The vehicle model needing coverage is a large factor when looking for cheap car insurance for Uber drivers. Vehicles with high performance features, a lack of advanced safety features, or an increased likelihood of liability claims will cost significantly more to insure than more modest models.
The data below showcases coverage prices for some of the most cost-effective vehicles to insure in Tennessee.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$1,872|
|Ford F-150 XLT Crew Cab 4WD||$1,971|
|Honda CR-V LX 2WD||$2,003|
|Toyota Camry XLE||$2,035|
|Hyundai Sonata GLS 4-Dr Sedan||$2,078|
|Dodge Grand Caravan CV||$2,099|
|Ford Explorer XLT AWD||$2,109|
|GMC Sierra 3500HD SLE Crew Cab 2WD||$2,107|
|Jeep Wrangler Unlimited Rubicon 4WD 4-Dr||$2,142|
|Ford Edge SEL AWD||$2,174|
|Ford Escape Limited 4WD||$2,177|
|GMC Sierra 2500HD SLE Regular Cab 2WD||$2,212|
|Chevrolet Malibu Hybrid||$2,215|
|Toyota RAV4 Sport 4WD||$2,224|
|Chevrolet Equinox LT 2WD||$2,215|
|Chevrolet Silverado 3500HD LTZ Crew Cab Diesel 2WD||$2,247|
|Dodge Ram Crew Cab Sport 4WD||$2,250|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$2,255|
|Honda Civic DX 2-Dr Coupe||$2,270|
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Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Rates do not factor in your specific Memphis, TN location which can impact premium rates noticeably.
By looking at the data, you can expect makes and models like the Toyota Prius, Honda Accord, Ford F-150, Honda CR-V, and Toyota Camry are some of the cheapest vehicles to insure for Uber vehicles.
Finding out which company has the best auto insurance rates for Uber drivers will involve more work in order to find the lowest price. Each auto insurer has a different process to set premium rates, so to begin we’ll rank the auto insurance companies with the most affordable rates in Memphis, TN.
It’s important that you understand Memphis, TN auto insurance rates are impacted by many factors which can substantially change the price you pay. Simply turning a year older, buying a different vehicle, or having an accident may prompt premium changes that can make some companies affordable when they were higher priced.
Best Cheap Insurance Rates for Your Uber Vehicle
Utica National may have some of the best car insurance rates in Memphis at around $760 per year. Cincinnati Insurance, Auto-Owners, Penn National, and Tennessee Farmers also make the cut as some of the more affordable Memphis, TN car insurance companies.
As depicted above, if you are insured with Penn National and switched to Cincinnati Insurance, you could see annual savings of around $49. Tennessee drivers with Tennessee Farmers could save as much as $101 a year, and USAA policyholders might lower prices by $107 a year.
Bear in mind that those estimates are averages across all types of drivers and the different vehicles they drive and do not take into consideration an exact zip code location for Uber drivers. So the auto insurance company that is most affordable for your situation may not even be in the top 30 companies in the list above. That points out the importance of why you need to get auto insurance quotes using your own specific driver information and vehicle.
The chart below highlights how deductible selection can influence premium costs when quoting cheap insurance for Uber drivers. The rates are based on a single female driver, full physical damage coverage, and no discounts are taken into consideration.
The data above shows that a 30-year-old driver could reduce rates by $312 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $472 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old example, could reduce their rates up to $696 or even more by using higher deductibles when buying full coverage. If you make the decision to raise deductibles, it’s a good idea to have plenty of money set aside to allow you to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Cost of full coverage
Buying cheaper auto insurance is probably important to most vehicle owners, and one of the easiest ways to buy cheaper insurance for Uber drivers is to buy only liability coverage. The example below illustrates the comparison of premium costs with full coverage and liability only. The rate quotes are based on no violations or claims, $1,000 deductibles, marital status is single, and no discounts are factored in.
If the expense is averaged for all age categories, physical damage insurance costs an extra $1,620 per year more than just insuring for liability. A very common question is if buying full coverage is worth the money. There isn’t a steadfast formula of when to exclude physical damage insurance, but there is a guideline you can use. If the yearly cost for physical damage coverage is 10% or more of any settlement you would receive from your insurance company, then you might consider buying liability only.
For example, let’s say your vehicle’s replacement value is $5,500 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,500 after paying the physical damage deductible. If you are paying over $450 a year for physical damage coverage, then it could be time to drop full coverage.
There are some circumstances where removing full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
How to get discounts on Memphis auto insurance
Auto insurance companies that offer cheap quotes for Uber drivers could also offer price discounts that can lower rates by as much as 30% if you are eligible for them. A list of companies and a partial list of their discounts can be found below.
- State Farm offers discounts including good driver, multiple policy, anti-theft, defensive driving training, driver’s education, accident-free, and safe vehicle.
- GEICO may include discounts for daytime running lights, membership and employees, good student, driver training, air bags, multi-vehicle, and defensive driver.
- Allstate discounts include economy car, 55 and retired, safe driver, utility vehicle, good student, passive restraint, and farm vehicle.
- SAFECO includes discounts for teen safety rewards, teen safe driver, anti-theft, bundle discounts, multi-car, accident prevention training, and safe driver.
- Farm Bureau has discounts for driver training, multi-policy, renewal discount, good student, multi-vehicle, 55 and retired, and youthful driver.
- Progressive may have discounts that include homeowner, online quote discount, multi-policy, continuous coverage, good student, and online signing.
- AAA policyholders can earn discounts including multi-policy, education and occupation, good student, good driver, pay-in-full, anti-theft, and multi-car.
The diagram below illustrates the comparison of insurance prices with and without discounts being applied to the rates. The prices are based on a female driver, no tickets, no at-fault accidents, Tennessee state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The second shows the rates with defensive driving course, vehicle safety, multiple vehicle, passive restraint, safe-driver, and homeowner discounts applied. When drivers qualify for the discounts, the average savings per year on auto insurance for Uber drivers is 28% or $323.
If you aren’t sure which coverage to buy and prefer to have professional advice when shopping for the best coverage for Uber vehicles, the insurance agencies below can help you make a decision which policy fits your needs best.
To find a Memphis insurance agent using an interactive map, click the button at the bottom of the list.
- Steve Womack – State Farm Insurance Agent
848 Cooper St – Memphis, TN 38104 – (901) 725-1919
- Kevin White – State Farm Insurance Agent
2861 Poplar Ave – Memphis, TN 38111 – (901) 652-8484
- Clay and Land Insurance, Inc.
866 Ridgeway Loop Rd #200 – Memphis, TN 38120 – (901) 767-3600
View more Memphis, TN insurance agents
How to find more affordable insurance for Uber drivers
Lowering your rates is not difficult, and here are some of the better money-saving ideas that can help drivers get lower-cost coverage.
- Try to not file small claims
- Clean up your credit rating
- At-fault accidents will increase rates
- Be a cautious driver
- Home or renters coverage can save on auto insurance
- Raise comprehensive and collision coverage deductibles
- Compare rates regularly to ensure the best deal
The last item on the list is highly significant, as was noted in the prior information. Coverage rates can be changed at any time, so don’t be hesitant to buy a policy from a new company if a cheaper price is available.
Many drivers prefer to stick with one company, but it isn’t a good idea if that faithfulness ends up costing you a wad of cash every year. Spend a few minutes and compare prices to find cheaper car insurance for Uber drivers in Memphis.