The Uber rip-off you don’t know about
Insurance costs for ridesharing have increased by as much as 94% in the past 12 months. Is this gig still worth it?
Yes, you read that right.
Rideshare insurance, which you need to get if you want to cover your car driving Uber or Didi (Ola pulled out of Australia on April 12) is hundreds of dollars more expensive than it used to be.
We've been collecting rideshare insurance quotes from 5 popular providers for over a year.
Got a spare $1,243 lying around?
Car insurance for ridesharing has gone up an average of 53.33%, or $1,242 per year.
This is substantially more than standard car insurance.
According to Finder analysis, comprehensive car insurance premiums have gone up by an average of 10.6% in the last 12 months, mainly thanks to inflation and the impending apocalypse AKA global warming.
We're not the only ones seeing premiums skyrocket. The ABS report shows insurance prices rose 16.2% in the 12 months to the December 2023 quarter, the biggest price increase since March 2001.
$3,573 per year for a policy
Yes, you read that right, again. Out of the 5 insurers we got quotes for, a rideshare insurance policy cost an average of $3,573 per year.
Based on the average amount an Uber driver makes, you'd need to work an extra 35 hours a week to pay this off.
In one case, you'd need to work an extra 62 hours to break even.
One insurer increased its prices from $1,383 to $2,681. Its premiums have almost doubled in 12 months. Despite that, it was still the cheapest of the 5 policies.
The most expensive policy was $5,491. This is $2,209 more than the quote we got for it this time last year.
It's worth keeping in mind that these are quotes we got based on a specific driver profile. Yours will be different but we can bet they'll probably still be expensive.
Tax deductions can make insurance costs a little easier to stomach but it's still a substantial upfront cost. There's also increased fuel prices, maintenance costs and repairs to contend with.
Compare rideshare insurance. Get less ripped off.
