Locating budget car insurance is not the easiest thing to do, and determining which companies have the cheapest insurance rates for Uber drivers requires a bit more work.
Each auto insurer uses their own formula for establishing rates, so first let’s look at the rankings for the insurance companies that tend to have lower prices in California. It’s a good idea to be aware that California insurance rates are influenced by many factors that may substantially change the policy premium. This price variation is why it is critical to shop around when trying to get the cheapest insurance quotes for Uber drivers. Rates are impacted by many different factors and change substantially, so the most economical company two years ago may now be priced much higher than other options.
Best Auto Insurance Prices for Your Uber Vehicle
|Rank||Company||Cost Per Year|
|Get Personalized Rates Go|
USAA generally has some of the lowest car insurance rates in San Francisco at around $1,143 a year. This is $508 less than the average price paid by California drivers of $1,651. Wawanesa, Nationwide, CSAA, and Century National would also be considered some of the cheapest San Francisco, CA auto insurance companies.
As shown in the table above, if you currently have coverage with Wawanesa and switched to USAA, you might achieve annual savings of around $3. Drivers with Nationwide could save as much as $70 a year, and CSAA insureds might reduce prices by as much as $79 a year.
It’s important to note that these prices are averages across all ages of drivers and types of vehicles and are not factoring in an exact vehicle garaging location for Uber drivers. So the insurer that has the lowest price for you may not even be in the top 24 companies shown above. That is why you need to get rate quotes using your own specific driver information and vehicle.
The vehicle model that is being insured is probably the largest consideration when looking for the cheapest auto insurance for Uber drivers. Vehicles with limited speed and performance, a plethora of safety features, or low incidents of liability claims will cost quite a bit less to insure than adrenaline junky models. The information below outlines car insurance premiums for the cheapest vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,291|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,452|
|Ford Edge SEL AWD||$1,501|
|Chevrolet Malibu LT||$1,560|
|Chevrolet Impala LTZ||$1,612|
|Honda CR-V EX-L 2WD||$1,627|
|GMC Sierra SLT Extended Cab 2WD||$1,640|
|Ford F-150 Lariat Crew Cab Harley 2WD||$1,650|
|Dodge Grand Caravan CV||$1,666|
|Honda Civic GX 4-Dr Sedan||$1,692|
|GMC Sierra 2500HD SLT Crew Cab 4WD||$1,720|
|Ford Focus SES 2-Dr Coupe||$1,723|
|Toyota Camry Hybrid||$1,751|
|Toyota Camry Hybrid||$1,756|
|Chevrolet Silverado LT Crew Cab 2WD||$1,751|
|Kia Optima EX||$1,760|
|Compare Cheap Rates Go|
Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Rate quotes do not factor in specific San Francisco, CA garaging location which can lower or raise insurance rates significantly.
Based upon the table data, we can tell that vehicles like the Ford Escape, Toyota Prius, and Jeep Wrangler are most likely to be the most affordable vehicles to insure for Uber vehicles.
For Uber vehicles, one of the big things that help determine the annual cost of car insurance is where your residence is. Cities with more crime and/or more people tend to pay more, whereas areas with less congestion benefit from having to pay less for coverage.
The information below rates the most expensive areas in California for Uber drivers to purchase a policy in. San Francisco is ranked at #3 costing $1,763 for the average insured, which is approximately $147 per month.
|Rank||City||Premium Per Year|
|Start a Quote Go|
Table data uses estimated as specific location information can affect premiums greatly.
The diagram below illustrates how your choice of deductibles can impact annual premium costs when searching for cheap insurance for Uber drivers. The premiums assume a single male driver, full physical damage coverage, and no other discounts are factored in.
As shown above, a 30-year-old driver could pocket $552 a year by increasing from a $100 deductible up to a $500 deductible, or save $830 by selecting a $1,000 deductible. Young drivers, like the 20-year-old example, could roll back prices as much as $1,640 every year by choosing a higher deductible. If you do raise deductibles, it is important to have emergency funds available to enable you to pay the extra out-of-pocket expense that comes with higher deductibles.
Impact of careless driving on San Francisco insurance rates
The easiest method to get cheap insurance prices in San Francisco for Uber vehicles is to be a safe driver and avoid at-fault accidents and violations. The illustration below shows how traffic citations and at-fault collisions impact insurance prices for different age groups. The prices are based on a married male driver, full physical damage coverage, $100 deductibles, and no discounts are applied.
In the previous chart, the average cost of an auto insurance policy per year with no accidents and a clean driving record is $2,404. Get one speeding ticket and the average cost surges to $2,758, an increase of $354 each year. Now throw in two accidents along with the one speeding ticket and the annual cost of insurance for Uber drivers jumps again to an average of $5,633. That’s an increase of $3,229, or $269 per month, just for not driving responsibly!
Rate difference between full and liability-only coverage
Reducing the cost of insurance is important to the majority of people, and a good way to lower the cost of insurance for Uber drivers is to buy only liability coverage. The illustration below illustrates the comparison of car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are single, and no policy discounts are applied.
Averaged out for all age groups, physical damage insurance costs $2,314 per year more than buying just liability insurance. That is a large expense which might make you wonder if full coverage is worth the money. There is no definitive formula to exclude physical damage insurance, but there is a broad guideline. If the annual cost of coverage is more than 10% of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s say your vehicle’s replacement value is $9,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $8,000 after you pay the deductible. If it’s costing you more than $800 annually to have full coverage, then it might be time to consider dropping full coverage.