Cheap Car Insurance for Uber Drivers in New York

The words “bargain” and “auto insurance” really should not be used together, specifically when comparison shopping for the cheapest car insurance for Uber drivers. Let’s learn about some of the factors that have an effect on insurance rates, and see if we can help you take the sting out of your next policy.

The car, truck, or SUV needing coverage is one of the main factors when trying to find cheap car insurance for Uber drivers in New York. Vehicles with limited top-end speed, good safety features, or a low likelihood of having liability claims will cost substantially less to insure than fast, unsafe models. The table below estimates auto insurance premiums for a number of the more afforable automobiles to buy coverage for.

Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New York minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Price information does not factor in vehicle garaging location which can raise or lower insurance rates noticeably.

Looking at the rates, we can conclude that makes and models like the Honda CR-V, Ford Escape, and Hyundai Elantra are going to be some of the most budget-friendly vehicles to insure for Uber vehicles.

One of the key components that play a part in determining a rate quote is the neighborhood you call home in New York. Cities that have higher claim levels or more people like New York, Hempstead, and Mount Vernon tend to have more expensive auto insurance rates, whereas areas with less congestion benefit from lower coverage costs.

The next table shows the highest-priced areas in New York for Uber drivers in which to purchase auto insurance.

Table data uses approximated as specific location information can alter insurance rates greatly.

Cost of full coverage in New York

Finding cheap car insurance for Uber drivers in New York is important to the majority of vehicle owners, and a great way to pay lower rates for insurance is to only buy liability coverage. The chart below illustrates the difference between auto insurance rates with and without physical damage coverage. The data is based on no driving violations, no at-fault accidents, $500 deductibles, marital status is single, and no policy discounts are applied.

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If we average the cost for ages 20 through 70, full coverage costs $1,253 per year more than just buying liability only. That amount may make you wonder if it’s a good idea to buy full coverage. There is no clear-cut rule to eliminate full coverage, but there is a general convention. If the yearly cost of full coverage is more than 10% of replacement cost minus your deductible, then it could be time to drop full coverage.

For example, let’s assume your vehicle’s replacement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after the policy deductible has been paid. If you are paying more than $600 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.