The words “cheap” and “insurance” really shouldn’t be used together, especially when searching for the cheapest car insurance for Uber drivers. Let’s familiarize you with a few of the factors that help determine car insurance premiums, and see if you can cut the cost of the next policy you buy.
The vehicle model to be insured is one of the primary factors that determines whether or not you find economical car insurance for Uber drivers. Vehicles with more horsepower, poor crash test ratings, or an increased likelihood of liability claims will cost more to insure than safer, lower-performance models. The information below presents coverage costs for the cheaper vehicles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $1,174 |
| Honda Accord EX-L 4-Dr Sedan | $1,276 |
| Ford Escape XLS 4WD | $1,283 |
| Chevrolet Equinox LT 2WD | $1,388 |
| Chevrolet Malibu LS | $1,396 |
| Toyota RAV4 Limited 4WD | $1,388 |
| Dodge Grand Caravan Crew | $1,413 |
| Ford Explorer Limited 2WD | $1,418 |
| Toyota Prius | $1,427 |
| Toyota Tacoma 4WD | $1,437 |
| Hyundai Elantra Blue 4-Dr Sedan | $1,447 |
| Toyota Corolla LE | $1,464 |
| Kia Optima LX | $1,486 |
| Ford Focus SE 4-Dr Sedan | $1,491 |
| Honda Odyssey EX | $1,499 |
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Price information does not factor in Orlando, FL location which can change coverage rates greatly.
Looking at the rates, we can assume that models like the Honda CR-V, Honda Accord, and Ford Escape are most likely going to be the most affordable vehicles to insure for Uber vehicles.
One of the more important considerations that aid in calculating car insurance rates is where you keep your car in Orlando. More densely populated places tend to pay more, whereas areas with less congestion benefit from lower coverage costs.
The illustration below rates the most expensive areas in Florida for Uber drivers in which to purchase auto insurance. Orlando is listed at #19 with the annual price of $2,008 for the average insured, which is about $167 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,145 |
| 4 | Miami Beach | $2,953 |
| 5 | Tampa | $2,636 |
| 6 | Miramar | $2,629 |
| 7 | West Palm Beach | $2,625 |
| 8 | Hollywood | $2,604 |
| 9 | Fort Lauderdale | $2,550 |
| 10 | Pompano Beach | $2,543 |
| 11 | Coral Springs | $2,474 |
| 12 | Davie | $2,448 |
| 13 | Pembroke Pines | $2,407 |
| 14 | Brandon | $2,298 |
| 15 | St. Petersburg | $2,263 |
| 16 | Clearwater | $2,238 |
| 17 | Spring Hill | $2,060 |
| 18 | Jacksonville | $2,040 |
| 19 | Orlando | $2,008 |
| 20 | Port St. Lucie | $1,935 |
| 21 | Cape Coral | $1,898 |
| 22 | Lakeland | $1,845 |
| 23 | Palm Bay | $1,786 |
| 24 | Tallahassee | $1,748 |
| 25 | Gainesville | $1,646 |
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Premium amounts are comparative as specific Orlando zip code can lower or raise auto insurance rates substantially.
Determining which companies quote the cheapest insurance rates for Uber drivers calls for a little more work in order to find the most economical policy. Each company has their own formula to establish rates, so we will examine the most competitive insurance companies in Orlando.
Keep in mind that Orlando, FL insurance rates are influenced by many factors which can substantially change the price you pay. Improving your credit rating, buying a home, or getting a driving violation can trigger changes in premium that may make certain companies more affordable than competitors.
Best Cheap Insurance Rates for Your Uber Vehicle
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Electric | $1,712 |
| 3 | Amica | $1,764 |
| 4 | Progressive | $1,829 |
| 5 | Travelers | $1,869 |
| 6 | Allied | $1,926 |
| 7 | Mercury | $1,973 |
| 8 | Esurance | $2,020 |
| 9 | Auto-Owners | $2,107 |
| 10 | GEICO | $2,108 |
| 11 | State Farm | $2,131 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,373 |
| 14 | Windhaven Insurance | $2,653 |
| 15 | Safeco | $2,898 |
| 16 | MetLife | $2,988 |
| 17 | Liberty Mutual | $3,009 |
| 18 | Hanover | $3,054 |
| 19 | United Automobile | $3,457 |
| 20 | Infinity | $4,045 |
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USAA quotes some of the best car insurance rates in Orlando at around $986 annually. Electric, Amica, Progressive, and Travelers are also some of the more affordable Orlando, FL auto insurance companies.
