Lyft Driver Insurance: Cost & Quotes From $15/mo

Table of contents
1. Lyft Driver Insurance Requirements1.1. Who Pays More, Lyft or Uber?1.2. Does Lyft Track Its Drivers?1.3. Is It Safe To Use a Lyft Driver?2. General Liability Insurance for Lyft Drivers2.1. What Are the Coverage Limits of General Liability Insurance for Lyft Drivers?2.2. Add-Ons for General Liability Insurance for Lyft Drivers2.3. Does General Liability Insurance Cover Worker Injuries?3. Commercial Property Insurance for Lyft Drivers3.1. Add-Ons for Commercial Property Insurance for Lyft Drivers3.2. Coverage Limits for Commercial Property Insurance for Lyft Drivers4. Business Owner’s Policy for Lyft Drivers4.1. What Are the Coverage Limits for Business Owner’s Policy for Lyft Drivers?4.2. Add-Ons to Business Owner’s Policy for Lyft Drivers5. Commercial Auto Insurance for Lyft Drivers5.1. Coverage Limits of Commercial Auto Insurance for Lyft Drivers6. Workers Compensation Insurance for Lyft Drivers6.1. Does Lyft Provide Its Own Workers’ Compensation Policy?7. Lyft Insurance Cost8. Best Lyft Driver Insurance Companies8.1. NEXT Lyft Driver Insurance 8.1.1. Pros8.2. The Hartford Lyft Driver Insurance 8.2.1. Pros8.2.2. Cons8.3. CoverWallet Lyft Driver Insurance 8.3.1. Pros8.3.2. Cons8.4. Tivly Lyft Driver Insurance 8.4.1. Pros8.4.2. Cons8.5. Thimble Lyft Driver Insurance 8.5.1. Pros8.5.2. Cons8.6. Hiscox Lyft Driver Insurance 8.6.1. Pros8.6.2. Cons8.7. Progressive Lyft Driver Insurance 8.7.1. Pros 8.7.2. Cons8.8. Allstate Lyft Driver Insurance 8.8.1. Pros8.8.2. Cons: 8.9. GEICO Lyft Driver Insurance 8.9.1. Pros8.9.2. Cons

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. 

Lyft Driver Insurance Requirements

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 personBodily injury per accidentProperty damage per accident

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.

Who Pays More, Lyft or Uber?

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.

Does Lyft Track Its Drivers?

Yes, while you have the app open, Lyft will know your location at all times.

Is It Safe To Use a Lyft Driver?

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.

General Liability Insurance for Lyft Drivers

CoverWallet NEXT (Best)Thimble HiscoxThe 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
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
Waiver of subrogation included?YesNoIncludedCan be includedNo
Hired/non-owned auto liability coverage included?YesNoExcludedCan be includedCan be included
Equipment breakdown floater included?No YesYesCan be includedCan 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

What Are the Coverage Limits of General Liability Insurance for Lyft Drivers?

Typically, this type of Lyft liability insurance will have a $ 1 million per occurrence limit and a $2 million aggregate limit.

Add-Ons for General Liability Insurance for Lyft Drivers

  • 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

Does General Liability Insurance Cover Worker Injuries?

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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Commercial Property Insurance for Lyft Drivers

CoverWalletNEXT (Best)ThimbleThe HartfordHiscox
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 signsExcluded$2,500ExcludedExcludedIncluded
Accounts receivable ExcludedExcluded$5,000/$10,000ExcludedIncluded
Money and securitiesExcluded$2,500$1,000ExcludedIncluded
Lock and keys Excluded$2,500ExcludedExcludedIncluded
Business interruption floaterExcludedIncludedIncludedExcludedIncluded
Equipment breakdown floaterExcludedIncludedExcludedExcludedIncluded
Inland marine insurance floaterExcludedExcluded$10,000ExcludedExcluded
Employee dishonesty floaterExcluded$5,000$2,500ExcludedExcluded

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

Add-Ons for Commercial Property Insurance for Lyft Drivers

  • 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

Coverage Limits for Commercial Property Insurance for Lyft Drivers

Typically, you will find a coverage limit of around $60,000 is the average for small businesses.