The words “low-cost” and “auto insurance” probably shouldn’t be used together, especially when you are trying to find the best car insurance rates for Uber drivers. In an attempt to save some money, let’s teach you some of the factors that determine auto insurance prices, and see how we can help you take the bite out of the next policy you buy.
The vehicle you are seeking coverage for is probably the most important factor when comparing quotes for the most affordable insurance for Uber drivers. Vehicles with more horsepower, poor safety ratings, or a high likelihood of having liability claims will cost more to insure than safer, lower-performance models. The next list outlines coverage prices for the most budget-friendly automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Edge SE 2WD||$1,027|
|Chevrolet Silverado LS Regular Cab 4WD||$1,036|
|Ford F-150 XLT Super Cab 2WD||$1,049|
|Ford Escape XLS 4WD||$1,058|
|Honda CR-V EX 4WD||$1,086|
|Chevrolet Impala LS||$1,088|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,095|
|Toyota RAV4 2WD||$1,110|
|GMC Sierra SLE Crew Cab 2WD||$1,116|
|Chevrolet Malibu LS||$1,110|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,129|
|Ford Explorer XLT 4WD||$1,145|
|Hyundai Elantra Blue 4-Dr Sedan||$1,147|
|Honda Odyssey EX-L W/Navigation||$1,169|
|Toyota Corolla LE||$1,175|
|Ford Focus SE 4-Dr Sedan||$1,188|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$1,195|
|Ford Fusion SEL 4-Dr Sedan||$1,188|
|Dodge Grand Caravan SE||$1,191|
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Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Rate quotes do not factor in vehicle garaging location which can decrease or increase premiums noticeably.
Looking at the data, you can see that models like the Ford Edge, Chevrolet Silverado, Ford F-150, and Ford Escape should be a few of the cheapest vehicles to insure for Uber vehicles.
One of the many considerations that help determine the price you pay for insurance is where you choose to live. Cities with larger populations are more likely to pay higher prices, whereas more rural areas benefit from lower prices.
The table below shows the most expensive places in North Carolina for Uber drivers to buy car insurance in. Raleigh is ranked at #7 with a yearly cost of $760 for the average policy, which is about $63 per month.
|Rank||City||Average Per Year|
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Table data uses approximated as the specific area where the vehicle is garaged can affect prices greatly.
Deciphering which insurers offer the cheapest insurance rates for Uber drivers will require more work than just picking a company at random. Every insurance provider uses different criteria for determining rates, so we will examine the insurance companies that tend to have lower prices in Raleigh.
Cheap Insurance Rates for Your Uber Vehicle
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$716|
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Progressive normally has some of the cheapest car insurance rates in Raleigh at around $651 annually. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National also qualify as some of the best Raleigh, NC auto insurance companies.
In the rate table above, if you currently have a policy with Liberty Mutual and switched to Progressive, you could realize savings of approximately $49. Policyholders with NC Farm Bureau could save as much as $65 a year, and Penn National insureds might lower prices by up to $66 a year.
Remember that these rates are averages for all insureds and vehicles and do not factor in an exact vehicle garaging location for Uber drivers. So the auto insurance company that fits your needs best may not even be in the top 20 companies shown above. That underscores the importance of why you need to get quotes using your own driver data and vehicle information.
Get discounts on Raleigh insurance rates
Insurance providers that offer quotes for Uber drivers may provide policy discounts that may potentially lower prices by as much as 35% or more if you qualify for them. Popular insurance companies and their possible discounts are:
- GEICO offers premium reductions for defensive driver, driver training, daytime running lights, good student, multi-vehicle, and multi-policy.
- Travelers discounts include driver training, payment discounts, multi-policy, multi-car, and save driver.
- Farm Bureau policyholders can earn discounts including renewal discount, good student, driver training, safe driver, and youthful driver.
- Liberty Mutual offers discounts including new vehicle discount, newly retired, multi-car, multi-policy, teen driver discount, newly married, and new graduate.
- American Family offers discounts for bundled insurance, defensive driver, air bags, mySafetyValet, early bird, TimeAway discount, and accident-free.
- Progressive has savings for online quote discount, continuous coverage, good student, multi-vehicle, and multi-policy.
The illustration below illustrates the comparison of yearly insurance costs with and without some available policy discounts. The rate quotes are based on a male driver, no driving violations, no at-fault accidents, North Carolina state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with passive restraint, anti-theft, defensive driving course, homeowner, vehicle safety, and multiple vehicle discounts applied. When these discounts are applied to the policy premium, the average savings per year on insurance for Uber drivers is 28% or $290.
The diagram below illustrates how your deductible choice can change insurance prices when getting quotes for cheap insurance for Uber drivers. The data assumes a single male driver, comp and collision included, and no discounts are applied to the premium.
The chart above illustrates that a 40-year-old driver could reduce rates by $206 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $310 by choosing a $1,000 deductible. Young drivers, such as the Age 20 example, can save up to $670 or more by selecting a higher deductible.
When increasing deductibles, it will be necessary to have enough savings set aside to satisfy the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Full coverage rates compared to liability-only
Saving money on insurance is probably important to the majority of vehicle owners, and one of the best ways to save on the cost of insurance for Uber drivers is to only buy liability insurance. The example below illustrates the difference between annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no violations or accidents, $1,000 deductibles, marital status is single, and no discounts are applied.
If we average the cost for ages 20 through 70, physical damage coverage costs $1,139 per year over and above liability coverage. That is a significant amount which raises the question if buying full coverage is worth the expense. There is no specific rule to exclude comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
Raleigh car insurance rates
North Carolina insurance rates are based on many factors which can significantly increase or decrease the price you pay for coverage. Improving your credit rating, buying another vehicle, or getting a few speeding tickets can produce rate changes that can cause some rates to be cheaper than others.
Additionally, auto insurance companies change rates every year or even multiple times each year to reflect underwriting profits or losses. Unexpectedly high claims may cause increased policy costs, while profitable underwriting can result in lower-priced Raleigh car insurance rates.
For instance, the data below shows the company with the cheapest car insurance in Raleigh, NC for a 35-year-old female driver with no violations or accidents, and a good credit rating. If we estimate rates based on her current risk factors, Progressive might offer the lowest car insurance rates in Raleigh at $717 each year. This is $155 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, Penn National, and Titan are the rest of the most affordable Raleigh, NC auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison a claim, a lower credit score, and a blemish on her driving record. Because each company has their own unique process for filing rates in each state, analyzing rate quotes may now present a substantially altered list of the cheapest Raleigh car insurance companies as shown below.
GEICO now has the lowest car insurance rate in Raleigh, NC with State Farm, Auto-Owners, National General, and Utica National now rounding out the top five. This demonstrates why consumers need to shop around to find the lowest auto insurance quotes for Uber drivers. Rates are influenced by many risk factors and change substantially, so the cheapest option when you bought your policy may now cost much more than other companies.