While driving for Lyft, Uber, or other comparable firms, rideshare insurance is a type of automobile insurance that enhances a driver’s coverage and lowers their deductible. A driver’s own auto insurance will not apply when they are online with the app unless they have a ridesharing insurance policy or a rideshare add-on. When drivers get picked up and drive a passenger, Uber and Lyft give extensive coverage. However, they only give liability insurance to drivers who are awaiting a ride request, leaving a gap in coverage. As a result, rideshare insurance may be used to enhance Uber and Lyft’s insurance policies.
Best Rideshare Insurance Providers
Rideshare insurance providers that are widely available, affordable, and feature deductible gap coverage are the best. This coverage lets drivers pay their own deductible rather than paying Uber’s or Lyft’s high deductible.
GEICO offers the finest rideshare insurance. Since GEICO has a $250 deductible and is a little more expensive than a basic. Geico offers hybrid rideshare insurance, which refers to a single policy that covers both personal and commercial driving for companies like Lyft and Uber. WalletHub’s editors have given an excellent rating to GEICO, with a 4.5 out of 5-star rating. Geico offers ridesharing insurance in 40 states, the most of any insurance business that makes this information public.
In 34 states, Progressive offers a ridesharing endorsement that drivers may add to their personal auto insurance policy. In fact, if you drive for a business-like Lyft or Uber, Progressive compels you to pay the endorsement. In addition, Progressive reimburses drivers for the difference between their Lyft or Uber deductible and their personal policy deductible. Finally, WalletHub editors gave the firm a good grade of 4.3 out of 5 stars for its dependability and overall affordable rates.
Esurance’s rideshare insurance is only offered in California, Illinois, and New Jersey, but it’s a decent option for those who can buy it. Customers who have Esurance rideshare coverage will only have to pay their deductible, if they get into an accident while driving for Uber or Lyft. By WalletHub statistics study the firm does not reveal the cost of its ridesharing insurance, but on personal vehicle insurance coverage, Esurance prices are often reasonable.
Rideshare insurance from USAA is offered in 38 states for as little as $6 per month. The ridesharing endorsement, on the other hand, does not contain deductible gap coverage. As a consequence, consumers with USAA rideshare coverage will still be responsible for a high Lyft or Uber deductible if they are involved in an accident with a ridesharing passenger. Overall, WalletHub editors gave USAA vehicle insurance a 3.3 out of 5 rating. Although the company’s prices are among the most affordable of all the major vehicle insurance companies, it got poor customer service ratings.
In Colorado and Illinois, Travelers ridesharing insurance is offered, but the firm does not provide cost information. Travelers do not offer deductible gap coverage, which means that if a policyholder is involved in an accident while driving with a rideshare passenger, they will be responsible for the Uber or Lyft deductible. Travelers auto insurance received a 3.8 out of 5-star rating from WalletHub editors, who praised the company’s extensive coverage options and easy-to-use online claims reporting system.
In 11 states, Mercury rideshare insurance is offered. Mercury’s personal auto insurance prices are competitive, but the firm does not reveal how much their ridesharing endorsement costs. It’s worth mentioning, though, that Mercury rideshare insurance does not offer deductible gap coverage, which means that they will be responsible for the ridesharing company’s deductible if a driver is involved in a collision with a passenger. Mercury vehicle insurance received a 2.8 out of 5-star rating from WalletHub editors, citing its restricted availability and below-average customer service.
State Farm is a decent choice for drivers who can get rideshare insurance in their region, but the firm doesn’t say where it is accessible. State Farm’s ridesharing coverage is an endorsement that may be added to a current policy and only adds roughly 15-20% to rates. While driving for a rideshare firm, a driver’s State Farm policy will cover them completely. The exception is liability insurance, which is provided by most ridesharing firms.
“Ride-for-Hire” insurance from Allstate is an endorsement that clients may add to their own Allstate automobile insurance policy. Ride-for-Hire insurance offers comprehensive coverage and even reimburses consumers for the difference between their Allstate deductible and the deductible of the ridesharing business. Because the firm does not reveal where Ride-for-Hire is accessible, it is just an honourable mention. However, drivers may contact an Allstate representative in their area to check whether it is available in their state.
Farmers ridesharing insurance will cover drivers while they are waiting for a ride request on their rideshare app. However, after a ride has been accepted, it does not give any coverage or a lower deductible. Farmers does not say where its ridesharing insurance is available, but you may check with their local agent or customer service department to see whether it is.