Rideshare driving for companies like Uber and Lyft provides a great opportunity to earn extra income But it also comes with some unique insurance risks many standard policies don’t cover. This leaves a major gap in protection.
Fortunately, providers like Geico now offer specialized rideshare insurance to fully protect rideshare drivers. In this article, we’ll look at how Geico’s rideshare coverage works, what it includes, how much it costs, and who it’s designed for.
Why Do Rideshare Drivers Need Specialized Insurance?
Those who drive for ridehailing platforms have distinct insurance needs compared to everyday personal policies Here’s why rideshare insurance is so important
Phase 1 – App Open: Your personal car insurance won’t cover you if you get in an accident while waiting for a ride request. Rideshare coverage fills this gap.
Phase 2 – On The Way: Standard insurance may deny a claim that happens while en route to pick up a passenger. Again, rideshare coverage protects you.
Phase 3 – Passenger In Vehicle: Personal policies limit coverage when transporting rideshare passengers. Rideshare insurance enhances liability and medical payments.
Limited Personal Policy Protection: Most personal auto policies only cover limited rideshare usage, which is risky for frequent drivers. Rideshare coverage is designed specifically for rideshare driving.
Rideshare Company Insurance Has Gaps: While Uber and Lyft provide some coverage, it has limitations and significant deductibles. Rideshare insurance from Geico fills in all remaining gaps.
The bottom line is you need complete protection while driving for rideshare companies. Geico rideshare insurance provides total coverage and peace of mind.
What Does Geico’s Rideshare Insurance Include?
Geico offers flexible rideshare coverage with different options to fit your needs. Here are some of the key components available:
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Collision coverage to pay for damage to your vehicle from accidents while rideshare driving.
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Comprehensive coverage for damage to your car from theft, vandalism, weather, fire and more.
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Uninsured/underinsured motorist coverage to protect you if an at-fault driver has no or inadequate insurance.
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Medical payments to cover injuries to you or passengers regardless of who’s at fault.
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Lost wages reimbursement if injuries from an accident while rideshare driving prevent you from working.
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Legal/defense costs if an accident results in lawsuits against you.
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Roadside assistance for help with lockouts, flat tires, dead batteries, and towing.
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Rental reimbursement to pay for a rental car if your vehicle needs repairs after a covered loss.
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Rideshare gap protection to cover gaps left by Uber and Lyft’s insurance.
Geico has decades of experience tailoring policies to unique needs. Their rideshare insurance provides complete coverage drivers can rely on.
How Much Does Geico’s Rideshare Insurance Cost?
Cost for rideshare insurance depends on factors like:
- Your location
- Driving record
- Type of vehicle
- Coverage limits selected
- Age and experience
Geico offers an easy online quote process where you provide details to view pricing options for your situation. Cost is also reduced if you bundle home or renters insurance with your auto policy.
While rideshare policies have higher premiums than standard personal car insurance, Geico focuses on providing affordable rates tailored to each driver. Their discounts like safe driving and defensive driver can also help lower costs.
Getting quotes from multiple insurers and comparing is key to finding the best value. Geico makes this easy and convenient.
Who Is Eligible for Geico Rideshare Insurance?
Geico rideshare coverage is available to drivers in most states who are actively working for a Transportation Network Company (TNC) like:
- Uber
- Lyft
- Via
- Juno
- Curb
- Instacart (delivery drivers)
- DoorDash (delivery drivers)
- Grubhub (delivery drivers)
- Postmates (delivery drivers)
You don’t have to exclusively drive for one service. Many rideshare drivers switch between apps depending on demand. Geico covers you regardless of what TNC platform you drive for.
Some eligibility factors include:
- Having a valid driver’s license
- Meeting the minimum driver age set by the TNC
- Passing a motor vehicle record check
- Using an eligible vehicle
- Completing a required medical exam (based on TNC)
To get a rideshare quote, you’ll need to provide proof of active TNC driver status. This shows Geico you qualify for coverage.
How Does Geico’s Claims Process Work for Rideshare Drivers?
If you need to file a claim, Geico’s 24/7 claims service provides fast and responsive support.
Here is what you can expect:
- Call Geico’s claims number or start a claim online. Provide incident details and upload any photos.
- A claims representative will contact you to explain the process, gather additional information, and walk through your coverage.
- Geico will dispatch an adjuster to inspect damage and investigate the accident circumstances when applicable.
- You may need to get repair estimates or take other actions depending on the claim type.
- Once Geico validates coverage, they will resolve the claim promptly by paying for repairs, medical costs, lost wages, and other covered benefits.
- Geico will keep you updated throughout the claims process and answer all your questions.
Geico states their mission is providing a “best in class claims experience” for customers. Their rideshare insurance provides peace of mind knowing you’ll have a quick and smooth claims resolution if the need arises.
Why Choose Geico for Rideshare Insurance?
With over 85 years of experience, Geico is a trusted leader in auto insurance. They leverage their size and expertise to create specialized products like rideshare coverage. Key advantages of choosing Geico include:
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Industry pioneer in rideshare insurance – they were one of the first major insurers to offer tailored TNC coverage.
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Coverage variety – they offer different packages to match your specific protection needs and budget.
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Discount opportunities – they offer many ways to lower your premium, including a discount for bundling home and auto insurance.
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Superior financial strength – Geico has the resources to promptly handle claims and pay benefits.
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Award-winning claims service – they consistently earn high marks for customer satisfaction with the claims process.
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Policyholder benefits – the Geico Insurance Agency offers added perks like 24/7 roadside assistance, rental reimbursement, and accident forgiveness.
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Easy quotes – their website makes it fast and simple to get a personalized rideshare insurance quote.
When choosing insurance, it pays to go with an established leader like Geico who offers the specialized coverage rideshare drivers need.
The Bottom Line
Driving for Uber, Lyft, or other rideshare platforms creates unique insurance gaps. Geico provides flexible and affordable rideshare insurance designed to fully protect TNC drivers.
Their coverage options, discounts, superior claims service, and decades of experience make them a top choice for rideshare insurance. Get a fast, free quote today to see how Geico can safeguard you, your vehicle, and your rideshare passengers.
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How Does GEICO Rideshare Insurance Work? [Joe]
FAQ
Will Geico pay for my Uber?
What is the best insurance for Uber drivers?
Does Geico cover rideshares in Florida?
What is the meaning of rideshare insurance?
Does GEICO offer rideshare insurance?
GEICO also offers commercial auto policies. State Farm’s rideshare endorsement is more extensive than most other options since they extend their coverage limits during periods 1, 2, and 3. This means that your personal deductible will be in effect any time you are behind the wheel, even when you are driving for Uber or Lyft.
Which insurance companies offer rideshare coverage?
State Farm is another insurance provider that offers rideshare coverage. According to Investopedia, a State Farm rideshare policy: According to Insurify, a rideshare policy from State Farm tends to be an excellent option for drivers who don’t want to invest in a hybrid policy or a commercial insurance policy.
How do I choose a rideshare insurance policy?
Determine the gaps between your current policy and the policy offered by the rideshare service you’re driving for. While Uber and Lyft provide up to $1 million in liability coverage when a driver is transporting packages, smaller companies typically offer less coverage. Compare quotes for a rideshare package and conventional commercial insurance.
How much does rideshare insurance cost?
For customers with a personal auto policy, the additional costs quoted by companies like Farmers and Erie for rideshare insurance are usually from $6 to $25 per month. Allstate offers its rideshare coverage for only $15 to $20 per year. Rideshare insurance costs less than many drivers would think, making it well worth the price.