Finding out which insurers offer the cheapest insurance rates for Uber drivers will take more time than just getting one or two price quotes. Every insurance company uses their own method to set their prices, so let’s look at the rankings for the lowest cost insurance companies in Pennsylvania.
Find the Cheapest Car Insurance for Your Uber Vehicle
|Rank||Company||Cost Per Year|
|18||Mutual Benefit Group||$1,439|
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General Casualty may offer some of the most affordable car insurance rates in Philadelphia at around $718 a year. Erie, Travelers, Penn National, and USAA are also some of the best Philadelphia, PA auto insurance companies.
As shown in the rates above, if you buy coverage from Erie and switched to General Casualty, you might see yearly savings of in the neighborhood of $74. Drivers with Travelers might save as much as $85 a year, and Penn National insureds might realize rate reductions of up to $90 a year.
These estimates are averages across all insureds and vehicles and and are not figured with an exact location for Uber drivers. So the insurer that can offer you the best rate may not even be in the list above. That point stresses why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
The make and model of vehicle driven is probably the biggest factor when trying to find the best car insurance for Uber drivers. Vehicles with lots of speed or power, poor crash test ratings, or a track record of large liability claims will cost substantially more to insure than safer models.
The information below ranks car insurance costs for a number of the most affordable vehicles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$4,320|
|Honda CR-V EX 2WD||$4,329|
|Jeep Wrangler Rubicon 4WD 2-Dr||$4,836|
|Chevrolet Equinox LS AWD||$5,112|
|Dodge Grand Caravan Hero||$5,117|
|Toyota RAV4 Limited 4WD||$5,112|
|Toyota Corolla LE||$5,388|
|Honda Odyssey EX-L W/Rear Entertainment||$5,394|
|Jeep Grand Cherokee Limited 4WD||$5,482|
|Nissan Altima Hybrid 4-Dr Sedan||$5,490|
|Chevrolet Silverado LTZ Crew Cab 4WD||$5,482|
|Ford Fusion SE 4-Dr Sedan||$5,490|
|Nissan Rogue SL 2WD||$5,487|
|Ford Edge SE AWD||$5,496|
|Ford F-150 STX Regular Cab 4WD||$5,501|
|Toyota Tacoma 4WD||$5,507|
|Chevrolet Impala LS||$5,642|
|Honda Civic SI 4-Dr Sedan||$5,665|
|Chevrolet Malibu LT||$5,716|
|Ford Focus SES 2-Dr Coupe||$5,763|
|Kia Optima SX||$5,857|
|Ford Explorer Limited AWD||$5,895|
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Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Estimates do not factor in vehicle location which can revise auto insurance rates greatly.
Based upon the table data, we can conclude that cars like the Ford Escape, Honda CR-V, Jeep Wrangler, and Chevrolet Equinox should be a few of the most affordable vehicles to insure for Uber vehicles.
For Uber vehicles, one of the largest factors that are looked at to help calculate the cost of insurance is where you live in Philadelphia. Areas with more people or more claims likely pay more, whereas areas with less people or fewer weather incidents have the benefit of cheaper car insurance.
The illustration below rates the most expensive cities in Pennsylvania for Uber drivers to buy auto insurance in. Philadelphia ranks #1 with a yearly cost of $2,057 for car insurance, which is about $171 per month.
|Rank||City||Average Per Year|
|9||Municipality of Monr||$1,081|
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Premium amounts are approximated as zip code location can increase or decrease coverage rates significantly.
Does full coverage make sense?
Finding cheaper insurance is probably important to the majority of people, and an easy way to find cheaper insurance for Uber drivers is to not buy comprehensive and collision coverage. The illustration below illustrates the difference between car insurance rates when comparing full coverage to liability only. Data assumes no violations or accidents, $1,000 deductibles, single marital status, and no discounts are factored in.
If averaged for all ages, physical damage insurance costs an additional $1,844 per year more than insuring for liability only. That brings up the question if buying full coverage is a waste of money. There is no written rule to exclude physical damage coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is about 10% or more of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s say your vehicle’s claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $7,000 after paying your policy deductible. If you are paying more than $700 annually for physical damage coverage, then you might want to consider buying only liability coverage.
