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5 years ago · by · 0 comments

Rideshare Insurance for Uber, Lyft, and Other Rideshare Companies

In the recent past, uber and lyft has done something very revolutionary to the world in terms of their business model. If you have a car and want to either make a passive or a full-time income, you could set your own schedules, drive as much as you want and make a proportionate amount of money. Now, this is not just limited to the United States as the ridesharing options are spread in so many countries across the globe. Uber and lyft have certainly changed the way passengers commute and have also created thousands of jobs. And with such perks, there are also risks associated in terms of accidents and if you are the driver, then your personal insurance might not be sufficient and hence it is imperative that you get good coverage.

But before we delve further deep, let’s understand what a rideshare insurance is. In simple terms, it is the car insurance every driver needs to have if they are working with a ridesharing company. It is required as the vehicle is no longer used for personal use; it is indeed operated for business purposes. And not having this type of car insurance could prove astronomical to the drivers if anything unfavorable happens. One of the reasons why the insurance is required is the fact that the taxi drivers are bound to be on road for longer durations which augments the risks of getting into an accident. Since there is a passenger involved, drivers are likely to be responsible for passengers’ safety and hence any medical damages.

In the earlier times, almost all of the insurance companies did not offer a great deal of service while customers were looking for a car insurance to drive for transportation network companies (TNCs). Some of the drivers even had their policies canceled once the insurance firms were aware of the fact that they were working for TNCs. But as the popularity of these ride-sharing companies grew, there was a much better cooperation and now more and more insurance firms are coming forward to helping out the drivers. You would not be deprived of making extra money if you do not have your personal car. There is quite a bit of service who offer rental vehicles for ridesharing purposes and offer some competitive advantages to the drivers. Some of them include the insurance as a part of the contract which also includes the comprehensive coverage.

Let’s now discuss the most important aspect of this rideshare insurance, the costs associated. In the past, drivers had to pay hefty amounts to these firms, but with the popularity of these ridesharing services, they are competing like never before to attract more consumers. The positive side for the drivers is that it has become much more affordable than before and if you include the added monthly costs, it could be as less as $10, based on the circumstances. When you drive for these ridesharing companies, you are more like a contractor and not their direct employee and hence these companies take no responsibility if anything happens during the off-duty time.

In instances where you use ridesharing vehicles for personal use, it becomes the responsibility of the personal insurance to cover any damages in the event of an accident. But once the insurance firm discovers that you are using the car vehicle for commercial reasons, it is unlikely that you will get assistance from them. This is more like a gray area and to understand better, let us examine three different types of events that might happen:

  • The first possibility could be when you as a driver have the ridesharing company app open and waiting for a passenger. In such instances, you are not likely to get any coverage from your personal insurance since the app is on.
  • The second instance could be when you are on your way to pick up the passenger. In such instances, the transportation companies are likely to offer increased coverage.
  • The final possibility could be when the passenger has already boarded the cab. This is when you are likely to get full coverage provided by the TNC.

While you may be the safest driver and have all the possible coverage you could think of, accidents might happen as driving on roads is all about risks. You could get into a fatal accident even if it’s not your mistake. But if something unfavorable happens, it is imperative that you follow the protocol. In case you are not completely sure about the procedure, it could be understood through the following steps:
• Your foremost priority is to make sure that everyone in the car is safe before even thinking of anything else. This would also be the top priority of all the ridesharing companies.
• Try to exchange insurance information with all the parties involved so that there are no hassles in the future during claims.
• Contact the transportation company and report the incident. This is an obligation on the part of all the drivers to report any incidents.

When the first possibility mentioned above happens, the driver is at a huge risk and this is where having rideshare insurance could be of immense help. Almost all the top 10 insurance firms in the United States offer this coverage. All you need to do is contact them and discuss the coverage options that best suit your needs. If you are in any way thinking of skipping this option, you might be up for a catastrophe in the event of an accident.


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Loveland, OH 45140

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