Does Geico offer a discount for new cars?

Yes, Geico offers rideshare insurance. Geico rideshare insurance covers you whether the rideshare app is on or off as part of a hybrid policy that covers both rideshare driving and non-business driving, replacing your personal car insurance policy. A Geico rideshare policy typically costs only slightly more than a personal-use policy, and it provides more coverage and a lower deductible than the insurance offered by Uber and Lyft.… read full answer

Geico Rideshare Insurance Coverage

• Deductible gap coverage, so you can choose your own Geico deductible rather than paying Lyft’s or Uber’s
• Coverage for damage to your car, medical expenses, liability, and more while the app is on but before you accept a ride request
• Comprehensive, collision, liability, and more (depending on the coverage you purchase with your policy) once you have accepted a ride request

Rideshare insurance varies by state, so check with Geico to see if their rideshare coverage is available in your location. It’s also worth noting that Geico rideshare insurance excludes large buses, vans, and limousines.

Key Things to Know About Rideshare Insurance

In general, rideshare policies are important because the coverage provided by Lyft and Uber varies depending on where the driver is in the process of a ride. When a driver is online and waiting for a ride request, Uber and Lyft provide liability-only insurance.

Once the driver has accepted a ride request, Uber and Lyft provide up to $1 million in liability insurance, plus any other type of coverage required in the state. Both companies also provide collision and comprehensive insurance during this period, but only for drivers who have these types of coverage on their personal policy. However, Uber’s deductible is $1,000 and Lyft’s is $2,500. These are significantly more expensive than the average car insurance deductible of $500.

For more information, check out WalletHub’s complete guide to rideshare insurance.

You can get a Geico good student discount if you have at least a B average or a 3.0 GPA. Student drivers can save up to 15% as long as they are full time high school or college students.

Young drivers are usually quite expensive to insure since they lack driving experience. However, … read full answerGeico offers a good student discount because having good grades shows the insurer that you are responsible off the road, meaning you’re more likely to be responsible in the driver’s seat as well.

Geico good student discounts vary by state, but it’s always worth the effort of checking if they are available in your location.

You may have anywhere from 2 to 30 days to tell your insurance company that you bought a new car if you are already insured, depending on financing and coverage details. If you don’t have car insurance already, you’ll need to get a new policy before you can legally drive your new car. Most car dealerships require … read full answerproof of insurance to drive off the lot, so you’ll have to do some planning.

Either way, it’s wise to get car insurance quotes for different vehicles before buying one. That way, you’ll have a sense of which make and model is likely to increase or decrease your premium the most. At the very least, it’s something to take into account when picking your new car.

If you have an existing car insurance policy, there are two common grace periods for getting insurance on a new car:

• 2 to 4 days is common if you are adding a new car to an existing policy. Most car insurance companies will extend coverage to the new car in good faith, since it is usually required to get a loan. Such policies are designed to allow you to drive your new car home and make a call to your insurer quickly thereafter.
• 7 to 30 days is common if you are replacing a covered vehicle with a new car you purchased outright. In these cases, you can probably expect to have the same level of coverage as before. If you had liability-only coverage on the car you’re replacing, your new car would also have liability-only coverage.

Your policy term will transfer to the new vehicle in most cases, so you won’t have to start over with a new six-month or one-year policy.

If you are financing or leasing a new car, you may also want to consider adding gap insurance to your policy. Gap insurance will help pay the difference between the car’s market value and what you owe on your loan. Although collision coverage will pay fair market value for a totaled car, that may end up being less than you owe if you total your new car right away.

No matter how much time your insurance company gives you to get insurance on a new car, it’s best to reach out as soon as possible. Coverage specifics vary widely depending on state laws, insurance company rules, and individual policy provisions. If you miss a deadline, you could end up driving uninsured, which could result in legal fees, higher car insurance premiums, loss of your driver’s license, and more.