Does GEICO Offer Rideshare Insurance?
Last Updated on September 18, 2023
If you drive for Uber, Lyft, or another rideshare service, then you may be considering GEICO for rideshare insurance.
Unfortunately, GEICO does not offer rideshare insurance. If you have a personal car insurance policy with GEICO, you cannot upgrade your policy with rideshare coverage. Instead, you may want to purchase a separate commercial policy or switch to a new insurer.
Keep reading to learn everything you need about GEICO’s rideshare insurance coverage options.
Table of Contents:
- No, GEICO Does Not Offer Rideshare Insurance
- How Rideshare Insurance Works
- How to Get Rideshare Insurance as a GEICO Policyholder
No, GEICO Does Not Offer Rideshare Insurance
Some large car insurance companies offer rideshare insurance, making it easy for Uber and Lyft drivers to get the coverage they need.
However, GEICO does not offer rideshare insurance. You cannot add rideshare coverage to your existing personal GEICO policy.
If you have car insurance with GEICO and plan to drive for Uber or Lyft, then you have three options:
- Buy a separate commercial policy for your vehicle to cover you while driving for Uber or Lyft
- Switch to an insurer offering rideshare insurance
- Rely on built-in insurance from Uber or Lyft, which could leave you underinsured or uninsured
State Farm, Allstate, and other major car insurance companies offer rideshare coverage. For example, you can add rideshare coverage to your State Farm or Allstate policy as an endorsement. You’ll pay 10% to 20% higher rates than you would with a standard personal auto insurance policy, but you’ll be completely covered when driving for a rideshare company.
How Rideshare Insurance Works
You can’t buy rideshare insurance from GEICO, although you can buy it through other insurers. Many insurers offer special rideshare coverage to fill gaps in your policy left by Uber or Lyft’s coverage.
If you’re a current GEICO policyholder and plan to drive for Uber, Lyft, or another rideshare service, it may be worth switching to a new insurer to take advantage of better rideshare coverage.
Here’s how rideshare insurance works with other insurers:
- Uber and Lyft automatically extend certain car insurance coverage to drivers. This insurance covers you when driving to pick up a passenger and driving that passenger to their destination.
- However, Uber and Lyft’s built-in insurance may leave you with gaps. If you’re waiting between rides, for example, then you may only have basic liability coverage with Uber and Lyft. This could leave you dangerously under-insured in an accident.
- Your personal auto insurance policy covers you when driving for personal reasons – like commuting to work or driving to the grocery store. However, it does not cover driving for commercial purposes – like driving for Uber or picking up clients for work.
- Many rideshare drivers buy rideshare insurance to cover this coverage gap. State Farm, Allstate, and other large insurers allow you to add rideshare coverage as an endorsement. You pay 10% to 20% higher premiums, and your insurer agrees to always cover you when driving for Uber or Lyft.
- Rideshare insurance is not available in all states. Even if your insurer offers rideshare insurance in some states, it may not provide it in others. You may need to buy a commercial policy to maintain coverage in these states.
GEICO does not offer rideshare insurance. If you have car insurance with GEICO and drive for Uber or Lyft, you could be dangerously under-insured. You may lack adequate insurance coverage unless you buy a separate commercial policy or switch your insurer.
How to Get Rideshare Insurance as a GEICO Policyholder
You have three options if you have GEICO car insurance and want to drive for Uber or Lyft. You can buy a commercial policy, switch to a new insurer, or rely on your built-in rideshare insurance coverage.
Option #1: Buy a Commercial Policy from GEICO or a Third Party
If you have a personal car insurance policy with GEICO and want to keep that policy, then you may want to buy a commercial car insurance policy.
You can buy commercial car insurance plans through GEICO. Or, you can shop around with separate providers.
A commercial car insurance policy covers you when driving your car for business purposes. GEICO’s personal policy would continue to cover your car for personal trips, and your commercial policy covers you for business-related trips – like when driving for Uber or Lyft.
Commercial car insurance coverage can be expensive. Depending on your state and coverage options, expect to pay $1,000 to $3,000 per year for a separate commercial car insurance policy.
Option #2: Switch to a New Insurer
GEICO doesn’t offer rideshare insurance, but other insurers do. State Farm, Allstate, and other large insurers offer specific rideshare endorsement coverage in many states.
Check local rideshare insurance options in your area.
It’s easy to switch from GEICO to a new insurer:
- Shop around for rideshare insurance providers in your area. Compare quotes, then buy coverage. Choose a specific start date for your policy.
- Contact GEICO to cancel your policy. Tell GEICO you wish to cancel your policy on the same date your new policy begins, which avoids a lapse in coverage.
- If you prepaid your GEICO insurance policy upfront, then GEICO may refund your premiums. Typically, GEICO will not charge a cancellation fee. Instead, you can cancel your GEICO policy without penalty and switch to a new provider whenever you like.
Overall, GEICO insures many Uber and Lyft drivers across the United States via its commercial auto insurance coverage. However, you may want to shop around with insurers in your area to ensure you’re getting the best coverage at the most competitive price.
Option #3: Rely on Uber or Lyft’s Built-in Rideshare Insurance Coverage
Uber and Lyft extend car insurance coverage to drivers, although this coverage varies depending on your current situation. You receive good coverage when actively driving for Uber or Lyft, although you may only receive minimum liability coverage when waiting for a ride.
However, depending on your rideshare company, this coverage could leave you underinsured or uninsured.
Specific rideshare coverage varies between Uber and Lyft. Check your rideshare provider’s built-in insurance policy to verify your coverage.
Final Word on GEICO Rideshare Insurance
GEICO does not offer rideshare insurance. Instead, you need to buy a separate commercial policy or switch to a new insurer that does offer rideshare coverage. Alternatively, you could rely on the built-in, companywide insurance from Uber or Lyft, although it could leave you with a coverage gap.
Contact GEICO today to ask about rideshare insurance options.