# Commercial Insurance



## wareagle30 (Apr 11, 2016)

How many of you carry commercial insurance? I drive part time but upgraded anyway. Cost difference was about $14 a week. Seems silly not to considering the risk & liability. I break down legal agreements for a living and after reviewing insurance lanuguage on both my policy and Ubers it's frightening how quickly you could find yourself financially ruined if involved in an accident. Thoughts?


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## Darrell Green Fan (Feb 9, 2016)

Not sure what you mean by commercial insurance but all you need is to add ride share to your existing policy. It's way cheap, $20/month is a typical number from what I've seen. In my case with Erie it was no additional charge, not kidding I asked him to check twice, then the bill said so. And yes you absolutely need it, without it your personal insurance will not cover you as you drive to a rider, and they will drop you for not revealing what you are doing.


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## oldfart (Dec 22, 2017)

I’d like to know where you got commercial insurance for just $650 a year more than a personal policy

I bought a commercial liability policy for $5400 my personal policy (full coverage) was under $1500 

I did find a commercial policy for $2500 but that policy did not allow Uber or Lyft


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## RynoHawk (Mar 15, 2017)

oldfart said:


> I'd like to know where you got commercial insurance for just $650 a year more than a personal policy
> 
> I bought a commercial liability policy for $5400 my personal policy (full coverage) was under $1500
> 
> I did find a commercial policy for $2500 but that policy did not allow Uber or Lyft


I'm guessing he means Rideshare insurance because yeah, commercial insurance is way more. You only need that for Uber Black and SUV, I believe, otherwise unless you are somehow going to start your own transportation business outside of U/L it's not worth it.


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## SEAL Team 5 (Dec 19, 2015)

wareagle30 said:


> How many of you carry commercial insurance? I drive part time but upgraded anyway. Cost difference was about $14 a week.


That $14 difference seems awfully cheap for a commercial fare for higher policy. That sounds more like a commercial business auto policy and not a commercial livery policy.

My wife and I have a personal auto policy for less than $1,000 a year and my commercial livery policy is $5,500 a year. That's close to a $86 week difference.


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## wareagle30 (Apr 11, 2016)

SEAL Team 5 said:


> That $14 difference seems awfully cheap for a commercial fare for higher policy. That sounds more like a commercial business auto policy and not a commercial livery policy.
> 
> My wife and I have a personal auto policy for less than $1,000 a year and my commercial livery policy is $5,500 a year. That's close to a $86 week difference.


You are correct. Actually commercial insurance wasnt ever required..just a ryder which is about $30 yearly



RynoHawk said:


> I'm guessing he means Rideshare insurance because yeah, commercial insurance is way more. You only need that for Uber Black and SUV, I believe, otherwise unless you are somehow going to start your own transportation business outside of U/L it's not worth it.


No. Geico was upgrading my policy to commercial as quoted. What I did not know was I didnt need commercial. Just a ryder thats about $25 annually which Geico didnt offer.


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## steveK2016 (Jul 31, 2016)

wareagle30 said:


> How many of you carry commercial insurance? I drive part time but upgraded anyway. Cost difference was about $14 a week. Seems silly not to considering the risk & liability. I break down legal agreements for a living and after reviewing insurance lanuguage on both my policy and Ubers it's frightening how quickly you could find yourself financially ruined if involved in an accident. Thoughts?


You do not have commercial insurance. Commercial insurance with adequate liability coverage ($1,000,000 min) would costs aroubd $6000-8000 per 12 month premium, higher for SUVs. You may have rideshare endorsement or Geico may have you as a hybrid policy, but those polices are meant as just GAP type insurance and mostly just to clarify their position of coverage versus that of rideshare operators.

You wont be able to take private clients with that policy.


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## wareagle30 (Apr 11, 2016)

steveK2016 said:


> You do not have commercial insurance. Commercial insurance with adequate liability coverage ($1,000,000 min) would costs aroubd $6000-8000 per 12 month premium, higher for SUVs. You may have rideshare endorsement or Geico may have you as a hybrid policy, but those polices are meant as just GAP type insurance and mostly just to clarify their position of coverage versus that of rideshare operators.
> 
> You wont be able to take private clients with that policy.


Yeah it was a commercial policy. There's different tiers in Ohio. Regardless dont need it


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