GEICO does not offer rideshare insurance, despite persistent rumors to the contrary. If you drive for a rideshare company, you’ll need to find special coverage with a different insurance provider.
Driving for a transportation network company (TNC) can be a rewarding but tricky way of earning money. Getting a car insurance
policy for your rideshare vehicle can be even harder. In this guide, we’ll go over the truth about GEICO’s rideshare insurance and take a look at other insurance options for rideshare drivers. Does GEICO have rideshare insurance?
No, GEICO does not offer rideshare insurance to policyholders.
If you’re looking for the best rideshare insurance company, you’re likely to find articles claiming that GEICO rideshare insurance offers affordable coverage for rideshare drivers. However, GEICO’s own website doesn’t provide any information about this alleged coverage—because it doesn’t exist.
GEICO does have commercial insurance, which covers vehicles used by businesses. However, it’s not designed to cover drivers for transportation network companies like Uber or Lyft or food delivery services like DoorDash, Postmates, or UberEats. That coverage is available as an add-on or “endorsement” for your personal auto insurance policy—but not from GEICO.
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What to do if you have GEICO car insurance and drive for a rideshare company
If you drive for a rideshare company, your GEICO insurance policy won’t cover you while the rideshare app is on, especially after you’ve accepted a ride request or made a pickup. If you get into an accident while working, you won’t be able to submit a claim to GEICO—and if they find out that you’re a rideshare driver, there’s a chance they could even cancel your policy.
Uber and Lyft’s commercial auto insurance policies include up to $1 million in bodily injury
and property damage liability coverage
during rides, along with collision coverage and comprehensive coverage for drivers who have full-coverage policies
for personal use. That coverage only applies to the period when a passenger is in the car—and it comes with a high deductible ($1,000 for Uber drivers and $2,500 for Lyft drivers). You might be tempted to rely on the rideshare company’s commercial insurance and leave the rest to your GEICO policy, but this is an extremely dangerous approach. Because the commercial policy only covers you while a passenger is in the car and GEICO will not cover any accidents that occur when the rideshare app is on, you’d essentially be driving without insurance for a significant portion of your working hours. That comes with massive financial and legal risks, including huge out-of-pocket costs, the chance of a policy cancellation, and elevated premiums down the road.
What is the best rideshare insurance company?
GEICO doesn’t have rideshare insurance coverage—but many other auto insurance companies do offer rideshare insurance policies. The following providers are the best options available for Uber and Lyft drivers right now:
In each case, instead of purchasing a separate policy, your rideshare coverage will take the form of an endorsement for your existing personal insurance policy. Pricing and coverage limits vary, but you can expect your rideshare endorsement to include some basic liability insurance as well as collision and comprehensive options. Rideshare insurance costs more than standard auto insurance coverage, but the added cost could be as little as $20 per year or as high as $300 per year.
The best way to find a rideshare insurance provider that works for you is to compare insurance rates and types of coverage from at least three to five companies. Talk to an insurance agent from each company if possible to find out what the policy covers and how it could affect your rates.
Should I tell my car insurance company that I drive for Uber?
Yes. You might be holding off on telling your insurance company about your new rideshare gig because you’re worried your rate will go up—but the consequences of not telling them could be more serious.
We’ll keep it real: yes, your rate will go up if you let your insurance company know that you’re driving part-time or full-time for a rideshare service. Driving for Uber and Lyft puts you and your car on the road for long stretches of time, raising the risk of an accident and the cost of personal coverage.
But failure to notify the company could lead to uncovered claims and even involuntary cancellation—and driving uninsured carries steep penalties, including jail time, in just about every state.
The bottom Line It’s never a good idea to keep your rideshare driving a secret from your insurance company. Instead, be proactive and investigate rideshare insurance before you turn on the app.
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