Tag Archives: Metromile

Ride Sharing Insurance

Uber, Lyft and other ride share drivers are being offered new insurance products. These products can cover both personal auto use and ride-sharing insurance.

State Farm is offering a ride sharing endorsement in Colorado.

Farmers has expanded their coverage to Arizona, Minnesota, Wisconsin, Nevada, Oklahoma, Ohio and Texas. Many of these states are seeing ride share coverage for the first time.

USAA has expanded their ride sharing insurance coverage options to California.

Metromile

Available for Uber drivers in Callifornia, Illinois and Washington Metromile offers per mile insurance. This means therefore that the more you drive, the more you pay. They give you a special dongle. You plug this into your car. It then tracks how far you travel.

This company has partnered with Uber to create a unique offering by tracking your car with their dongle. It matches up with your Uber rides. Metromile can thus see which rides are personal and which are business. The business miles are subtracted and you are then only charged for your personal miles.

The insurance company is only integrated with Uber. They therefore will only subtract trips accepted through the Uber app.

If you’re an Uber driver and live in California, Illinois or Washington, you can therefore use their website to get a quote.

Geico

Available in Virginia, Maryland, Texas, Georgia, Connecticut, Ohio and Pennsylvania.

Geico’s ride sharing insurance appears easy to understand. Their product is much cheaper than Geico’s other commercial auto insurance products.

Progressive

This product is available in Pennsylvania.

Their rates are close to a personal auto insurance policy. Progressive told the Post Gazette that the rates would be adjusted based on the mileage driver as a ride share driver. They did not however say how they would gather the data.

USAA

Available in California, Colorado and Texas.

Instead of coming up with an entirely new commercial insurance product, USAA’s ride sharing insurance extends your existing personal policy to the tune of $6 to $8 extra per month. This makes getting ride sharing insurance an easy and therefore cheap process for existing USAA customers.

Farmers

Available for all ride share drivers in Arkansas, Arizona, Colorado, Kansas, Minnesota, Ohio, Oklahoma, Texas, Utah and Wisconsin.

Their ride sharing insurance exists as an additional endorsement. This is on top of their personal auto insurance product. Farmer’s product will cover personal miles as well as the insurance gap. It will not however cover drivers while a passenger is in their car. Farmer’s ride share insurance product will cost drivers an additional 25% on their existing Farmers auto insurance coverage.

Allstate

Allstate has a product called Allstate Ride for Hire. Ride for Hire is an additional endorsement. This is on top of your normal Allstate auto insurance that specifically covers ride sharing. They estimate that it will thus add an additional $15 to $20 to your premium every month.