Does Geico Offer Gap Insurance?

Rideshare drivers searching for the best insurance policy for Uber or Lyft have likely come across one of the largest players in the game… Geico.

Since 1936, Geico has built their company into a global brand, and are known for affordable coverage for pretty much anything you’ll need to insure. So it makes sense when rideshare drivers needed insurance, Geico stepped in to help.

But one of the most important questions for rideshare drivers to ask themselves when considering this company is…

“Does Geico offer Gap Insurance?”

Let’s take a look.

Does Geico Offer Gap Insurance?

No, Geico does not offer gap insurance for Uber and Lyft drivers. However, they do offer their own “hybrid” policy, which offers protection to rideshare drivers.

Billed as “the affordable alternative that covers your vehicle for personal use, ridesharing, and other on-demand services”, Geico’s rideshare insurance policy covers drivers through a wide variety of activities and periods.

How it works

Geico’s ridesharing insurance policy for rideshare drivers is a substitute for a personal vehicle policy.

Unlike other rideshare insurance policies, this type of policy spans many different driver activities, whether personal or not.

Rather than building a policy to address only the “Insurance Gap”, Geico built a robust and flexible policy to offer drivers more.

This policy is flexible, affordable, and falls in line with the convenient, great insurance options Geico customers have come to love.

Related: 3 Things Every Driver Should Know About Rideshare Insurance

Where is Geico Rideshare Insurance Available?

Geico is working around the clock to expand their hybrid coverage policy to as many states as possible. It’s currently available in the following states:

Alabama Arizona Arkansas California
Connecticut Colorado DC Florida
Georgia Idaho Illinois Indiana
Iowa Kansas Louisiana Maine
Maryland Minnesota Mississippi Missouri
Montana Nebraska New Mexico North Dakota
Ohio Oklahoma Oregon Pennsylvania
Rhode Island South Carolina South Dakota Tennessee
Texas Vermont Virginia Washington
West Virginia Wisconson Wyoming

How Much Does Geico Ridesharing Insurance Cost?

According to popular insurance website Nerdwallet, a hybrid policy for Uber drivers through Geico costs around $150 per year. Taking a look at their comment section, however, indicates it may be a bit more.

“This chart is bs nerdwallet. geico personal coverage for me is $886/year, ride-sharing is $2252/year.”

“Just purchased a car to use for rideshare. Geico insists on commercial insurance $4038/year. Not happy.”

Every case is different, and not all will apply to you specifically. The best way to check Geico rideshare insurance cost in your area is to phone your local agent and ask.

Does a Geico Gap Insurance Policy Replace My Personal Policy?

According to the official FAQ page

“Our Ridesharing Insurance policy is a hybrid policy and will replace your existing personal auto policy. Once you purchase our policy, you no longer need your personal auto policy.

Note: If you have multiple vehicles, you will need to continue personal auto insurance on the vehicles not used for ridesharing.”

The Downsides To Geico’s Gap Insurance Alternative

When talking about insurance policies, we need to also address the downsides.

  1. There is a restriction on the amount of miles you can drive.
  2. If the policy isn’t offered in your state, you may have to opt for a more expensive commercial auto policy.

I won’t go into a lot of detail about these two options, as they relate to each driver differently, for each state. If you’re getting a quote though, definitely ask your Geico insurance agent about both.

Geico Rideshare Insurance FAQ

What is ridesharing insurance?

Ridesharing insurance adds an extra layer of protection for Uber and Lyft drivers when waiting for, traveling to, or transporting riders.

There are many types of policies available, but a Geico rideshare insurance policy will replace a driver’s personal auto policy completely, and span multiple periods, whether they are rideshare driving or not.

Can I drive for Uber with Geico Insurance?

Yes, you can drive for Uber with Geico insurance.

Most other insurance companies strictly forbid “drive for hire” activities like driving for Uber, but Geico’s hybrid insurance policy provides coverage while rideshare driving.

Which insurance companies cover Uber?

There are quite a few different companies that cover Uber drivers, and eligible coverage depends on which state you live in. The most popular insurance companies that cover Uber include:

  • Geico
  • Eerie Insurance
  • Farmers
  • Allstate
  • State Farm
  • Met Life

My Take

For drivers asking does Geico offer gap insurance, the answer is no. However, what they do offer is a comprehensive policy that covers them not only when ridesharing, but also in many other areas including personal driving.

My thought is that if you’re going to pay for a policy designed for rideshare driving alone, it should be cheap but well worth it. However, if the company you choose marks these policies up a lot, then the policy coverage should expand into other areas, just like Geico has done with this policy.

If you’re shopping around for ridesharing insurance, a Geico policy is definitely worth a look. If you’re already a Geico policy owner for your auto insurance, then the policy is an even more compelling option.

Do you have a Geico Ridesharing Insurance policy? What did you pay for yours? Would you recommend it to other drivers? Let us know in the comments below!

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