Does MetLife offer rideshare insurance?

For customers with a personal auto policy, the additional costs quoted by companies like Farmers and Erie for rideshare insurance are usually from $6 to $25 per month. Allstate offers its rideshare coverage for only $15 to $20 per year.

Rideshare insurance costs less than many drivers would think, making it well worth the price. However, prices vary and it’s important to look carefully at what each company covers. Costs often vary because companies structure this relatively new type of policy in very different ways.… read full answer

How Rideshare Insurance Works

Rideshare coverage is based on four periods of activity. In Period 0, you are driving your car for personal use. In Period 1, you have turned on your ridesharing app and are waiting for a ride request. Period 2 covers your drive to the location where you will pick up your passengers. Period 3 covers the time when passengers are in your car. The major rideshare companies like Uber and Lyft provide their drivers with coverage whenever their app is on (Periods 1-3). However, the coverage is minimal in Period 1.

Insurance companies are developing rideshare policies to fill in the gaps between your personal coverage and your rideshare company’s coverage. They fill the gaps differently.

Rideshare Insurance Coverage by Company & Situation

Most other companies that offer rideshare insurance cover Period 1 only. State Farm is one of the few that enables you to increase your coverage for all three ridesharing periods. Their policy also allows you to bypass the insurance company hired by your rideshare company if you have a claim. There have been many complaints about the customer claims service from these insurers.

Allstate’s Period 2 and 3 coverage doesn’t increase your coverage types or limits, but it does help with the high deductibles in your Uber or Lyft coverage. Uber’s insurance comes with a $1,000 deductible. Lyft’s is even higher—$2,500. If you get into an accident during periods 2 or 3, Allstate pays you the difference between these deductibles and those on your personal auto policy. So, if your personal deductible is $500, Allstate will give you $500 if you drive for Uber or $2,000 if you drive for Lyft to help pay your bills.

You must have your personal auto and rideshare insurance with the same insurer. Rideshare is add-on coverage, not a stand-alone policy. If you like your current auto insurance company and their rideshare insurance seems reasonable and gives you a comfortable level of coverage, buy from them. If you’re not satisfied with what you’re offered, consider switching companies. Comparison shop for the best overall deal—personal and ridesharing—that you can get.

MetLife is cheap because the company keeps overhead costs low by offering basic coverage options and the MetLife MyDirect online platform, which allows customers to purchase and manage their policies completely online. MetLife ranked13th overall in WalletHub's cheap car insurance study of more than 40 major insurers, partly because it offers discounts like MetRewards and Deductible Savings. Plus, MetLife rewards customer loyalty with discounts for insuring more than one car or bundling multiple policies, such as home and auto.… read full answer

MetLife is especially cheap for responsible drivers in particular. That’s because MetLife has special savings opportunities for drivers in this category, such as discounts for good students, safe drivers, and people who take a defensive driving class. But even though MetLife is among the cheapest car insurance companies, the only way to confirm you’ve found the lowest price is to compare quotes from multiple companies. Your final premium is based on a variety of factors, like your driving record, insurance history, the type of car you drive, and more, and all insurance companies can’t offer the same rate.

To get a personalized quote from MetLife, you can speak to a representative by calling 1 (800) 638-5433.

Commercial auto insurance for Uber drivers can cost $1,200 to $2,400 or more per year. A cheaper alternative is rideshare insurance, for $10 to $350 per year, depending on your location and insurer. Rideshare coverage is a specialized kind of insurance that bridges the gap between your personal auto policy and the coverage that Uber and other rideshare companies provide for drivers.… read full answer

Your personal auto insurance is unlikely to cover accidents you’re involved in while driving for Uber. Your insurer can even cancel your policy if you haven’t disclosed that you use your car for business. You should inform your insurance company of your plans before you begin driving for Uber and find out what you need to do to keep your personal policy valid.

Uber provides its drivers with some level of commercial insurance whenever their app is on. When you’ve accepted a ride request and while you’re carrying passengers, you are under Uber’s full insurance coverage. This includes $1 million in liability coverage as well as uninsured/underinsured motorist coverage. It also includes comprehensive and collision coverage, if you carry comprehensive and collision on your personal policy.

However, Uber’s coverage is minimal while you’re waiting for a request. During wait times, you’re covered by liability insurance only, and it’s limited to $100,000 for bodily injury and $25,000 for property damage per accident.

Rideshare insurance offers the additional coverage you really should have to protect your car, yourself and your savings from anything that could happen as you’re waiting for ride requests. Almost all of the major carriers offer rideshare insurance, but some states, like Michigan, don’t recognize it yet. If it isn’t available to you, you may have to buy more expensive full commercial auto insurance to be sure you’re adequately protected at all times.