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Uber and Lyft Drivers – What You Need to Know About Insurance


You probably by now have used either Lyft or Uber at least once, and if not, you likely have at the very least heard a thing or two about these fairly new ride-sharing services. Thousands of car owners throughout the country have had bounds of success and have made a lot of money as an Uber or Lfyt driver. While signing up to share your ride can be a good idea to either launch your career or make a little extra money, there are a few things you should know before you take on the responsibility of driving others around, especially when it comes to your car insurance policy.

Believe it or not, many Uber and Lyft drivers get into the business without ever giving thought to the idea that their insurance premiums and deductible could change. This is why it is crucial that you look into this before accepting your first ride in order to avoid penalties issued by Uber or by your insurance company. For example, most personal coverage policies do not cover drivers who are driving for hire. On the other hand, some auto insurance policies have been created to offer Uber and Lyft drivers with the appropriate coverage needed to safely hit the road.

Furthermore, ride-sharing companies such as Uber and Lyft typically provide additional coverage for their drivers in order to supplement their personal policies when needed. The policies at these type of companies are often changing, so make sure you keep up with current changes and updates.

Choosing to offer your services as an Uber or Lyft driver can be financially rewarding, but you need to make sure you and your passengers are properly protected in case of an accident. It is recommended you contact your insurance provider to learn more about the specific options available for you if in the case that you choose to become a driver for hire.

A Look Into the Rideshare Economy

rideshareThe popularity of ride-sharing is quickly on the rise as more and more commuters discover the easy and convenience of using these driver-for-hire companies. If you know anything about the ride-sharing economy, you know that there are two companies which are currently dominating the industry. First came Uber back in 2009 and then came Lyft more recently in 2012. While these two ride-sharing companies are fairly similar and both based in San Francisco, they do have their differences. Curious to learn more? Here is a look at the two ride-sharing powerhouses and what sets them apart from one another.

Uber and Lyft tend to offer rates that are extremely close if not identical. However, both companies are subject to higher prices based on demand, which is why many riders choose to use a combination of the two services. Typically, if one service is in high demand, riders can find a slightly lower rate with the other.

Uber and Lyft both offer a well-designed mobile application that allows users to hail a ride right from their smartphone. Both applications are convenient, but users are generally happier with Uber’s app because it allows them to get a better idea of the final cost before calling a ride.

Uber and Lyft both strive to provide a high level of service for their customers and their drivers. It seems that it is easier to get support from Uber due to the tool built in to their app, while Lyft requires drivers and riders to submit a message if support is needed.

The ride-sharing economy is rapidly evolving as riders and drivers find ways to improve the experience on both ends. We will probably see Uber and Lyft dominate the ride-sharing industry for the time being, but there is always room for others in order to drive up competition.