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.
The 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.