The type of vehicle you are seeking coverage for is one of the largest factors when consumers are trying to find the best insurance for Uber drivers. Vehicles with economical engines, a great safety record, or a low likelihood of liability claims will cost much less to insure than higher performance models.
The information below estimates insurance rates for a selection of the cheaper vehicles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,537|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,540|
|Toyota Tacoma 4WD||$1,572|
|Ford Escape XLS 2WD||$1,582|
|Honda Accord LX-P 4-Dr Sedan||$1,587|
|Ford Focus SE 4-Dr Sedan||$1,628|
|Chevrolet Malibu LS||$1,660|
|Chevrolet Equinox LS 2WD||$1,668|
|Ford Explorer Eddie Bauer 2WD||$1,719|
|Dodge Grand Caravan SE||$1,725|
|Honda Odyssey EX-L W/Rear Entertainment||$1,751|
|Toyota Corolla XLE||$1,756|
|Chevrolet Silverado LT Regular Cab||$1,780|
|Toyota RAV4 Sport 4WD||$1,817|
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Price information does not factor in your specific Albuquerque, NM location which can lower or raise insurance rates considerably.
Based upon these rates, you can see that models like the Honda CR-V, Jeep Wrangler, and Toyota Prius should be some of the cheapest vehicles to insure for Uber vehicles.
For Uber vehicles, one of the largest considerations that aid in calculating auto insurance rates is where your car is garaged in Albuquerque. Areas with a lot of weather claims or more people tend to have higher auto insurance costs, whereas areas that tend to be more rural profit from lower rates.
The following table shows the most expensive areas in New Mexico for Uber drivers to buy an auto insurance policy in. Albuquerque shows up at #2 having an annual price of $1,389 for the average policy, which is about $116 per month.
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Premium costs are estimated as specific Albuquerque garaging address can impact premiums significantly.
Full coverage versus liability only rates
Finding cheaper car insurance is probably important to the majority of people, and one great way to find cheaper insurance for Uber drivers is to not buy full coverage. The diagram below illustrates the difference between insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The premium estimates are based on no violations or claims, $500 deductibles, single marital status, and no discounts are applied.
If all age groups are averaged, physical damage coverage on your policy costs $1,521 per year more than just buying liability insurance. That raises the question if you should buy full coverage at all. There isn’t a steadfast formula that works best for making the decision to drop comp and collision coverage, but there is a general convention. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
The example below highlights how deductible selection can impact insurance costs when getting quotes for cheap insurance for Uber drivers. The prices are based on a married female driver, full physical damage coverage, and no discounts are applied.
A 30-year-old driver could cut expenses by $356 a year by increasing from a $100 deductible up to a $500 deductible, or save $536 by using a $1,000 deductible. Even younger drivers, like the 20-year-old category, could possibly save as much as $762 or more by choosing a larger deductible amount. If you do raise deductibles, it is a good idea to have enough spare savings to be able to cover the extra out-of-pocket expense that comes with higher deductibles.
Selecting the highest-rated company can be difficult considering how many different insurance companies sell coverage in Albuquerque. The rank data listed below could help you choose which car insurance providers you want to consider comparing rates from.
These rankings are only comprised of large insurance companies, so companies that focus mainly on New Mexico business are not taken into consideration for this list. To compare prices and find the cheapest rates for Uber drivers, follow this link.
|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