Not all want to ride a taxi. Those who prefer comfort over saving money for a ride can opt for Lyft. Lyft is a popular online transportation platform that competes with Uber. Consider getting insured because Lyft’s supplemental coverage might not be enough in case something bad happens while you’re trying to make money. If you didn’t know, Lyft driver insurance is a collection of policies that protect you and your vehicle. This article will cover the basics of the different components that you will need for Lyft insurance.
If you have a personal automobile, virtually all states require you to have an auto insurance policy. However, Lyft does provide a supplemental Lyft insurance policy for their drivers to ensure that all their drivers can cover some liabilities on the road.
Bodily Injury per person | Bodily injury per accident | Property damage per accident |
---|---|---|
$50,000 | $100,000 | $25,000 |
While this is nice to have, this coverage only applies when you have the app turned on and have the ability to receive ride requests. Many times during your Lyft driving, you will not be actively serving customers so it becomes crucial to assemble a decent Lyft car insurance policy to protect you from having to suffer from liability costs that are common on roadways.
Lyft pays a slighter higher wage than Uber. Lyft pays an average of $17.650 per hour, while Uber pays $15.68. The Los Angeles Times released a report in 2021 that Uber seems to be stepping up their game toward increasing wages for their drivers recently.
Yes, while you have the app open, Lyft will know your location at all times.
Yes, Lyft drivers have high safety standards they must meet. All Lyft drivers must pass a background check and continually pass an annual one to keep their employment. Lyft will monitor their drivers for criminal convictions actively as well.
CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|---|
Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
Waiver of subrogation included? | Yes | No | Included | Can be included | No |
Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
This Lyft insurance coverage is your standard business insurance policy that protects you against injury and property liability claims from your customers and third parties. Examples of when you can use this policy include:
A customer slips out of your car and has medical expenses from their injury
A bystander gets sideswiped by your car while walking on the street and has to get medical treatment
You slander a customer, and they sue you for damages
Typically, this type of Lyft liability insurance will have a $ 1 million per occurrence limit and a $2 million aggregate limit.
Tools and equipment–Helps reimburse you for any damaged or stolen Lyft vehicle tools that you use in your business
Additional insured–This lets you put additional people, organizations, or other parties as recipients of coverage on your general liability policy
No, general liability covers third-party injuries. To cover the costs of worker injuries, you will need a policy called workers compensation. This policy helps compensate employees for lost wages and medical expenses.
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CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
---|---|---|---|---|---|
Building coverage limit (minimum) | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $25,000 |
Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $75,000 | $15,000 |
Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
Business interruption floater | Excluded | Included | Included | Excluded | Included |
Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Lyft commercial insurance with commercial property coverage will protect your business building or garage and any business assets within. This policy will protect your property from physical damage from natural elements as well as from theft and vandalism. See below for some examples of when this policy kicks in:
You have a garage for your Lyft vehicle that is affected by lightning
Someone tries to steal your vehicle and damages the garage door
A vandal destroys some commercial equipment you keep in your business building
Business interruption–Helps compensate for lost income due to hazardous events like fires and wind storms.
Flood insurance–Protects your commercial property from damage caused by flood waters
Typically, you will find a coverage limit of around $60,000 is the average for small businesses.
CoverWallet | NEXT (Best) | Thimble | Hiscox | |
---|---|---|---|---|
General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $75,000 |
Optional policies can be added? | Yes | Yes | Yes | Yes |
Name additional insureds for free? | Yes | Yes | Yes | Yes |
BOP discount? | Yes | Yes | Yes | Yes |
Your Lyft insurance carrier might offer a business owner’s policy. Business owner’s policy combines commercial property and general liability into one policy, as well as some other types of insurance like business interruption insurance. Situations where this policy can be used include:
Your business property catches fire and damages your business personal property
A customer becomes injured getting into your car
One of your client’s personal items gets damaged in your car
Business owner’s policy limits can vary widely. They can be as low as $300,000 or as high as $4 million. It will all depend on the value of your commercial property and how much general liability insurance you want to pay for.
