Yes, Travelers offers rideshare insurance as an optional add-on to a personal car insurance policy. Travelers rideshare insurance provides more coverage than the insurance offered by Uber and Lyft. Travelers does not disclose how much its rideshare endorsement costs, but other companies typically charge 15% - 20% of a driver’s annual premium.
Travelers Rideshare Insurance Coverage
- Does not include deductible gap coverage, so you will need to pay the rideshare company's deductible
- All the coverage that is on your personal policy while the app is on but before you accept a ride request
- No coverage is provided by Travelers once you have accepted a ride request
Rideshare insurance varies by state, so check with Travelers to see if their rideshare coverage is available in your location.
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 – for drivers who have these types of coverage on their personal policy. Uber’s deductible is $1,000, however, and Lyft’s is $2,500. These are significantly more expensive than the average car insurance deductible of $500.
Finally, Uber and Lyft don’t provide any coverage for drivers when the app is not on. For more information, check out WalletHub’s complete guide to rideshare insurance.
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