If you’re going to start driving for Uber, you will need to think about insurance. Although you will already be covered under Uber’s policy while you have a fare, it is still worth getting insured for the times when you are picking up passengers, and to give a more comprehensive level of cover. The rideshare insurance cost can vary depending on a number of factors. Uber insurance is no different from other types of insurance in that regard, and the driver and vehicle come into account when calculating the Uber driver insurance cost.
Is Uber insurance expensive?
Uber insurance might not be as pricey as you might think. So how much is rideshare insurance? Well, it’s impossible to put a single figure on it, but an additional premium of between $5 and $25 a month, on top of your existing insurance, is a typical rideshare insurance cost to build in, and it is worth it.
Uber’s own insurance policy for riders provides:
- $1 million of liability coverage for each incident (this covers things like vehicle damage)
- $1 million of uninsured or underinsured motorist bodily injury coverage
- Contingent comprehensive and collision coverage
- Personal Injury Protection
- $50,000/$100,000/$25,000 of coverage in between fares, depending on where you work
The lower insurance between fares is one of the things that drives people to research Uber accident insurance to see if they can get more coverage.
How much does Uber insurance cost in New York?
Of course, you need to gain a quote based on your own specific insurance needs and your driving history. How much is Uber insurance in New York City and New York State? It really depends on your own motoring background, plus the vehicle you are driving.
That said, it is still possible to get a ball-park figure on the cost of insuring your Uber ride in NYC, and around $20 a month in addition to your existing policy is usually enough.
How much does being an Uber driver increase your insurance?
How much does rideshare insurance cost? It undeniably changes depending on whether you have had accidents before, and other aspects that normally change your insurance premiums, such as the car you will be driving. Being an Uber driver as well usually increases your insurance between $5 and $20, but it can be more than that.
How can I find out how much my car insurance will be?
Because your Uber driver insurance cost is unique to you, and the circumstances of your driving and career history, there is no standard calculator, or way to work out how much your insurance is going to be. The best way to work out the cost is to go ahead and get a quote, or even a couple of quotes, from insurers. This way, you will have an indication of whether the insurance is reasonable or not. Car insurance comparison is something we always recommend for people who are looking to renew, but you should also think about this in detail if you are an Uber driver, to save yourself some money.
What factors affect rideshare insurance cost?
So many factors can come into the calculations for Uber insurance or other ridesharing insurance.
Your geographical location comes into play when potential insurers are calculating your premium, and this is something that there is very little you can do to help!
Other factors that can affect the cost include:
- The make of the vehicle you are using for your Uber driving. The insurance of one make or brand of car might be a lot less, as it may have a reputation for being a safer car, for instance.
- Your credit history. Do you have a record of reliably paying towards bills and repayments?
- Your age, and how long you have been driving.
There are a lot of things that are taken into account when insurers provide you with a quote.
How much does Lyft insurance cost?
There are other options out there for people who want to start offering lifts to make a bit of extra cash. Ridesharing apps are popular. So, how much does Lyft insurance cost?
Lyft’s typical deductible is $2,500 which means it makes sense to have your own policy. Their insurance premiums when using a private insurer tend to be roughly in line with the cost of Uber insurance, but you may have to shop around to find the very best Lyft insurance.
$10-30 in additional premiums each month is a pretty standard estimate for Lyft insurance, but just like Uber insurance, there are such a huge variety of factors that come into the insurance calculation.
Here’s what you can expect to pay for rideshare insurance
As we’ve already discussed, rideshare insurance varies so much depending on so many factors. Where you are living and working, as well as your driving history, these all come into the calculations that insurance companies use. It helps to shop around.
A rough estimate for rideshare insurance is between $5 and $20 per month. This is in addition to other insurance premiums that you may be paying on your vehicle. $5 is certainly on the very low end of the spectrum, and while it is often possible to get insured for $20 monthly, you should definitely not be surprised if you have factors that could make it more expensive. This is especially true of certain vehicles or certain driver histories.
With over 2 million drivers in the U.S. driving for ridesharing companies, it is easy to see why the industry around insurance has grown. There are many different options, and companies specializing in insuring rideshare drivers.
Fortunately, Uber insurance doesn’t have to cost a fortune. Those with efficient and safe cars, who are able to show a history of safe driving, can often get insured for just a few dollars monthly, and their earning potential will far outweigh any small insurance costs.