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Companies like Uber and Lyft are increasingly popular — and for good reason. They offer convenient options for consumers while also providing a revenue stream for drivers. However, any rideshare service comes with some risk because you are in your vehicle. Do you have the right insurance plan as a rideshare driver?
Most rideshare drivers have auto insurance and rideshare programs provide some coverage while you have a passenger in your vehicle. However, there is often a gap in coverage. Most auto insurance through Lyft or Uber will only kick in when you actually have a third-party in your vehicle, or, in some cases, when you are on the way to pick up a passenger. That means you may not have any auto insurance if you are just logged into the app and don’t have a customer waiting.
Rideshare insurance covers that gap period, so you are fully covered at all times while working. Quotes for coverage will vary widely and may depend on the state in which you live.
You should inform your current auto insurance carrier you drive for a rideshare service. Most auto insurance policies will not cover you if you are in an accident while on the clock. However, your carrier might offer an additional rider that could help you in the event of a crash. It’s a good idea to explore your options with your own insurance company first. Depending on your policy, adding on rideshare insurance may be only an extra small premium per month.
Most major car insurances offer rideshare insurance, but it’s a good idea to ask around for quotes to get the best deal. Be sure to also check with the ride-share business you are driving for — they may have more (or less) coverage than you realize.