How To Save Money On Uber And Lyft Driver Insurance

Insurance Blog

If you use your vehicle for work, most insurers will charge you more, but there are still ways to keep your premiums down. This guide is designed for people who are looking for ways to save money on Uber or Lyft driver insurance. Check out these tips.

Get new quotes annually

With any type of insurance, you should get quotes annually to make sure you're paying the lowest rates possible. Don't assume that your insurer is offering you the best rates. Even if you have been with an insurance company for years, you may be able to get a cheaper rate by switching.

Play with your deductible

When you call to get quotes, make sure that you're comparing apples with apples by getting a quote that reflects the same type of coverage you currently have. Make sure that the coverage and the deductible are the same when comparing quotes. 

But then play with the numbers. See how much you can save if you increase your deductible or forgo different types of coverage. For example, you may be able to do without rental car coverage or roadside assistance if you have a spare car or someone who is readily available to help in an emergency.

Enroll in a safe driver program

Many insurance companies have safe driver programs. They let you download an app onto your phone, and if you drive safely, you save money on your premiums. 

Uber and Lyft are likely already tracking your speed or other safety indicators, so you may as well get involved in one of these programs. In most cases, the insurer is not allowed to increase your premiums if you don't drive safely, they're only able to use driving data to reduce premiums. 

Keep an eye on your mileage

Insurers charge more for professional drivers because they're using their vehicles to earn money but also because they drive a lot of miles every day. Track your miles, and if you don't drive a lot, make sure the insurance companies knows about it. It could help to keep your rates down.

Remember to deduct insurance on your tax return

Finally, as an Uber or Lyft driver, you are considered to be a small business owner for tax purposes. This means that you report the money you earn from Uber or Lyft, but you also get to claim deductions for business expenses. This includes your car insurance. Note, however, that if you also use your vehicle for personal use, you can only deduct the portion of the insurance that relates to your business. 

Keep these tips in mind when looking for Lyft or Uber driver insurance programs near you.


7 October 2021

Auto Insurance:  Even High Risk Drivers Need It

About ten years ago, my auto insurance was cancelled. This took place after one too many accidents. I was now a high risk, and my provider was not willing to keep me on any longer. Since there was no way that I was going to get behind the wheel without coverage, I started checking out plans with high-risk insurers. Some were not all that great, but others offered benefits that were very close to my old plan. I soon found a provider who would accept my application, and I began to be a little more careful with my driving. If you are having trouble buying auto insurance, let me help. I'll tell you what to look for in a high-risk provider, and how to find the best one in your area. In no time at all, you'll be covered and ready to get back on the road again.