Outdoor property–This add-on to the BOP policy of the packaged commercial insurance for Lyft drivers extends protection to the property you keep outside, like plants, tire equipment, or other tools
Commercial crime insurance–Protects from costs your employees cause due to stealing, forgery, and cyber crimes
Commercial auto insurance for Lyft drivers is a policy that protects your business vehicle from liabilities while on the job. Some examples where this policy is used include:
Your car gets into an accident while you are transporting a passenger
Lightning causes some damage to your car
A vandal breaks the windshield of your car
See some of the components of commercial auto insurance that are essential to protecting you while taking a passenger to their destination:
Auto liability–This will cover third party medical expenses and property damage losses in case you cause a vehicular accident
Collision–A Lyft driver insurance policy with collision protection will help cover the costs your vehicle incurs damage from colliding with another vehicle on the road
Comprehensive–The best car insurance for Lyft drivers will include some form of comprehensive coverage. This coverage will protect you against virtually all other forms of physical damage besides road collisions. This is why it gets the name comprehensive because it covers nearly everything else
Gap coverage–Lyft gap insurance helps cover the difference in your insurance benefits if you owe more on your vehicle than its depreciated value. For example, if you still owe $3,000 on your loan but your car is only worth $2,000 now, gap coverage will help you cover this gap should the car be totaled or stolen
Personal injury protection–Lyft pip coverage provides benefits to cover payments for injury-related expenses like rehabilitation, loss of income, funeral expenses, and medical bills. This covers you and any passengers in the car in case an accident happens
Uninsured motorist–Lyft uninsured motorist coverage provides gap coverage for when the other motorists' insurance is not sufficient to pay for your damages. Even though it is required by law, some motorists may not have insurance, or their policies don’t have a enough coverage limit
Rideshare Insurance–Lyft rideshare insurance covers the gaps in insurance when you are working on the road but not actively transporting a customer. Many policies only kick in if you are actively transporting a client
Accident insurance for Lyft drivers–Lyft accident policy covers any costs due to accidents that you get into, even if you are not actively using your vehicle for work purposes
Rental Insurance–Lyft rental insurance reimburses you for times when you need to use a rental vehicle. This includes times when you need to get your car fixed after it is damaged or when you need to get a new car after an old one is totaled
The coverage limits for commercial auto insurance typically give you at least $100,000 in coverage per vehicle. For adequate commercial auto insurance coverage for Lyft drivers, it is recommended that you get at least $500,000 to $ 1 million auto liability limit.
An insurance carrier for Lyft driving can help you get a worker’s compensation policy if you have employees in your business. This Lyft driver insurance coverage can help employees in case they get injured and are unable to work. Some examples of when you will use your workers’ compensation policy include:
An employee gets involved in an accident while driving. This policy will help them recover benefits and lost wages
One of your drivers develops chronic leg pain from driving for long hours
No, Lyft does not provide this coverage. Lyft does not consider its drivers as employees. Drivers are considered as independent contractors.
Cost per Month | Cost per Year | Deductible | |
---|---|---|---|
General liability insurance | $40 | $480 | $0-$500 |
Commercial property insurance | $50 | $600 | $1,000-$2,000 |
Business owner’s policy | $90 | $1,080 | $1,000-$2,000 |
Tools and equipment insurance | $45 | $540 | $1,500 |
Commercial auto insurance | $78 | $936 | $1,000-$2,000 |
Workers compensation insurance | $102 | $1,224 | $2,000-$5,000 |
The average Lyft insurance cost is $40 per month or $480 per year for a $1 million general liability insurance. Factors that affect premiums are claims history, business history, location, policy limits, deductibles, and more.
When choosing the right Lyft insurance provider you will want to consider which policies they offer and if they can cover things like injuries and automobile collisions in one package. Here’s a table showing the cost of a $1 million general liability insurance from companies we recommend:
Cost per Month | Cost per Year | Best For | |
---|---|---|---|
NEXT | $15 | $180 | Best overall; Fastest general liability insurance for Lyft drivers |
CoverWallet | $25 | $300 | Comparing Lyft driver insurance quotes online |
The Hartford | $29 | $348 | Workers compensation insurance for Lyft drivers |
Tivly | $31 | $372 | Comparing Lyft driver insurance quotes over the phone |
Thimble | $33 | $396 | Short-term general liability insurance for Lyft drivers |
Hiscox | $36 | $432 | Lyft driver insurance with automatic renewal |
Allstate | $154 | $1,848 | Roadside assistance |
Progressive | $165 | $1,980 | Transportation network coverage |
GEICO | $167 | $2,004 | Comprehensive and collision coverage for Lyft drivers |
Compare quotes to get cheap Lyft insurance. Start by clicking the “Get Quotes” button on this page and providing some basic business information.
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The best insurance for Lyft drivers provides policy components like general liability, professional liability, commercial auto, commercial property, and rideshare addons. Below you can choose from the recommended choices that may be best insurance company for Lyft. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance:
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for lyft drivers
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Cons
Couldn't find any
NEXT offers the best overall option for price and policy options for Lyft drivers. You can purchase general liability, commercial property, and business owner policy options. Decide to bundle two or more policies in one insurance package to enjoy a discount on premiums. NEXT has an A- AM Best rating and an excellent B+ rating from the Better Business Bureau.