As the rates illustrate above, if you are insured with Travelers and switched to Electric, you could realize an annual premium reduction of in the vicinity of $157. Policyholders with Allied could save as much as $214 a year, and Mercury insureds might reduce rates by $261 a year.
Be aware that those policy prices are averaged for all drivers and vehicles and do not factor in a specific vehicle garaging location for Uber drivers. So the company that fits your age and vehicle best may not even be in the list above. That emphasizes why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
Bad driving habits will cost you more
In a perfect world, the ideal way to obtain cheap insurance rates for Uber vehicles is to be an attentive driver and avoid at-fault accidents and violations. The example below shows how violations and at-fault collisions raise yearly insurance costs for different age groups of insureds. The costs are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.
In the previous example, the average cost of car insurance in Florida per year with no accidents and a clean driving record is $3,082. Receive two speeding tickets and the average cost increases to $4,153, an increase of $1,071 each year. Now get one accident along with the two speeding tickets and the annual cost of insurance for Uber drivers jumps again to an average of $5,237. That’s an increase of $2,155, or $180 per month, just for not driving carefully!
Choosing the right insurance provider can be difficult considering how many different insurance companies sell coverage in Orlando. The company information displayed below could help you select which coverage providers you want to consider when comparing rate quotes. These ratings are only comprised of companies that insure vehicles across America, so companies that have a smaller presence will not be included in this list.
Top 10 Major Auto Insurance Companies in Orlando Ranked by Value
- Mercury Insurance
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- The General
- 21st Century
- Esurance
Do you need full coverage?
Finding the cheapest insurance is important to most vehicle owners, and a great way to buy cheaper insurance for Uber drivers is to buy liability only. The example below shows the comparison of insurance rates with and without physical damage coverage. The prices are based on a clean driving record, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are factored in.
If averaged for all ages, full coverage on your policy costs $2,385 per year more than just buying liability insurance. At some point, about every driver wonders if buying full coverage is a good investment. There is no clear-cut formula for dropping comp and collision coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s replacement cost is $11,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $10,000 after paying your deductible. If you are currently paying more than $1,000 annually for your policy with full coverage, then it might be time to buy liability only.
There are some circumstances where dropping physical damage coverage is not financially feasible. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
Here’s why you should compare rates often
Florida insurance rates are determined by lots of factors which can substantially decrease or increase the price you pay for coverage. Simply having a birthday, marrying your spouse, or getting a driving violation may prompt premium changes that can make some companies cheaper than before. Not only may your risk profile change, but insurers modify rates as often as every three months in order to offset underwriting gains or losses. Higher than usual claims can result in additional premium costs, while a lower level of claims can produce cheaper Orlando car insurance rates.
As an example, the graph below shows which company has the cheapest car insurance in Orlando, FL for a 40-year-old male driver with no violations or accidents, and excellent credit. When quoting prices based on his current risk profile, USAA offers the lowest car insurance rates in Orlando at $1,191 annually. This is $1,257 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers round out the rest of the top five cheapest Orlando, FL auto insurance companies.
Now we will pretend the driver from the above example a claim surcharge, slightly worse credit, and a few blemishes on his driving record. Since every insurance provider uses their own formula to set policy rates, getting updated rate quotes may result in a new list of the cheapest car insurance companies in Orlando as shown below.
USAA now has the cheapest price in Orlando with Mercury, Esurance, State Farm, and Auto-Owners now being in the top five. This demonstrates why it is critical to take the time to shop around to get the cheapest auto insurance quotes for Uber drivers.
Insurance rates consist of many factors and change dramatically, so the best price the last time you shopped around may now be quite expensive.