Exploring Auto Insurance Add-ons In New York: What’s Worth It? – Transportation network companies (TNCs) first started in 2009 with the advent of Uber and have grown in popularity since then.

In April 2023, Uber rideshare sales increased 12% compared to the previous year, and average monthly sales per customer increased 7%, according to Bloomberg Second Measure.

Exploring Auto Insurance Add-ons In New York: What’s Worth It?

Exploring Auto Insurance Add-ons In New York: What's Worth It?

Customers use TNC apps, such as Uber and Lyft, to connect with drivers who use their personal vehicles to transport passengers to their destinations. Working as a TNC driver can be a great way to earn extra money, but this gig can affect how much you spend on car insurance.

What Is Full Coverage Car Insurance?

To better understand how much rideshare insurance costs compared to standard car insurance policies, data was collected on the price differences in these two types of policies from popular car insurance companies. Rideshare insurance usually costs more than standard policies for non-rideshare drivers.

For example, a non-ride Travelers policy costs $163 a month on average, but a rideshare policy costs $217 a month on average, which is 33% more.

Disclaimer: Table data derived from real-time quotes from ‘s 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique driver profile.

In general, Rideshare insurance costs more than a standard car insurance policy. While the average price for a normal car insurance policy ranges from $149 to $356 a month, policies that include rideshare insurance from the same car insurance companies range from $188 to $467 per month.

How Long Do You Have To Insure A New Car

Whenever a driver with Uber is online, the company maintains a select level of auto insurance on behalf of the driver and works with Progressive, Farmers, and Liberty Mutual to make this coverage possible. Limits on these policies vary by state to meet minimum state coverage requirements.

Lyft recommends purchasing additional rideshare coverage, as most personal auto insurance policies do not cover drivers while employed as rideshare drivers.

Both Uber and Lyft provide coverage under certain circumstances if your policy does not fully cover the incident. Additional coverage through Lyft and Uber can begin in three different situations — when waiting to pick up a ride, when driving to passengers after picking up a ride, and during a ride.

Exploring Auto Insurance Add-ons In New York: What's Worth It?

With Lyft, drivers get third-party liability insurance when waiting to pick up a ride while using the app, if personal insurance doesn’t cover an accident. The policy limits are:

Hit And Run Insurance: Claims & Coverage

Through Uber (excluding accidents occurring in New York state), the following third-party liability coverage applies for covered accidents:

When drivers accept a ride, before and after picking up a passenger, the following liability coverages apply:

Personal insurance, commercial insurance, and rideshare insurance are three different types of coverage, and each serves a specific purpose.

The difference between these three types of insurance is the level of coverage. Personal insurance will not usually cover damages that occur while using your vehicle for business purposes. Also, commercial insurance may not cover ridesharing services or personal use of a vehicle. However, ridesharing insurance is specifically for ridesharing drivers and covers both personal and business use.

Why Is Car Insurance So Expensive In 2023?

When deciding which insurance policy to choose, ridesharing drivers should consider the level of coverage they need. Because personal insurance does not cover ridesharing services, ridesharing drivers should consider adding a ridesharing endorsement to their personal policy. Alternatively, commercial drivers who occasionally participate in ridesharing services may also consider adding a ridesharing endorsement to their commercial policy for additional protection.

Not all car insurance companies provide rideshare insurance coverage in addition to their personal auto policies. Here are some car insurance companies that offer rideshare insurance:

Considering buying rideshare insurance so you can hit the road and make some money? Here are answers to some frequently asked questions about this type of policy to help you understand why you might need it and how much it might cost.

Exploring Auto Insurance Add-ons In New York: What's Worth It?

In college, Jacqueline DeMarco interned at a retirement plan advisory firm and was assigned to make a presentation on the importance of financial wellness. In her research on how money can affect our health, relationships and careers, Jacqueline realized how important financial education is. Jacqueline is a contributor for and has worked with more than a dozen financial brands, including LendingTree, Capital One, Credit Karma, Fundera, Chime, Bankrate, Student Loan Hero, ValuePenguin, SoFi, and Northwestern Mutual, providing thoughtful content to give readers insight into complex topics they may not have learned in school.

What Is Total Loss Car Insurance?

Courtney’s deep knowledge of personal finance extends beyond insurance to credit cards, consumer lending, and banking. He works hard on creating actionable content.

Konstantin has led data teams across multiple industries, including insurance, travel, and biology. He led the engineering team for more than three years.

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Written by Mary Van Keuren Written by Mary Van KeurenArrow Right Contributor, Insurance Mary Van Keuren has written for insurance domains such as , Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance . He also writes extensively for consumer websites including Reviews.com and Slumber Yard. Before that, he worked as an academic writer for several decades. Connect with Mary Van Keuren on LinkedIn Linkedin Contact Mary Van Keuren via Email Email Mary Van Keuren

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Edited by Jessa Claeys Edited by Jessa ClaeysArrow Right Editor, Insurance Jessa Claeys is an insurance editor for , covering auto, home and life insurance. He has over six years of experience writing, editing and leading teams of content creators dedicated to helping others gain a healthy financial future. His work has been published by several insurance, personal finance and investment-focused publications, including Jerry, BiggerPockets, 401(k) Specialist, BP Wealth and more. Connect with Jessa Claeys on LinkedIn Linkedin Jessa Claeys

Reviewed by Mark Friedlander Reviewed by Mark FriedlanderArrow Right Director of corporate communications, Insurance Information Institute Mark Friedlander is director of corporate communications at III, a nonprofit organization dedicated to giving consumers a better understanding of insurance. Connect with Mark Friedlander on Twitter Twitter Connect with Mark Friedlander on LinkedIn Linkedin About our review board Mark Friedlander

At , we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industry. While we followed the strict

Exploring Auto Insurance Add-ons In New York: What's Worth It?

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Car Insurance Coverage Types

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