Discussion in 'Insurance' started by Uber & Lyft Insurance, Feb 9, 2016.
Really well said TJ!
Whats the cheapest rideshare insurance?
Wisconsin -- State Farm now offers supplemental insurance for ride share. However, there is a restriction that may not be problem for some, but was a deal breaker for me. State Farm will only cover your ride share driving if less than 50% of your car's mileage is driven due to ride share.
While I drive less than full time, more than half the miles I put on my car are while Ubering. I changed carriers to Erie a few months ago.
Made the plunge and got Geico's rideshare insurance that covers all stages of driving for Uber, and personal use here in VA. Extra 50 bucks per month, MEH, worth it for peace of mind.
Thanks for insisting that if it's true in Texas, it's true everywhere.
I'm on USAA (Orlando) but it's USAA so you either already have USAA coverage or you can't get it ROFL
As of last spring, in Pennsylvania, I contacted three companies.
I had heard that Progressive was an option, but when I called for a quote they sounded extremely confused. My memory is fuzzy but I think I asked them for a regular quote on my car without rideshare, and they came back with a rate 5 times what I was paying with GEICO.
GEICO writes this as a separate commercial policy. They quotes me $1,050.
Erie writes it as a personal policy but rates the vehicle for business use, much like as if you were a traveling salesman. Their rate was $920.
One distinction here is that for GEICO, the rideshare policy is kind of off by itself. If you have other cars you won't get a multicar discount; if you have h homeowners insurance you won't get a multi-policy discount.
I took the Erie option, but didn't move my personal car to Erie. I get a really good price on my other car ($430 a year for a 2006 Nissan 350Z with high liability limits and low physical damage deductibles) and I didn't want to give that up. I also wanted to have a smooth transition back to GEICO if I stopped doing ridesharing at some point.
FYI: I picked up USAA rideshare gap insurance a couple days ago. My additional cost for my 6 month policy was $36. (Kentucky)
Not sure how much the pricing difference is from state to state.. But here in WA with Safeco insurance the Rideshare Endorsement was only an extra $280/year. Something to look into and possibly get a quote from a local Independent Agent in your area.
You mention Progressive as a carrier in North Carolina that has coverage for TNC activities. When I called them they quoted me a premium that would put me out of business instantly.
In North Carolina Progressive offers a ride sharing endorsement but the premium cost would erase the pittance that we are paid!
If your Uber car is a 2006 and if Uber is still excluding vehicles over 10 years old, you may have a problem!
With regard to your insurance information for North Carolina, there is a new player in the field. National General Insurance of Winston-Salem NC now has a Hybrid TNC Policy especially for Uber and Lyft drivers. I now am covered by this policy and it covers the gaps for those drivers. I'm sure that National General sells this product through all of it's agents but I dealt with Tom Needham Insurance Agency in Greensboro NC. I was the first person to get a policy from them. Full comprehensive coverage $100/300k with a $500 deductible runs about $100/month depending on your vehicle and driving record. You mentioned that Progressive also offers a policy. They do but it is a standard Commercial Policy which will cost between $6000 and $7000 per year!
Go for personal auto insurance
During application process
Click yes for "ride for hire endorsement "
II had a regular old Geico personal policy, which Uber accepted and let me start driving. I then called Geico one day to renew my insurance and they asked if I drive for any TNC, I said yes. They then informed me that my personal auto policy was being terminated for violation of the terms which state not for business use. The ONLY way for me to keep my personal auto insurance was to get a letter from Uber on their official letterhead stating that I have been deactivated and can no longer drive for them.
I called progressive for a quote and I didnt even bother, since the agent told me the lowest average amount she's ever seen was $2000/year which was almost 4 times what I was paying before.
I then got an online quote thru geico commercial that came out to 73/mo with a 103 upfront payment, and that covered all TNC phases as well as personal use.
You can get your own quote at http://commercial.geico.com
Nerd Wallet also has a comprehensive list that may be a good supplement to all the info already here:
Can help with any NYC related inquiries.
Period ZERO when tnc driver is off duty personal time driving is not covered in Florida. As far as insurers in Florida are concerned once an Uber driver always an Uber driver. Kinda like being a little pregnant. It's all or nothing to an underwriter. I assume in the rest of the nation too if you don't have rideshare coverage your personal insurance company is more than happy to take your premiums by in a high $ crash loss confirm you are TNC and deny the claim.
Insurers in Florida who say hell no to TNC activity collected over $52 million dollars last year in never have to pay out a dime Uber & Lyft driver premium contributions.
Uber, Lyft, and the personal auto insurance industry convincing regulstors PERIOD ZERO doesnt even exist was an early stroke of Evil Genius
This may be too complicated for me to figure out .When I talked to my auto insurer , it was presented that I would be charged a 34% premium over and above the existing personal policy on the car I used for any Uber use . Still can't figure if I really would be covered .When I start looking at the work it takes to actually correctly deduct expenses and taxes . It looks like one might be better off to just get a gig driving a cab . Kind of an indentured servitude situation with Uber /Lyft if you ask me .
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