Car insurance for rideshare drivers can be a complex issue, as your personal auto policy may not provide coverage while you’re driving for Uber, Lyft, or a delivery app. The coverage you receive can vary depending on whether you’re waiting for a ride request, on the way to pick up a passenger, or actively driving a passenger. To find the best insurance for rideshare drivers, Yahoo Finance analyzed 20 major insurers based on rideshare availability, full coverage rates, discounts, coverage options, and protective add-ons like accident forgiveness and gap insurance. The following companies were identified as offering affordable rideshare coverage with important policy features for gig drivers.
American Family was rated as the top choice for rideshare insurance due to its affordable options and comprehensive coverage offerings. With 11 coverage options, including accident forgiveness, new car replacement, and gap insurance, American Family provides some of the most affordable rideshare coverage. It is a great choice for part-time or full-time rideshare drivers looking for value and quality coverage.
Farmers also stood out for its broad coverage menu and discounts, making it one of the best options for Uber drivers and other gig workers. Farmers provides ample opportunities to customize coverage to suit individual risk tolerance levels.
Allstate offers ridesharing insurance with a range of options that can be added to the underlying policy. They provide every major add-on, such as accident forgiveness and gap insurance, which can be beneficial for frequent Uber or Lyft drivers.
Travelers strikes a balance between price and protection, offering competitive rates and optional add-ons like accident forgiveness and new car replacement. Travelers is a good choice for gig workers looking to manage costs effectively.
Liberty Mutual caters to drivers who want a variety of options, with one of the largest coverage menus available. They offer unique coverage add-ons like Mexico car insurance for drivers who cross the border, as well as better car replacement coverage.
Progressive is a practical option for drivers who switch between Uber, Lyft, and delivery platforms. They offer a rideshare endorsement and cover food delivery drivers during specific app use phases.
When considering rideshare insurance, it’s important to be aware of the different coverage periods and ensure that your policy fills any gaps in coverage. Rideshare coverage is an add-on to your core policy, so you’ll still need liability, collision, and comprehensive coverage. It’s also essential to review your coverage regularly and update it as needed based on changes in your driving habits or vehicle.
In conclusion, finding the best rideshare insurance involves comparing quotes from multiple insurers, considering coverage options, discounts, and add-ons. By understanding your policy and shopping around, you can find the right coverage to protect yourself while driving for Uber, Lyft, or other gig platforms.
