How much does rideshare coverage cost?

Like any other car insurance policy, the price of rideshare coverage will vary. Some insurers claim your existing premiums will go up about 15 percent. This could be added on to your existing policy, or you might need to buy a new policy that is a bit more expensive. Nevada is a state that generally has affordable car insurance rates, so you may find a budget-friendly option.

That said, a visit to Insurify can help you find the best deal on rideshare insurance. With a wealth of proprietary data, Insurify is the best site for accurate car insurance quotes delivered in real time. No more hopping from site to site trying to keep track of the best deal. With Insurify, all the key information you need is in one place.

>>>MORE: Best Car Companies for Rideshare Drivers

Nevada Laws on Rideshare Insurance Requirements

As you can see, the way insurance coverage applies to rideshare drivers is a bit complicated. To make things even more complex, the laws and standards surrounding rideshare insurance vary on a state-by-state basis. These are some of the laws and requirements you should be aware of if you’re driving for a rideshare company in Nevada.

In Nevada, rideshare companies must provide drivers with liability coverage of at least $1.5 million during periods 2 and 3. This means that if you get in a crash while a passenger is in your car, you’ll be covered for bodily injury, death, and property damage costs up to that amount.

You still might not be fully covered during periods 2 and 3. Even though rideshare companies offer ample liability insurance, you still might want certain add-on coverages like uninsured motorist coverage, collision coverage, or medical payments coverage. This will increase your insurance premium but could be worth it in the event of an accident.

In period 1, drivers must meet certain coverage limits. When you’re simply logged into the app and waiting for a request, your required coverage limits in Nevada are $50,000 per person and $100,000 per collision. Rideshare insurance is designed to meet these limits.

Even if Uber or Lyft insurance is in effect, you will still have to pay your deductible. As of 2021, the deductible for Uber and Lyft is $2,500. Some companies, like Progressive, will reimburse you for the difference between your ridesharing company‘s insurance deductible and your personal policy deductible.

The Nevada Department of Insurance also encourages rideshare drivers to disclose their rideshare activities to their insurance company. Your provider will want to know you’re driving for a rideshare company given the risks that come with this work—and the fact that you’ll likely be on the road more often if you take on such a job.

If you don’t disclose this information, many auto insurance companies will refuse to cover claims in the event of an accident. Making sure your insurance company is fully aware of this rideshare activity is the best way to make sure there are no big surprises when it comes to coverage as an Uber or Lyft driver.