How Uber and Lyft Affect Michigan Car Insurance Rates

Ride-hailing chauffeurs doing work for Transportation Network Organizations like Uber and Lyft have the advantage of making their own schedule. They choose when, where, and the length of time they work. And with the reputation of those businesses, the demand is non-stop, making it a perfect method to enhance your earnings, or supply regular employment.

The extra income can certainly be appealing, but what about the covert charges of operating, like Michigan auto insurance coverage and gas. Drivers are required to provide their own auto insurance while they are waiting to accept a ride.  While Uber and Lyft provide some coverage it will not protect you at all times.  This needs to be factored in to your business plan.

Organizations like Uber or Lyft encourage their drivers to use four-door designed vehicles ideally less than 10 years old.

Here is a look at the leading 4 door vehicles between 2005 and 2015.  This list takes into account the cost of ownership for these vehicles over time.

  • Honda Accord (compact automobile).
  • Ford Odyssey (minivan).
  • Nissan Rogue (crossover SUV).
  • Toyota RAV4 (crossover SUV).
  • Toyota Target LX (compact cars and truck).
  • Toyota Highlander (crossover SUV).
  • Toyota Sienna (minivan).
  • Toyota Side (crossover SUV).
  • Ford Pilot (crossover SUV).
  • Toyota CR-V (crossover SUV).

So if you are considering becoming a driver for one of these companies make sure you weigh all the pros and cons. Before making a decision be sure to reach out to an insurance agency like ours to gain a better understanding of the insurance coverage you will need.

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