Selecting the right rideshare insurance plan can be a difficult task. Understandably, for people who don’t know a lot about rideshare or are first time rideshare owners, there is a lot of uncertainty about which plan is best. However, choosing the correct insurance policy is easier with the right information. Here are some tips and information to help you choose the right insurance policy.
One way to reduce the cost of your rideshare insurance is by driving less. Most rideshare insurance companies offer discounts for drivers that use their vehicles less than 12,000 miles in a year. However, do not be tempted to lie about your mileage, as your rideshare insurance company might request proof if you need to file an accident claim.
When you rent a rideshare, you will likely be asked if you want to purchase coverage for the vehicle. Before you answer, you should know whether or not your personal rideshare insurance covers rental rideshare. If it does, how much is covered? Ask your agent, or read your policy to be clear.
Rideshare insurance for teens does not have to cost you deep in the purse. You can lower your teen’s rates by doing a few simple things. Make sure your teen successfully completes a driver’s education course and stays on the honor roll. This will keep the cost of your insurance much lower.
Low Cost Insurance Rates for Rideshare
To maintain a low price for rideshare insurance, always try to have a good driving record. Traffic violations and accidents can greatly increase your premium. Insurance companies take these things very seriously and it is always best to try to avoid accidents, when you are at fault, and traffic tickets, such as speeding.
Being an rideshare dealership can have it’s insurance perks. You must maintain insurance policies on the vehicles you carry, but you can get a deal for this through dealers insurance. These policies will allow you to drive any of the company owned rideshare, essentially eliminating the need for personal rideshare insurance.
Add your spouse to your insurance policy. Insurance companies are notorious for wanting stable and responsible customers. Adding your spouse to your policy signifies that you have become more stable and reliable, and many companies will lower your rates just for that reason. If your spouse has a clean driving record, that can help lower your rates as well.
Never drive your rideshare without liability insurance. This insurance type can save you a lot of money as the insurance company pays the damages you caused to someone. Without this insurance type, you would be liable for all the costs. Choose the coverage that is right for you and your unique situation.
In order to reduce the cost of your rideshare insurance policy, consider limiting the mileage you drive each year. Many insurers offer discounts for policyholders who do not spend a great deal of time on the road. It is important to be truthful when making claims of reduced mileage, however, as it is not unheard of for insurers to request proof of your driving habits in order to justify the reduction in price.
Want The Best Insurance Rates For Your Rideshare?
If you want to lower your monthly payment to the lowest that is legally possible, raise the deductibles on your rideshare insurance. The higher the deductible is set the lower your premiums are going to be. Check with the lien holder to be sure that there is not a minimum that it has to be set at.
Check into how much you would save by using the same insurer for both your home and your rideshare. Some companies offer a discount if you have multiple policies with them. The majority of companies today do insure a variety of items, so it is a good idea to look into the possibility.
Make a detailed checklist of the discounts that the insurance company offers, then tick off all the ones that you qualify for. Discounts show how much you could save, which could be surprising.
If you want to get the best deal on your rideshare insurance policy, work on your credit. Most states use your credit score to determine your premium, believing that individuals with a lower score are at a higher risk for accidents. Do everything you can to raise your score, and the cost of your insurance will drop as a result.
Installing anti-theft systems in your rideshare can save you significant money on your rideshare insurance. Regardless of their actual effectiveness, alarms and tracking devices deter thieves and insurance companies acknowledge that fact by reducing premiums. Remember that anti-theft equipment is a one-time expense, but the value of an insurance discount will continue to grow over time.
Insurance Companies for Rideshare
In the rideshare insurance market, consider these three factors, they will have the most to do with the rate you get. You, your vehicle, and your garage location are the main considerations in where your rideshare insurance rate is set. Though some of the factors are static, most are dynamic, and can improve with time.
Work with an insurance broker or aggregator online. Sites like Esurance.com or Insureme.com can help you get quotes from several insurance companies at once for no charge so you can get a feel for how your current rates stack up, and whether you need to switch to a new insurance company.
Usually, you can find some of the best insurance deals on the web. This is because selling directly to customers cuts out costs like an agent. So the insurance companies get to keep a little more for themselves. This also will trickle down to you in the form of a small discount.
You need to know what different kinds of coverage are offered with an rideshare insurance policy. Do you know what bodily injury liability coverage is? This kind of coverage covers any injury or death claims against you, along with the legal costs, if your rideshare injures or kills another person.
As the beginning of this article mentioned, choosing the right rideshare insurance plan can be a challenging task for many people. However, choosing the right plan becomes much easier if we have the best advice and information available to us. Use this advice and be on your way to choosing the best ride share insurance policy for you.