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Does driving for Lyft affect insurance?
I want to do some rideshare driving to start a college fund for my daughter. After some research, I found that Lyft only takes a 20% cut compared to Uber’s 25%, so I’m going to drive for Lyft. The only thing I’m worried about is my car insurance. Will driving for Lyft affect my insurance rates?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Driving for a rideshare company is a smart way to provide for your daughter’s education.
Unfortunately, driving for Lyft affects insurance through increased premiums and the possible need for rideshare insurance.
- The risk factor: The insurer’s reasoning behind increased premiums is simple. You’re going to drive more miles, so the odds of youfiling a claimincrease. They reflect this risk in an increased car insurance premium.
- Rideshare insurance: Another effect on your insurance is that you’ll need to purchaserideshare insurance. While this coverage isn’t mandatory, it’s in the nice-to-have category, giving you peace of mind and additional protection for you and your passengers.
Even if you drive for Lyft, your finances might still need a little lift as well. So rather than paying an outrageous amount for your car insurance policy, shop around for cheap car insurance with the
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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