Farmers was the first insurance company to offer rideshare endorsements – an insurance mechanism which expands the applicability of your personal policy to prevent dangerous lapses in coverage. Although many other insurers have joined the rideshare party since then, Farmers remains a reliable and affordable option for drivers looking for some peace of mind on the road.
Where is Farmers Rideshare Insurance available?
Farmers first began offering rideshare insurance in Colorado in January of 2015. Since then, they’ve expanded the product to an assortment of new states:
What does Farmers Rideshare Insurance cover?
Much like similar rideshare insurance products from Allstate and State Farm, Farmers offers drivers what’s sometimes known as “gap coverage.” This coverage works by adding a “rideshare endorsement” to an otherwise standard personal policy.
In the insurance world, rideshare driving is divided into three periods. During period one, you’re online in your rideshare app of choice, waiting for pings. In period two, you’re en route to the passenger, and in period three, the passenger is in your vehicle, on the way to their destination.
Uber and Lyft offer full commercial liability coverage during periods two and three – but they offer very little coverage during period one. That means if you get into an accident between rides, you might have to pay for damages out-of-pocket. (Regular personal insurance won’t cover these accidents, as they still count as commercial activity).
Rideshare insurance from Farmers closes this gap by adding an endorsement to your policy, extending your personal coverage to include period one. That way, you’ll maintain full coverage around the clock.
The Fine Print
It’s worth noting that Farmers’ rideshare insurance is not a commercial policy. It leaves things entirely up to the company you’re working for during periods two and three – so if the company you’re driving for doesn’t cover you with their own policy while you’re working, Farmers rideshare insurance won’t help you. For those that work part- or full-time for Uber and Lyft, though, “hybrid” policies like Farmers’ are a great choice.
How Much Does It Cost?
When we compared quotes from several rideshare insurance providers a few months ago, we found that Farmers fell on the more affordable side – check out the full findings here. Our sample quote was around $150 per month; when the program debuted, Farmers estimated that the rideshare endorsement adds an average of 25% to your premium. Farmers also offers other types of insurance, including renters and homeowners, so be aware that you can save some money by bundling – up to 20% in some cases. Some “affinity discounts” are also available to nurses, teachers, and other select professionals.
To see all the insurance options available in your state, head over to our Rideshare Insurance Marketplace where you’ll find a complete list of providers and other local resources.
Perks and Other Info
Farmers offers a rental car/loss of use option which will either a) provide you with a rental car, or b) pay you a set amount per day your car is out of commission. If you set your “loss of use” amount at $50 and your car is in the shop for 10 days after an accident, you can opt to receive a rental car or $500. That money can help cover lost wages and/or your deductible.
Got a large family? No worries – you can have all your vehicles under a single policy, and only add the rideshare endorsement to the vehicle(s) you use for rideshare.
Last but not least, Farmers will be releasing a smartphone app later this year which will allow them to track your driving patterns. Drivers will have the option to install the app in order to earn “a significant discount” on their premiums.
Where Can I Get a Quote?
Over the years, we’ve gotten to know a few Farmers agents who are especially familiar with the unique needs of rideshare drivers. Here’s their contact info (note: you’ll need to find an agent in your state):
Farmers Recommended Agents in California
Don Parish – (408) 780-8122
Alex Nava – (310) 568-4520 – Los Angeles/Orange County
Farmers Recommended Agent in Colorado
Jolene Johnson – (303) 768-8130
Farmers Recommended Agents in Illinois
Slavin Farmers Insurance Agency – (847) 926-7767
Farmers Recommended Agent in Minnesota
Natalie Fox – (952) 229-5157
Farmers Recommended Agent in Nevada
Bonnie Grant – (702) 279-4299
Farmers Recommended Agent in New Jersey
Henry Robinson– (908) 473-9196
Farmers Recommended Agent in Utah
Diego Ciulupa – (801) 613-2594
If you’ve worked with an agent in your area who you’d recommend, let us know in the comments or send us an e-mail. And my usual advice never goes amiss – get quotes from every rideshare insurance provider in your area. It never hurts to know your options. Find out what other options are available in your state through our rideshare insurance marketplace.
Readers: Do you have a rideshare insurance policy from Farmers? How is it working for you? Share your experience in the comments.
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-Jon @ RSG