You have seen the ads from auto insurance companies like Nationwide, State Farm, and Progressive that make claims of dirt cheap rates, so drivers should just choose the one with the best commercial, right?
Regrettably, it’s not quite that easy, as there are many unknowns like your annual mileage driven, citations or tickets, and what deductibles you want to use, that all influence how much you pay for auto insurance. We are going to cover the different ways you can keep rates low and will give you a good start to your coverage search.
Finding out which company has the cheapest auto insurance rates for Uber drivers may require a little more work than just comparing a company or two. Every car insurance company uses their own method to set premium rates, so we’ll go over the auto insurance companies that tend to be cheaper in Seattle, WA.
It’s important to know that Seattle auto insurance rates are determined by lots of factors that can increase the cost of your policy. Simply getting older, moving to a new city, or getting a speeding ticket may prompt premium changes that can make some companies much cheaper than others.
Best Auto Insurance Prices for Your Uber Vehicle
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Capital offers some of the most affordable car insurance rates in Seattle at around $761 each year. Grange, Nationwide, Travelers, and PEMCO also are some of the best Seattle, WA auto insurance companies.
In the rate table above, if you currently have a policy with Travelers and switched to Grange, you could see yearly savings of roughly $185. Customers with PEMCO could save as much as $191 a year, and Mutual Enumclaw customers might realize rate reductions of up to $210 a year.
To find out how much you can save, click here to start your free quote or feel free to get quotes from the companies below.
Bear in mind that those rates are averages for all insureds and vehicles and do not factor in a specific vehicle garaging location for Uber drivers. So the car insurance company that can offer you the best rate may not even be in the top 25 companies shown above. That illustrates why you need to quote rates from as many companies as possible using your own individual information.
One of the more important things that are looked at to determine the amount you pay each year for auto insurance is where you call home. Larger areas will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive cheaper rates.
The information below shows the priciest cities in Washington for Uber drivers to purchase a policy in. Seattle is ranked #8 with a yearly premium of $1,349 for the average insured, which is around $112 each month.
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Annual rates are comparative as vehicle location can change rates noticeably.
The illustration below illustrates how your deductible choice can increase or decrease yearly insurance costs when researching cheap insurance for Uber drivers. The information is based on a married male driver, comp and collision included, and no discounts are applied.
In the chart above, a 40-year-old driver could cut expenses by $204 a year by changing from a $100 deductible up to a $500 deductible, or save $312 by changing to a $1,000 deductible. Younger drivers, like the Age 20 chart data, could reduce their rates as much as $682 or even more just by choosing larger deductibles. When insureds make the decision to increase the deductibles on their policy, it is necessary to have additional savings on hand to allow you to cover the extra out-of-pocket expense associated with higher deductibles.
Full coverage versus liability-only
Paying a lower price for auto insurance is probably important to most people, and one of the easiest ways to find cheap insurance for Uber drivers is to only buy liability coverage. The chart below compares insurance rates with liability coverage only compared to full coverage. The premiums are based on no accidents or driving violations, $500 deductibles, single status, and no discounts are applied.
If averaged for all ages, comp and collision coverage costs an extra $1,394 per year more than carrying just liability coverage. That touches on the question if buying full coverage is worth the money. There isn’t a steadfast formula of when to drop full coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than about 10% of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s assume your vehicle’s settlement value is $10,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $9,000 after paying your deductible. If you are paying more than $900 annually for full coverage, then you may want to consider only buying liability coverage.
Responsible drivers pay cheaper Seattle auto insurance rates
One of the best ways to earn the most affordable auto insurance premiums in Washington for Uber vehicles is to be an attentive driver and not get tickets or have accidents. The diagram below highlights how speeding tickets and at-fault claims can affect premium costs for different age categories. The premiums assume a married female driver, full coverage, $100 deductibles, and no discounts are taken into consideration.
The data in the chart shows the average cost of an auto insurance policy in Seattle per year with no accidents and a clean driving record is $1,308. Get two speeding tickets and the average cost jumps to $1,861, an increase of $553 each year. Then add two accidents along with the two speeding tickets and the annual cost of auto insurance for Uber drivers goes up to an average of $3,821. That’s an increase of $2,513, or $209 per month, just for not being attentive to the road!