Violations and accidents raise rates
A great way to maintain the most affordable insurance rates in Pennsylvania for Uber vehicles is to be a good driver and avoid accidents and violations. The information below illustrates how speeding tickets and at-fault fender-benders increase yearly insurance costs for each age group. The rates are based on a single male driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.
The chart shows that the average cost of an auto insurance policy in Philadelphia per year with a clean driving record and no accidents is $1,385. Add in one speeding ticket and the average cost hikes up to $1,561, an increase of $176 each year. Now include two accidents along with the one speeding ticket and the yearly cost of insurance for Uber drivers jumps again to an average of $3,232. That’s an increase of $1,847, or $154 per month, just for not driving responsibly!
Comparing rates can save you money
Philadelphia, PA insurance rates are determined by lots of factors which can substantially decrease or increase the price you have to pay for coverage. Simply having a birthday, buying a home, or having an at-fault accident can trigger changes in premium resulting in some rates now being cheaper than others.
In addition, auto insurance companies change the rates they charge in Pennsylvania as often as every three months in order to remain profitable. An extended period of higher than normal claims can cause additional price hikes, while long-term profits can produce lower-cost Philadelphia car insurance rates.
To illustrate this point, the data below shows which companies have the cheapest car insurance in Philadelphia, PA for a 35-year-old male driver with no prior accidents, a clean driving record, and good financial standing. If we estimate prices based on his current risk factors, General Casualty quotes the cheapest car insurance rates in Philadelphia at $1,752 a year. This is $95 more than the average premium paid by Pennsylvania drivers of $1,657. Travelers, Erie, USAA, and Penn National are also on the list of the cheapest Philadelphia, PA auto insurance companies.
The next chart shows rates after we give the driver from the first example an accident claim, a lower credit rating, and a speeding ticket. Since each auto insurer has their own guidelines for setting prices, comparing insurance quotes may now show a slightly different list of affordable Philadelphia car insurance companies as shown below.
Amica now has the lowest price in Philadelphia, PA with Atlantic States, Erie, Donegal Mutual, and USAA now rounding out the top five. This shows why it is so important to compare rates when trying to find the most economical car insurance rates for Uber drivers. Car insurance prices can be determined by many different factors and change dramatically, so the best price the last time you shopped around may now be one of the higher cost companies.
The agents below are willing to aid you in deciding which insurance coverage will be best for you, since many consumers aren’t sure which coverage to buy and prefer to get some help when trying to find lower insurance rates for Uber vehicles. It can be complicated to find the best coverage on your own, so professional agents can give comfort knowing your coverage gives you sufficient coverage at claim time. To locate an agency near you, click the button at the bottom of the list.
Wade Insurance Agency
143 E Roosevelt Blvd – Philadelphia, PA 19120 – (215) 457-4995
Wanda Dancy – State Farm Insurance Agent
2805 N 47th St, FL-1 – Philadelphia, PA 19131 – (215) 871-3390
Jerry Gregory – State Farm Insurance Agent
2999 Welsh Rd – Philadelphia, PA 19152 – (215) 338-3313
Sharon Owens – State Farm Insurance Agent
7034 Frankford Ave – Philadelphia, PA 19135 – (215) 333-5544
How to find more affordable insurance for Uber drivers
Here are some of the recommended money-saving ideas that can help you quote cheaper coverage.
- Try paying for small claims out-of-pocket
- Do not get tickets or violations
- Improve your credit score
- Insure your home and auto with the same company
- Raise comprehensive and collision coverage deductibles
- Do not get into accidents that are your fault
- Compare rate quotes often
That last idea is notably important, as we pointed out in this article. Coverage prices adjust frequently, so drivers shouldn’t be reluctant to switch carriers if a more affordable rate is found. Many drivers tend to have loyalty to a certain company, but it’s not a great idea if that inflexibility results in costing you money that could be spent on other things. If you have a few minutes, compare prices and find cheaper auto insurance for Uber drivers in Philadelphia.