The vehicle needing coverage is one of the largest factors that determines the availability of cheaper car insurance for Uber drivers. Vehicles with higher performance characteristics, a lack of safety features, or a history of substantial liability claims will cost significantly more to insure than safer, lower-performance models. The table below features auto insurance prices for a selection of the most cost-effective automobiles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $2,844 |
| Chevrolet Impala LS | $2,884 |
| Toyota Tacoma 2WD | $2,892 |
| Chevrolet Equinox LT 2WD | $2,941 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $2,998 |
| Ford Escape XLS 4WD | $3,048 |
| Honda Accord LX 4-Dr Sedan | $3,056 |
| Volkswagen Jetta S 2.5 Station Wagon | $3,088 |
| Honda Odyssey EX-L W/Rear Entertainment | $3,095 |
| Ford F-150 STX Super Cab 2WD | $3,127 |
| Ford Fusion Sport 4-Dr Sedan | $3,152 |
| Toyota Prius | $3,160 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $3,152 |
| Dodge Grand Caravan SE | $3,191 |
| Dodge Ram Quad Cab ST 4WD | $3,213 |
| Hyundai Elantra SE Touring Station Wagon | $3,309 |
| Toyota Camry Hybrid | $3,367 |
| Chevrolet Malibu LS | $3,370 |
| Ford Edge SE AWD | $3,535 |
| Ford Focus S 4-Dr Sedan | $3,545 |
| Toyota Corolla LE | $3,545 |
| Toyota RAV4 4WD | $3,606 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $3,610 |
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Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Information does not factor in specific Baltimore, MD garaging location which can impact price quotes greatly.
Based upon the table data, we can assume that cars like the Honda CR-V, Chevrolet Impala, Toyota Tacoma, and Chevrolet Equinox are a few of the cheapest vehicles to insure for Uber vehicles.
Locating low-priced insurance is tough enough, and deciding which company has the best car insurance rates for Uber drivers calls for even more rate comparisons. Every auto insurer uses different criteria to set policy rates, so let’s begin by examining the car insurance companies with the most affordable rates in Maryland.
Best Cheap Insurance Rates for Your Uber Vehicle
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Liberty Mutual | $1,125 |
| 3 | Penn National | $1,137 |
| 4 | Erie | $1,161 |
| 5 | State Auto | $1,178 |
| 6 | Amica | $1,347 |
| 7 | Travelers | $1,398 |
| 8 | Nationwide | $1,421 |
| 9 | MetLife | $1,428 |
| 10 | GEICO | $1,472 |
| 11 | California Casualty | $1,544 |
| 12 | Allstate | $1,596 |
| 13 | State Farm | $1,646 |
| 14 | Progressive | $2,149 |
| 15 | Encompass | $2,566 |
| 16 | Victoria | $2,933 |
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USAA generally has some of the lowest car insurance rates in Baltimore at around $948 a year. Liberty Mutual, Penn National, Erie, and State Auto also rank well as some of the most economical Baltimore, MD auto insurance companies.
As the example above demonstrates, if you currently have a policy with Liberty Mutual and switched to USAA, you might see a yearly savings of in the neighborhood of $177. Customers with Penn National may save as much as $189 a year, and Erie policyholders might reduce rates by $213 a year.
Be aware that those premiums are averaged for all drivers and vehicles in Maryland and and are not calculated with a specific location for Uber drivers. So the auto insurance company that is most affordable for your situation may not even be in the top 16 companies in the list above. That points out the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
Rate difference between full and liability-only coverage
Finding the cheapest car insurance should be important to most vehicle owners, and a great way to lower the cost of insurance for Uber drivers is to buy liability only. The diagram below shows the comparison of insurance premiums with and without full coverage. Data assumes no claims or driving citations, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
As an average, physical damage coverage on your policy costs an additional $1,702 per year more than just insuring for liability. That brings up the question if it’s worth it to buy full coverage. There is no exact formula of when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is more than around 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
Drive responsibly or pay higher rates
The common sense way to receive the cheapest car insurance premiums in Baltimore for Uber vehicles is to drive safely and avoid tickets and accidents. The diagram below highlights how speeding tickets and at-fault collisions can drive up car insurance costs for each age group. The price estimates are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
The data charted above shows the average cost of car insurance in Maryland per year with a clean driving record and no accidents is $1,923. Add in one speeding ticket and the average cost swells to $2,218, an increase of $295 each year. Now include two accidents along with the one speeding ticket and the 12-month cost of car insurance for Uber drivers goes up to an average of $4,989. That’s an increase of $3,066, or $256 per month, just for being a less-than-perfect driver!
The information below highlights how deductible choice can impact annual premium costs when trying to find cheap insurance for Uber drivers. The costs are based on a single male driver, full coverage, and no discounts are applied.
As shown above, a 30-year-old driver could cut expenses by $524 a year by increasing from a $100 deductible up to a $500 deductible, or save $788 by selecting a $1,000 deductible. Even younger insureds, like the 20-year-old category, could possibly save $1,540 each year just by choosing higher deductibles. If you do make the decision to raise your deductibles, it will be necessary to have additional savings on hand to be able to cover the extra out-of-pocket expense that deters many people from opting for higher deductibles.