Driving for rideshare companies such as Lyft or Uber can be a profitable side hustle. While transporting passengers from one location to another, personal car insurance will not cover damages if there is ever an unexpected occurrence like an accident. In this case, you will need to get rideshare insurance. While there are varieties of them, it is advisable to find the best rideshare insurance companies.
Purchasing a rideshare insurance policy will cover the financial expenses personal insurance will not cover. Different insurance companies offer flexible rideshare insurance coverage for customers to purchase. The best rideshare insurance company offers reliable coverage, flexible policy limits, and affordable rates. In addition, it offers helpful online tools, and even outstanding third-party ratings for their customer’s satisfaction.
What is Rideshare Insurance?
Rideshare insurance is a specialized form of auto insurance tailored for individuals who drive either part-time or full-time for app-based transportation services, such as Lyft and Uber.
This insurance provides policies in two different ways, which are as add-ons to personal car insurance or as a standalone insurance policy. Irrespective of which is chosen, this insurance covers expenses. Such as bodily-related injuries of the driver or passengers and others related to unexpected events like accidents.
Best Rideshare Insurance Companies
There is a wide variety of rideshare insurance companies you can purchase insurance from. A few insurance companies have been identified as the best to get rideshare insurance. These companies are known to have flexible insurance options along with insurance rates and policies. The following are some of the best rideshare insurance.
USAA
USAA is top-rated in customer service satisfaction and claims satisfaction. This company’s rideshare insurance policies offer comprehensive coverage for Lyft, Uber, or other app-based transportation service drivers.
USAA offers flexible deductibles and coverage limits, and their premiums are very affordable. However, this insurance company does not offer this insurance in every state, and they are only available to veterans or persons in the military and their family members.
Mercury
This insurance company offers financial coverage to drivers driving for Uber or Lyft. Irrespective of whether you are driving a single person or multiple people through Uber, Mercury covers both the driver and the passengers in cases of unexpected events like accidents during a trip. They also offer affordable coverage and policies that cost as low as $0.90 per day.
Allstate
Getting insurance as a driver for Lyft can be costly, but Allstate provides more affordable insurance coverage for rideshare. They provide policies with deductible gap coverage, allowing Lyft drivers to pay less than the typical $2,500 out-of-pocket deductible when filing a claim.
Allstate’s rideshare insurance is available in most states and is reasonably priced for the majority of rideshare drivers. However, to purchase this coverage, you must already have a current Allstate auto insurance policy.
Progressive
If you already have car insurance with Progressive, you can buy rideshare insurance coverage as an add-on to your car insurance policy. Getting this endorsement does not tamper with your existing policy; instead, it offers a wider range of coverage over you as a rideshare driver.
Progressive rideshare insurance is available to delivery and rideshare drivers. It also provides a wide range of insurance coverage to Uber, Lyft, or other app-based transportation service drivers. Unfortunately, this insurance cannot be purchased online, and their insurance policies are quite costly for most drivers.
State Farm
State Farm offers rideshare insurance coverage to a wide range of drivers. Whether you work with Amazon Flex, Uber, Lyft, or other transportation companies, State Farm offers rideshare policies to cover you and your passengers during a trip.
Every type of rideshare and delivery driver qualifies for this insurance coverage. This insurer includes most add-on coverages from your car insurance policy to give you a wide range of coverage. Instead of visiting the State Farm Insurance company in person to file claims, you can easily carry that out through their online platform.
Farmers
Farmers have an above-average rating for entire claim satisfaction. Their customers get to decide if they want to file a claim in person or online through the company’s mobile app without the need for an insurance agent.
However, Farmers Insurance Company only offers a small coverage area for rideshare. They require customers to work with an insurance agent to purchase a rideshare endorsement, and they offer limited online information concerning what is covered by their policy.
