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How much more is commercial than regular car coverage?
I know that insurance rates vary widely for a lot of reasons so I’m not asking about actual amounts. What I’m hoping you’ll fill me in on what percentage increase was it over your regular policy, including the rideshare coverage. Thank you for whatever help you can be.
PS – The reason why I’m not asking my insurance agent is that companies keep records and I’m wary of their thinking that I’m currently picking up non-Lyft/Uber passengers. I don’t want my rates to go up for asking a question. They probably won’t, but I don’t want to take that chance.
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4 Replies
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You first need to check about local laws concerning vehicles for hire before getting commercial insurance or basically it’s a waste of time and money.
A lot of cities, counties and states have specific laws that need to be followed and commercial insurance is only part of the whole picture.
You could pickup at one county, but not in another and so forth. Or require special airport fees and permits etc.
Like the county I was in it didn’t take much to get a taxi license, just a business address, commercial insurance and a taxi sign. We could drop off at MIA and KYW but couldn’t pickup there, however we could get around it if it was part of a pre-paid round trip with the origins in our county.
So if someone wanted to have a night on the town in ether city, we could pick them back up again and ensure they got their drunk arse home.
I tried getting quotes for commercial insurance but a lot has to do with your driving experience and record which affects the costs.
It’s not cheap, because it’s on the vehicle 24/7 unlike Ubers is only on the trip.
You’ll need to have an already well established clientele BEFORE going legal because of the higher costs involved.
Not many clients will stick around with your higher prices neither, so there has to be a really good reason why they would go with you instead of Uber.
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Last time I checked a few years ago commercial (I assume you mean livery insurance?) was between 12 and $1,500/mo…..versus the $200/mo that I pay now.
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In pa. I payed $5500 a year or $550 a month.
$2200 a month is impossible in florida.
In nyc or n.j. blk. Cars pay up to $15,000 a year. But they make $$ -
In most states, I believe you need $1 million in personal injury coverage, in addition to normal property damage coverage, but that can also vary for airport coverage limits. Some small airports require $5 million in liability coverage to be able to access the tarmac to get near private jets. If you look at Uber and Lyft actual insurance, there’s the $1 million in personal injury coverage when you have a pax, BUT, they typically only carry double the state minimum for all other coverage, which is not enough. There was a discussion on the radio here a month back, guys wife was one of 4 cars hit by an Uber driver who turned out to be uninsured. Colorado insurance minimum is 25/50/15, U/L only carry 50/100/30, in that callers case, I believe he said there was $90k in property damage. As a comparison of coverage, I have a friend that owns a limo company, his base insurance is 300/500/250 in addition to $1.5 million for personal injury when he has passengers. He carries a $15 million corporate umbrella policy in addition.
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