The car, truck, or SUV that is being insured is probably the largest consideration when shopping around for the most economical car insurance for Uber drivers. Vehicles with limited speed and performance, excellent safety ratings, or a track record of few liability claims will cost significantly less to insure than adrenaline junky models. The next table illustrates coverage premiums for a handful of the cheapest automobiles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Explorer Eddie Bauer 2WD||$1,160|
|Honda CR-V LX 4WD||$1,188|
|Honda Accord LX 4-Dr Sedan||$1,195|
|Ford Edge SEL AWD||$1,202|
|Toyota Tacoma 2WD||$1,211|
|Chevrolet Malibu Hybrid||$1,225|
|Chevrolet Equinox LT 2WD||$1,233|
|Toyota RAV4 Sport 2WD||$1,225|
|GMC Sierra SLE Crew Cab 2WD||$1,231|
|Dodge Grand Caravan SXT||$1,248|
|Ford Escape XLS 4WD||$1,271|
|Honda Civic SI 4-Dr Sedan||$1,352|
|Ford F-350 XLT Crew Cab 2WD||$1,361|
|Chevrolet Impala LT||$1,405|
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Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Estimates do not factor in zip code location which can modify price quotes noticeably.
Based on these rates, you can presume that models like the Ford Explorer, Honda CR-V, Honda Accord, Ford Edge, and Toyota Tacoma are the more affordable vehicles to insure for Uber vehicles.
For Uber vehicles, one of the largest criteria that aid in calculating insurance cost is the neighborhood you call home in Durham. Areas with more people or higher crime rates likely pay more, whereas areas with less congestion get the luxury of paying less.
The table below shows the most expensive areas in North Carolina for Uber drivers to purchase a policy in. Durham is ranked #7 with the yearly price of $773 for the average policy, which is around $64 monthly.
|Rank||City||Average Per Year|
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Prices are comparative as the specific garaging location can raise or lower coverage rates substantially.
Determining which companies offer the lowest-priced car insurance rates for Uber drivers calls for a little more work in order to find the best price. Each company uses their own method for setting rates, so let’s look at the rankings for the car insurance companies that tend to be cheaper in North Carolina.
It’s a good idea to be aware that Durham, NC car insurance rates are impacted by many things which can substantially change the policy price. Simply improving your credit, moving to a different location, or getting a speeding ticket may generate price changes resulting in some companies being cheaper than others.
Cheapest Insurance Rates for Your Uber Vehicle
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$737|
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Progressive generally has some of the lowest car insurance rates in Durham at around $651 annually. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are also some of the best Durham, NC car insurance companies.
In the above example, if you are currently insured with Penn National and switched to Utica National, you could realize yearly savings of approximately $77. Policyholders with GEICO could save as much as $88 a year, and Titan customers might realize rate reductions of up to $89 a year.
These premiums are averaged across all drivers and vehicles and and are not calculated with an exact location for Uber drivers. So the insurer that is best for you 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.
Finding the highest-rated company can be difficult considering how many different insurance companies sell coverage in Durham. The company ratings listed below could help you decide which car insurance companies to look at comparing rate quotes with. The ratings below are for companies that insure vehicles nationwide, so smaller regional companies are not included in the list.
Top 10 Large Auto Insurance Providers in Durham Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Top 10 Large Auto Insurance Providers Overall in Durham
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
- American Family
Impact of speeding/accidents on Durham car insurance rates
In a perfect world, the ideal way to receive the cheapest car insurance prices in Durham for Uber vehicles is to be a safe driver and avoid at-fault accidents and violations. The diagram below illustrates how traffic citations and at-fault claims can drive up insurance premiums for each age group. The premiums are based on a married male driver, comp and collision included, $250 deductibles, and no discounts are applied to the premium.
In the previous example, the average cost of a car insurance policy in North Carolina per year with no accidents or violations is $1,125. Factor in one speeding ticket and the average cost hikes up to $1,289, an increase of $164 each year. Now include two accidents along with the one speeding ticket and the 12-month cost of car insurance for Uber drivers increases to an average of $2,718. That’s an increase of $1,593, or $133 per month, just for not driving responsibly!
Do you need full coverage?
Saving on car insurance is important to most drivers, and an effective way to reduce the cost of insurance for Uber drivers is to not insure for full coverage. The example below visualizes the comparison of annual premium costs with liability coverage only compared to full coverage. Data assumes no accidents or driving violations, $250 deductibles, drivers are single, and no additional discounts are factored in.
If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $1,316 per year more than just insuring for liability. That amount may make you wonder if it’s worth it to buy full coverage. There is no definitive guideline for excluding physical damage insurance, but there is a guideline you can use. If the yearly cost of full coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s book value is $11,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $10,500 after paying your deductible. If it’s costing you more than $1,050 a year for full coverage, then it may be the right time to buy liability only.
There are some conditions where only buying liability is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should maintain full coverage.
How to find budget-friendly car insurance for Uber drivers
Below you’ll find many penny-pinching ideas that can help Durham drivers get more affordable auto insurance.
- Good credit can mean cheaper rates
- Do not get tickets or violations
- Vehicles with good safety ratings are usually cheaper to insure
- Avoid at-fault accidents and claims
- Increase your physical damage deductibles
- Shop around for cheaper rates regularly
That last idea is certainly vital, as was noted in the prior information. Coverage rates in Durham can be modified anytime, so don’t be afraid to switch companies if you can find a cheaper rate.
Many drivers have brand loyalty and that’s fine, but it’s not recommended if that devotion results in you overpaying money that could be spent on other things. It only takes a couple minutes to shop around and find cheaper insurance for Uber drivers.