After a few close calls I’ve decided to upgrade my insurance policy. I wanted everything – TNC endorsement, medical, collateral, collision, kitchen sink, you name it.
First step: evaluate Uber’s own crappy “optional” insurance. How expensive it could be at dime per ride on average?… Yeah, expensive indeed. Opt out, it doesn’t cover squat anyways.
Step two: shop around. There are a lot of “Uber insurance in your state” lists online, which is a good start… but most of these lists are outdated. So I used a disposable email to ask all major players – do they offer insurance for Uber/Lyft drivers?
Third step: get the actual quotes. The biggest online list said that in my state 5 companies offer Uber insurance, while in reality 8 companies said that they do. Covered them all in one day.
Unsurprisingly, quotes with a $20/mo TNC endorsements were also the most expensive otherwise. Many insurers were also playing the “low monthly price” game, hiding a premium hike with high initial payment. Sure, $150/mo is a good price, but that’s with $330 initial payment. And at the renewal time you’ll be hit with a sudden increase in payments without any change in premium. Nice con, almost on par with Uber itself!…
…Last step: made a shortlist of 2 best quotes and revisited the respective companies agents. Ran a few simulations with them – what will happen if I had 3 points on my DMV record? What if my insurance score went down 10 points?… etc, etc.
I won’t name any companies, but most quotes were in a $220-260/mo range with TNC endorsements and everything… and I ended up buying a full-on business insurance for $145/mo.
TL;DR: Shop around, and don’t limit yourself by “gap” endorsements with your current insurer.