If you’re driving for a rideshare company like Uber or Lyft, your personal auto insurance coverage might not be enough. Rideshare companies do offer some insurance coverage, but there can be gaps that leave you at financial risk. Let’s explore the top five insurance add-ons often overlooked by Uber and Lyft drivers that can provide you with the coverage you need.
- Rideshare Insurance
- Issues: Your personal auto insurance policy typically doesn't cover commercial or rideshare driving. Furthermore, while Uber and Lyft offer some coverage, there are gaps during the period when your app is on, but you haven't yet been matched with a passenger.
- Solution: Many insurance companies offer rideshare insurance policies that cover this gap. It's essential to add this type of coverage if you plan on driving for a rideshare company regularly.
- Collision Coverage
- Issues: If you have a collision while carrying a passenger, Uber and Lyft's insurance will cover the damages, but only once you've paid a hefty deductible.
- Solution: Collision coverage as part of your personal insurance can cover the cost of damages to your car in an accident, regardless of who's at fault, and could help pay this deductible.
- Comprehensive Coverage
- Issues: Uber and Lyft’s coverage doesn't cover non-collision related incidents, like theft, vandalism, or damage from natural disasters, during the period when your app is on but you haven't been matched with a passenger.
- Solution: Comprehensive coverage pays for damages to your vehicle resulting from these non-collision related incidents, covering this gap.
- Uninsured/Underinsured Motorist Coverage
- Issues: If you’re hit by a driver who doesn’t have insurance or doesn’t have enough to cover the damage they caused, you might be left to foot the bill.
- Solution: Uninsured and underinsured motorist coverage can protect you against these situations, covering your medical expenses and car repairs.
- Medical Payments Coverage/Personal Injury Protection
- Issues: If you're injured in an accident while driving for a rideshare company, your personal health insurance might deny your claim because the accident occurred while you were engaging in commercial activity.
- Solution: Medical payments coverage or personal injury protection can cover your medical costs, regardless of who's at fault.
Remember, every driver and situation is unique. Be sure to talk with a knowledgeable insurance agent to ensure you have the right coverage for your rideshare driving needs. Protecting yourself with the right insurance policy allows you to focus on what's important – providing safe and reliable service to your passengers.
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