You need rideshare insurance if you’re a Lyft or Uber driver in Florida. Find out how much you need, and how much it costs.
If you’re an Uber or Lyft driver in Florida, you need to buy rideshare insurance – or add a transportation network company (TNC) endorsement to a standard car insurance policy.
You’ll learn why you need rideshare insurance or a TNC endorsement in this article, plus you’ll learn:
You need special rideshare insurance if you’re an Uber or Lyft driver in Florida because state law says you need it.
Specifically, Florida law says you need a personal or commercial car insurance policy that provides at least this much coverage when you’re not logged in to a rideshare app:
And when you’re logged in to a rideshare app but waiting for a ride request (sometimes called “period one”), Florida law says you need at least this amount of coverage:
Also, once you accept a ride request and until you drop the passenger at their destination (aka periods two and three), you need at least $1 million of bodily injury and property damage liability coverage. Thanks to the state’s rideshare law, Lyft and Uber must provide that liability coverage for you. But that only applies during periods two and three.
Florida’s rideshare law does more than set car insurance requirements in this area. It also requires the state’s Lyft and Uber drivers to agree to a criminal background check before they hit the road for the first time and then every three years after that.
They must agree to a review of their driving record before they initially get behind the wheel for a rideshare company, too.
No matter what, you have to carry at least the state minimum amount of auto liability coverage if you drive for Lyft, Uber, or some other rideshare company in Florida.
The bare minimum amount of liability coverage won’t protect you if you’re in an accident as a rideshare driver, though. It won’t cover any of your vehicle-repair or medical bills that pop up in the wake of the crash. It will only cover damage done to another vehicle or injuries sustained by the passengers of that vehicle. The same is true of the third-party liability coverage rideshare companies provide.
To be fully protected in this situation, you need full coverage car insurance. And that means having your own comprehensive and collision as well as liability coverage.
One bonus of carrying comprehensive and collision coverage: doing so gives you access to contingent coverage most rideshare companies like Lyft and Uber offer. You’ll have to pay a deductible--of at least $1,000--to take advantage of it after an accident, but it could be a lifesaver if the crash is serious.
Several insurance companies now cover Lyft, Uber, and other rideshare drivers in Florida.
|Farmers||$15 / month|
|GEICO||$13 / month|
|Infinity||Get a quote|
|Mercury||$.20 / day|
|State Farm||$20 / month|
Unfortunately, a few insurers that sell rideshare insurance policies in other states don’t do so in Florida. Allstate and USAA are two noteworthy examples.
Still, you should be able to find Lyft- and Uber-friendly car insurance coverage in Florida if you look hard enough for it. Shop around, contact a number of companies, and then compare quotes to get the best rates.
If you can't find car insurance that’ll fully cover you as a rideshare driver in Florida, you might have to consider getting a commercial policy.
Before you go this route, though, talk with an agent or someone else at the insurance company. Make sure you’re clear how and when the policy you’re looking to buy will and won’t cover you.
Rideshare insurance rates in Florida average about $15 per month based on available estimates.
For example, our own research found that GEICO rideshare insurance costs around $13 a month, while Farmers’ coverage for Lyft and Uber drivers costs around $15 a month.
You’ll probably pay a little more than that if you buy a rideshare-friendly policy from State Farm--about $20 per month.
Keep in mind that these are estimated costs. What you pay for rideshare insurance will depend on several factors, such as:
Also, your insurer may give you a price discount if you bundle your rideshare coverage or TNC endorsement with another insurance policy.
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