You have probably watched the catchy advertisements from auto insurance companies like Nationwide, Farmers, and State Farm claiming huge savings, so you just need to pick one at random, right?
It’s just not that simple, as there are many unknown aspects like where you live, the performance level of your vehicle, what your desired deductibles are, and the annual mileage you drive, that all help calculate your car insurance rates. The content below covers the best ways to save on auto insurance and educate you enough to have a jump start in finding the best auto insurance in California.
The car, truck, or SUV you are buying coverage for is one of the largest factors when shopping for the best insurance for Uber drivers. Vehicles with lots of horsepower, a lack of advanced safety features, or high incidents of liability claims will cost substantially more to insure than more modest models.
The next table illustrates auto insurance rates for a selection of the cheapest vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Jeep Wrangler Sport 4WD 2-Dr||$1,097|
|Honda Accord LX 4-Dr Sedan||$1,164|
|Ford Explorer Eddie Bauer 2WD||$1,192|
|Toyota Tacoma 4WD||$1,197|
|Ford Escape XLS 4WD||$1,202|
|Honda CR-V EX 2WD||$1,209|
|Ford Edge SE AWD||$1,234|
|Honda Odyssey EX W/Rear Entertainment||$1,243|
|Dodge Grand Caravan Hero||$1,260|
|GMC Sierra SLE Regular Cab 2WD||$1,265|
|Hyundai Elantra GLS 4-Dr Sedan||$1,327|
|Hyundai Sonata GLS 4-Dr Sedan||$1,350|
|Nissan Rogue SL 2WD||$1,356|
|Ford F-150 XLT Super Cab 4WD||$1,383|
|Ford Focus SES 2-Dr Coupe||$1,418|
|Toyota RAV4 Limited 4WD||$1,425|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Rates do not factor in vehicle garaging location which can increase or decrease auto insurance rates significantly.
Based on these rates, you can figure that cars like the Jeep Wrangler, Honda Accord, Ford Explorer, and Toyota Tacoma are likely to be a few of the cheaper vehicles to insure for Uber vehicles.
One of the more important factors that aid in calculating the amount you pay each year for auto insurance is where you call home. Areas with high crime rates or more dense population tend to pay slightly more, whereas areas that tend to be more rural get the luxury of paying less.
The illustration below lists the priciest cities in California for Uber drivers to purchase car insurance in. Riverside comes in at #10 with a yearly cost of $1,542 for the average insured, which is around $129 each month.
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Rates are approximated as the vehicle garaging location can revise auto insurance rates significantly.
The chart below illustrates how your deductible choice can affect yearly insurance costs when researching cheap insurance for Uber drivers. The information is based on a married male driver, comp and collision included, and no discounts are factored in.
In the chart above, a 30-year-old driver could cut expenses by $342 a year by changing from a $100 deductible to a $500 deductible, or save $516 by selecting a $1,000 deductible. Young drivers, like the Age 20 chart data, can save $1,026 or even more by choosing a larger deductible amount. If you do decide to increase your deductibles, it will now be necessary to have plenty of discretionary funds to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Cost difference between full coverage and liability
Reducing premiums for car insurance is probably important to the majority of people, and one common way to find cheap insurance for Uber drivers is to buy only liability coverage. The information below compares insurance rates with full physical damage coverage and with liability coverage only. The premium estimates are based on no driving violations, no at-fault accidents, $100 deductibles, single marital status, and no discounts are taken into consideration.
If the expense is averaged for all age categories, physical damage insurance costs $3,385 per year more than carrying just liability coverage. That proposes the question if you should buy full coverage at all. There is no written rule that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s pretend your vehicle’s claim settlement value is $4,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $3,500 after paying the physical damage deductible. If you are currently paying more than $350 a year for physical damage coverage, then you might consider buying liability only.
There are some scenarios where dropping full coverage is not recommended. If you still owe money on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
A good deal can quickly turn bad
Riverside, CA car insurance rates are determined by lots of factors which can substantially decrease or increase the price you pay for coverage. Turning one year older, increasing liability limits, or getting a ticket for running a stop sign can trigger rate changes resulting in some companies being cheaper than competitors. Not only may your risk profile change, but companies amend pricing as often as every three months in order to offset underwriting gains or losses. Heavy losses can result in higher priced premiums, while long-term profits can result in lower-priced Riverside car insurance rates.
For example, the bar chart below shows rates for the cheapest car insurance in Riverside, CA for a 45-year-old female driver with no accidents or violations, and a good credit rating. If we estimate rates based on her current risk factors, USAA quotes the most affordable car insurance rates in Riverside at $1,302 a year. This is $349 less than the average premium paid by California drivers of $1,651. CSAA, Century National, Wawanesa, and Nationwide also make the list of the most affordable Riverside, CA auto insurance companies.
In this next rate comparison, we will give the driver in the first example an accident surcharge, poor credit, and a traffic citation. Since every car insurance company has a different process for determining rates, analyzing rate quotes could result in a different set of cheap Riverside auto insurance companies as shown below.
Grange now has the cheapest rate in Riverside with Mercury, GEICO, Allstate, and Progressive also being competitive. This example shows why it is important to do a thorough rate comparison to get the best car insurance quotes for Uber drivers. Prices are influenced by many things and change dramatically, so the most affordable company when you last compared rates may now be one of the more expensive options.
How to find low-cost insurance for Uber drivers
The list below details some of the better thrifty suggestions that can help Riverside drivers locate lower-cost car insurance.
- Clean up your credit
- Safe vehicles generally have lower rates
- Do not get into accidents
- Raise your deductibles
- Speeding tickets and other violations increase rates
- Shop around for cheaper prices often
That last idea is incredibly vital, as we hit on in the article above. Insurance rates in Riverside can change significantly in a year, so don’t be hesitant to buy a policy from a new company if you can save money. Being loyal to a particular company is commendable, but is isn’t recommended if that faithfulness ends up costing you big bucks every year. If you have a few minutes, compare rates to find cheaper car insurance for Uber drivers.
If you would rather have the advice of a professional agent when shopping around for cheaper insurance for Uber vehicles, the insurance agencies below are a good start to answer your questions and help you decide which coverages you need.
To locate a Riverside auto insurance agent close to where you live, click the button at the bottom of the list or click here to compare price quotes.
- Prism Insurance Agency
9824 Magnolia Ave a – Riverside, CA 92503 – (951) 353-1200
- Steve McDonald – State Farm Insurance Agent
2900 Adams St, Ste C10-J – Riverside, CA 92504 – (951) 785-6140
- TNT Only 1 Insurance Agency
19510 Van Buren Boulevard – Riverside, CA 92508 – (888) 610-8865
- Chris Folsom Insurance Agency
3727 6th St – Riverside, CA 92501 – (951) 680-0575