policy begins, preventing gaps in coverage and saving you money in premium payments for future policies.
GEICO’s policy covers drivers while they’re on shift and waiting for ride requests, providing coverage against bodily injury, property damage, income or medical bills of both driver and passengers alike. Furthermore, this company also offers an optional personal umbrella policy to shield riders against unexpected medical costs.
Insurers vary widely in how they treat ridership gaps, providing coverage only during part of a driver’s shift. Some insurers like GEICO and Mercury provide hybrid packages which include both gap coverage and commercial coverage in one policy; USAA and State Farm offer rideshare gap insurance which only applies when an app is on but no request has come in yet.
Allstate, CSAA, Liberty Mutual, and USAA offer protection for rideshare gaps through their personal auto policies; these coverages tend to be cheaper than commercial policies but may come with higher deductibles.
Coverage
As a rideshare driver, it is absolutely vital that you obtain proper car insurance. An accident while driving for Uber or Lyft could leave you facing huge financial liabilities that you might not be able to afford; hence the necessity of purchasing a policy offering both liability coverage and comprehensive and collision coverage – many large car insurers offer such endorsements for personal policies – though its cost varies by state.
Nerdwallet reports that rideshare insurance tends to cost less than commercial policies, with prices depending on your selected limits – generally higher limits will cost more. In addition, costs will vary based on coverage history; if any prior accidents or speeding violations exist then your rate could increase accordingly.
Geico is one of the premier car insurers offering rideshare coverage. Their hybrid policy extends your personal auto policy to cover Uber or Lyft work, including time on the clock waiting for requests. Geico’s rideshare policy can be found in most states except Alaska, Georgia, Kentucky, Michigan, Nevada New Jersey North Carolina Ohio Texas while State Farm offers their own. Both of these options typically cost more than their personal equivalent but still fall below commercial policy costs.
GEICO does not currently offer rideshare-specific policies, but other insurers do. Allstate, Farmers, GEICO, MetLife and USAA all provide policies with ridesharing-specific coverage to supplement Uber/Lyft policies.
Add rideshare coverage to your personal auto policy can cost anywhere between $9 and $25 monthly, according to some insurers. On average, $15-20 should be enough, though rates vary depending on which insurer offers it. Drivers should compare pricing between different insurers in order to find the most cost-effective deal.
Deductibles
As a rideshare driver, it is crucial that you fully comprehend the costs and coverages associated with rideshare insurance. Furthermore, it’s wise to know if your current insurer offers it; otherwise you may need to switch or purchase commercial coverage instead. Cost of rideshare coverage varies widely across companies – Nerdwallet recommends drivers compare costs and coverage packages from multiple providers before selecting their ideal policy; thus preventing potentially expensive surprises later down the line.
GEICO is one of the top car insurers that provide rideshare insurance, but this coverage is not included with its existing personal policies. If you wish to drive for Uber or Lyft with your current policy from GEICO, additional coverage must be purchased separately or another insurer must offer ridesharing policies.
Some rideshare insurers provide hybrid policies that replace your personal auto policy when not on the job; other insurers have specific rideshare policies to only cover you during work-related hours; these plans tend to be cheaper than their commercial counterparts and sometimes come with lower deductibles than their competitors.
Allstate, GEICO, State Farm and Liberty Mutual are among the main providers that offer rideshare insurance policies. Most have an endorsement that protects your rideshare vehicle during all three periods; others only cover Period 1 (when your app is active and waiting for requests). Their add-on policies often offer more cost-effective coverage compared to Uber/Lyft coverage which often have high deductibles.
Allstate provides a rideshare endorsement designed to save money on premiums. This coverage pays the difference between your rideshare company’s policy deductibles and those on your personal policy, typically costing $15-20 monthly, which provides gap coverage or financial losses from ridesharing drivers. Allstate’s rideshare endorsement is widely available across most states and provides affordable protection.
Mileage restrictions
Geico offers rideshare insurance as an add-on to personal policies, usually costing under $50 monthly and providing coverage when working for Uber or Lyft. Drivers may also opt for separate commercial policies with higher liability limits to meet Uber/Lyft driver needs.
Some insurers provide hybrid policies that cover riders both while working and when their vehicle is idle – these types of policies are available through GEICO and Mercury, while State Farm and Allstate offer rideshare endorsements to fill any gaps between your personal policy and TNC coverage provided by them. While these types of policies tend to be cheaper than full rideshare policies, they may not always be readily available in your state.
How you purchase your policy depends on the rules and regulations in your state. Some, like New York, mandate that rideshare insurance providers cover your personal deductible when filing accident claims with Uber and Lyft instead of higher deductibles set by those companies; Geico provides this option, among several others – please check with your state insurance department to learn more about these specific rules in your region.
Most rideshare insurance providers only cover three periods of your ridesharing service: Period 1 (when the app is active and you’re waiting for rides), Period 2 (during your shift with passengers), and Period 3 (between jobs). They often require that you meet a high deductible requirement, while others might impose restrictions on how far away from duty you may travel while on duty.
Geico is one of the few companies offering rideshare coverage during all three timeframes; however, you will need to contact them directly in order to purchase such an inclusive policy. You can find more information about its policies by visiting its website; furthermore, Geico also has an app designed specifically to assist consumers in selecting suitable rideshare insurance for themselves.
