The words "bargain" and "insurance" really should not be used together, specifically when comparison shopping for the cheapest auto insurance for Uber drivers. Let's lead off by showing you some of the things that help determine insurance prices, and find a few ways to take the sting out of the next policy you buy.
One of the more important factors that help determine the annual cost of car insurance is where you keep your vehicle in Nevada. Areas with more people or higher crime rates like Winchester, Paradise, and Las Vegas tend to have higher rates, whereas areas that tend to be more rural benefit from lower coverage costs.
The following table rates the highest-priced places in Nevada for Uber drivers to purchase auto insurance in.
|7||North Las Vegas||$1,826|
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Prices are approximated as the specific area where the vehicle is garaged can increase or decrease auto insurance rates substantially.
Determining which companies have the most affordable insurance rates for Uber drivers in Nevada will involve a tad more effort thank just comparing rates from one or two companies.
Every insurance provider used slightly different criteria to determine rates, so we need to take a look at the insurance companies with the overall best prices in Nevada. It's a good idea to know that Nevada insurance rates are calculated based on many things which can substantially change the policy premium. Simply turning a year older, buying a different vehicle, or getting a speeding ticket may prompt premium changes that may make certain companies more affordable than before.
Compare Cheap Insurance Quotes for Your Uber Vehicle
|Rank||Company||Cost Per Year|
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Travelers has some of the best car insurance rates in Nevada at around $930 annually. This is $644 less than the average policy premium paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and American Family also qualify as some of the most economical Nevada insurance companies.
As depicted above, if you currently have coverage with Allied and switched to Travelers, you could see a yearly price reduction of in the neighborhood of $9. Policyholders with Capital may save as much as $58 a year, and Oregon Mutual policyholders might see rate reductions of $217 a year.
To discover how much you can save, click here to begin a quote or visit any of the companies below.
It's important to note that these rates are averaged for all types of drivers and the different vehicles they drive and do not factor in a price discount for Uber drivers. So the auto insurance company that can offer you the best rate may not even be in the list above. That affirms the importance of why you need to get rate quotes from many companies using your own specific driver and vehicle information.
The make and model of vehicle to be insured is one of the largest considerations that determines whether or not you can buy cheaper auto insurance for Uber drivers. Vehicles with lower performance, a great safety record, or a low likelihood of having liability claims will cost less to insure than high performance models.
The table below features car insurance costs for a handful of the cheapest automobiles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$669|
|Honda CR-V EX-L 4WD||$747|
|Honda Accord LX 4-Dr Sedan||$756|
|Honda Odyssey EX||$776|
|Chevrolet Impala LT||$791|
|Ford Explorer Limited 2WD||$806|
|Ford F-150 FX2 Super Cab 2WD||$819|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$832|
|Toyota Corolla S||$833|
|GMC Sierra SLT Extended Cab 4WD||$848|
|Ford Edge SEL 2WD||$850|
|Dodge Ram Crew Cab ST 4WD||$865|
|Chevrolet Equinox LS AWD||$867|
|Toyota Tacoma Double Cab 4WD||$892|
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Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Premium costs do not factor in your specific Nevada location which can raise or lower insurance rates greatly.
Based on these rates, we can assume that vehicles like the Ford Escape, Honda CR-V, Honda Accord, and Honda Odyssey are likely to be the most economical vehicles to insure for Uber vehicles.
Full coverage rates compared to liability only
Paying less for insurance is the goal of the majority of people, and an effective way to reduce the cost of insurance for Uber drivers in Nevada is to not buy comprehensive and collision coverage. The example below shows the comparison of auto insurance costs with full coverage and liability only. The rate quotes are based on no violations or accidents, $100 deductibles, drivers are not married, and no policy discounts are applied.
If we average the cost for all age groups, comp and collision coverage costs $2,368 per year over having just liability coverage. That amount may make you wonder when is it safe to stop buying full coverage. There isn't a steadfast formula of when to exclude full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the vehicle's replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let's say your vehicle's replacement cost is $6,500 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $5,500 after paying the physical damage deductible. If you are currently paying more than $550 a year to have full coverage, then it might be time to buy liability only.
There are some scenarios where eliminating full coverage is not recommended. If you still have a loan on your vehicle, you have to keep full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not buy liability only.
Buying coverage from a high-quality insurance company is difficult considering how many companies sell coverage in Nevada. The company information in the next section may help you decide which auto insurers you want to consider when trying to find cheaper insurance for Uber drivers. These ratings are only made up of the largest companies in the United States, so smaller regional companies are not taken into consideration for these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Illustration showing the impact of accidents and violations
The ideal way to maintain the most affordable insurance premiums for Uber vehicles is to be an attentive driver and avoid tickets and accidents. The information below shows how violations and at-fault fender-benders raise car insurance costs for different insured age categories. The information is based on a married male driver, full coverage, $500 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of auto insurance in Nevada per year with no accidents or violations is $1,359. Get two speeding tickets and the average cost swells to $1,875, an increase of $516 each year. Now include one accident along with the two speeding tickets and the 12-month cost of insurance for Uber drivers in Nevada goes up to an average of $2,391. That's an increase of $1,032, or $86 per month, just for not keeping your driving record clean!
You are probably paying too much for car insurance
Nevada insurance rates are impacted by many things which can substantially change your annual premium. Turning one year older, filing a claim, or getting a few speeding tickets may generate price changes resulting in some companies being more affordable than before.
Not only that, but car insurance companies file new Nevada auto insurance rates as often as every three months in order to offset underwriting gains or losses. Heavier than normal losses may cause additional price hikes, while long-term profits can produce cheaper Nevada car insurance rates.
The graph below shows the company with the cheapest car insurance in Nevada for a 40-year-old female driver with a clear driving record, no claims, and a good credit history. If we estimate prices based on her current rating profile, Travelers may offer the lowest car insurance rates in Nevada at $930 a year. This is $644 less than the average policy premium paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and Progressive are also included in the most affordable Nevada auto insurance companies.
The chart below compares rates after we give the driver from the above example an at-fault accident, a lower credit score, and a stop sign violation. Due to the fact that every auto insurer has their own process to set policy rates, comparing rates may now result in a different ranking of cheap Nevada auto insurance companies as shown below.
American Family now has the cheapest car insurance in Nevada with Allied, Nationwide, USAA, and Safeco now rounding out the top five. This example illustrates why Nevada drivers need to compare many different companies when trying to get cheap insurance quotes for Uber drivers. Insurance rates are influenced by many things and change dramatically, so the cheapest option three years ago may now not even be in the top five.