Essential coverage when using a vehicle for ridesharing.
Rideshare insurance from an agency that truly cares about you.
Rideshare insurance has become increasingly popular in recent years with the evolution of companies like Uber and Lyft. If you’re working for a rideshare company, you’ll need special protection that isn’t covered under your basic personal auto insurance policy. Learn how rideshare coverage works and what you can do to make sure you have the right protection for your vehicle.
The way ridesharing works.
Rideshare is any transportation service in which clients use an online app to request rides from nearby registered drivers. The drivers pick up their clients and drive them to their destination for a fee. No cash is exchanged because payments are processed electronically through the app.
Here’s why you need rideshare coverage.
Typically, rideshare companies, like Uber, offer insurance protection once a driver logs into the app, but coverage might be limited until a ride request has been accepted. A driver’s personal policy will usually have coverage exclusions during this period as well. Also, just using a vehicle, under a standard personal automobile policy, may invalidate the entire policy for any and all claims. An auto policy with the rideshare insurance can fill these gaps in coverage.
Get coverage through a personal auto policy.
The first way to get rideshare coverage is through a personal auto policy. You can add a rideshare endorsement to your personal auto policy through specific companies we represent. This might be the best option for you if the rideshare company you’re working for doesn’t require you to carry a commercial policy.
Get coverage through a commercial auto for-hire livery policy.
The second way to get rideshare coverage is though a commercial auto for-hire livery policy. This is a type of commercial auto insurance policy typically reserved for businesses that transport people such as a luxury vehicle or taxi service. Rideshare drivers qualify for this type of insurance because they generate income from transporting passengers.
The cost of rideshare insurance is generally higher under a for-hire livery policy because it isn’t exclusively intended for rideshare drivers.
Covers both business and personal use.
The good news is that you wouldn’t need a separate personal auto policy since a for-hire livery policy can cover you for both business and personal use. This allows Uber and Lyft Drivers to also provide scheduled time pick up and drop off type business. This coverage can provide the necessary limits required by the Massachusetts Department of Transportation.
Get in touch with us today to discuss your options when it comes to rideshare insurance.
Ridseshare insurance has gaps.
Rideshare companies offer full insurance coverage after you’ve accepted a ride request and while you’re driving passengers, but coverage is skimpier while you’re waiting for a request.
You probably need a rideshare policy.
Rideshare drivers should look at what’s covered in both their personal car insurance policies and the rideshare company’s insurance. To be fully covered, you will need either rideshare insurance or a commercial auto policy.
Coverage availability can be difficult to obtain.
Not all insurance companies offer rideshare insurance policies. Since we do have access to rideshare insurance, you can avoid having to obtain a commercial auto policy in order to be properly insured.
You may risk your personal coverage.
Even if your rideshare company offers full coverage during all phases of the job (before, during, and after ride requests), your personal auto insurer could drop you if you don’t disclose that you’re a rideshare driver.
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