Best for: Best overall; Fastest general liability insurance for Lyft drivers
Average cost: $15 per month
Our rating: 10/10
Unique coverage for your situation
Expedited auto insurance claims
Renowned company for workers compensation insurance
Limited add-ons to general liability insurance
The Hartford has one of the best-personalized insurance buying experiences. Their agents help you pick the right policy components from things like general liability, business owner’s policy, commercial auto, and workers' compensation. They work with you to determine the unique risks you face as a Lyft driver. The Hartford has an A+ rating from AM Best and an A+ from the BBB.
Best for: Workers compensation insurance for Lyft drivers
Average cost: $25 per month
Our rating: 10/10
Strong partners to choose from
Lots of policy options
HNOA coverage automatically included in general liability insurance
Manage your policies easily online
Not an insurance company but an insurance broker
CoverWallet is a digital wallet for your Lyft insurance policies. You get connected with different partners that each have industry expertise. They have policy options like general liability, commercial auto, and workers’ compensation. The company received high marks with an A+ rating from the BBB and is available in every state except Rhode Island and Vermont.
Best for: Comparing Lyft driver insurance quotes online
Average cost: $29 per month
Our rating: 10/10
Rideshare options
Over 200 partners
Grants coverage regardless of your risk profile
You need to call for a quote
Tivly is an insurance marketplace that uses a tailored customer experience to connect you with the right insurance policy. They offer all the policy options you need, including a rideshare policy to augment your existing personal auto policy. The company has a diverse network of 200 partners, many with deep experience writing ridesharing insurance policies. Tivly has an A rating from the BBB. Call now to compare quotes over the phone.
Best for: Comparing Lyft driver insurance quotes over the phone
Average cost: $31 per month
Our rating: 10/10
Great resources for Lyft drivers online
Instant quotes and policy purchases
Customer support is only online
Thimble offers a nice array of policies for Lyft drivers. They have general liability, commercial property, and commercial auto policies with a good selection of options to choose from. Their expedited process can get your policy up and running quickly. Thimble has an A rating from AM Best, and its app has been featured in Forbes for its excellence in digital insurance.
Best for: Short-term general liability insurance for Lyft drivers
Average cost: $33 per month
Our rating: 10/10
Worldwide coverage
Numerous upgrades available to your base policies
14-day money-back guarantee
Customize your limits easily
Online quoting not available all the time due to periodic site maintenance
Hiscox is a personal insurance company with a small business focus. They provide general liability and workers' compensation policies that are tailored to your individual needs. The company also specializes in side hustle work and contractors, which is a category that Lyft drivers also fall into. Hiscox has an A rating from AM Bestcr and serves over 500,000 customers, who are primarily small businesses.
Best for: Lyft driver insurance with automatic renewal
Average cost: $36 per month
Our rating: 10/10
Rideshare insurance
Transportation network coverage
Numerous add-ons to commercial auto insurance
Some business insurance policies are sourced from partners
Lyft progressive insurance buyers can combine their personal auto policy with a rideshare coverage add-on to get decent coverage for their work vehicles. Progressive also offers transportation network coverage to complement any gaps in coverage that Lyft might provide. This company has an A+ from AM Best and an A+ from BBB.
Best for: Transportation network coverage
Average cost: $165 per month
Our rating: 8/10
Ride-for-hire policy
Comprehensive roadside assistance
Average customer satisfaction ratings
Allstate Lyft insurance policyholders can enjoy roadside assistance and ride-for-hire coverage. Lyft allstate roadside assistance allows you to get up your vehicle back up and running when it breaks down. The ride-for-hire add-on provides coverage up to $2,500. You can also buy other business insurance policies from Allstate such as general liability, commercial property, and business owner’s policy.
Best for: Roadside assistance
Average cost: $154 per month
Our rating: 8/10
High customer satisfaction
Combined single-limit commercial auto policy options
Quotes online or over the phone
Unique add-ons to commercial auto insurance for Lyft drivers
Online quoting is not very intuitive
GEICO insurance for Lyft drivers does not offer rideshare coverage, but they have good commercial auto insurance. They offer a suite of insurance options for your Lyft business, like commercial property insurance, business owner’s policy, and general liability insurance. GEICO has a stellar A++ rating from AM Best and a 97% customer satisfaction rate.
Best for: Customer satisfaction
Average cost: $167 per month
Our rating: 8/10
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!