Can you believe experts suspect that several million Americans don’t have enough car insurance coverage?
Without the right degree of coverage, all it could take is a single accident to get into debt or worse. For instance, some people aren’t aware of ridesharing as an insurance option. There’s no doubt that coverage like this can give you valuable peace of mind.
Are you unsure whether the investment is worth it or not? Keep reading to learn what rideshare insurance is and why it’s necessary.
What Is Rideshare Insurance?
Whether you drive your car for Uber, Lyft, or another taxi service, you shouldn’t pick up a single person without rideshare insurance. This type of auto insurance acts as a kind of bridge between the insurance that a company like Uber would provide you with and your own personal coverage.
It’s an unfortunate fact that your personal car insurance won’t cover anything that has to do with transporting a paying customer from one place to another. You might be asking yourself, “What about my employer’s insurance coverage?” This kind of coverage often only covers the bare minimum and will tend to come with a significant number of restrictions.
For example, popular taxi companies dictate timeframes in which the car insurance is active. If an accident were to occur outside of this timeframe, then it’d be no different than if you had no insurance at all.
It’s always a good idea to look over your employer’s insurance plan before deciding whether or not rideshare insurance coverage is necessary. Chances are, what you see will make you feel quite uncomfortable. If your employer won’t look out for you, then it’s time to look after your own best interests.
What Are the Benefits of Rideshare Insurance?
In most cases, rideshare insurance isn’t a legal necessity. However, there are many ways in which this kind of coverage can act as a valuable safety net. The last thing you’d want is to risk your livelihood by not covering all of your bases.
Depending on where you’re located, finding paying passengers can sometimes be a challenge. When you’re logged into your Lyft account and waiting in your car for a customer to pop up, this is insurance limbo. Your employee coverage won’t kick in if an accident occurs at this time, and your personal insurance won’t either because you were technically on the job at that point.
This is one example in which affordable rideshare insurance can save the day. Don’t forget that your company’s insurance will activate when you move to pick up the confirmed customer, but there will be limits. Since plenty of bad things can happen on your way to the customer’s location, this is yet another situation in which your rideshare insurance will have your back.
While the numbers can vary from company to company, Uber and Lyft tend to only offer their employees bodily injury liability at $50,000 per person. This has a cap of $100,000 per incident. If you think that’s bad, then you won’t want to know that the proper damage coverage has a limit of $25,000.
Once you drop off your customer, then you’re back in insurance limbo.
How Much Is Rideshare Insurance?
You might be wondering how much rideshare insurance costs. This is difficult to determine because the price can vary based on a huge variety of factors, including your location, the company you go with, and much more. You’ll be glad to learn that this type of insurance is often inexpensive and can end up being no more than around five dollars each month.
The best way to see how much it’ll cost is by getting a quote. If you’re ready to get covered, then you can’t go wrong with this affordable car insurance.
Where Can I Get Rideshare Insurance?
Before you buy rideshare insurance, it’s a good idea to take the time and do some in-depth research. That way, you can get the best deal possible instead of being taken advantage of. You can start narrowing down the least of potential providers by seeing what kind of online reputation they have.
This can be a bit time-consuming so you shouldn’t read more than a handful of reviews per insurance provider. It often takes no more than three or four reviews to get a general feel for a provider’s reliability, costs, benefits, and more. Once you have your top choices, you should reach out to them for a quote.
Be sure to compare and contrast quotes by taking other research into consideration as well. The cost of insurance won’t mean much if those providers don’t give you the same well-rounded coverage. Some companies try to rope you in with a low starting price before the fee skyrockets based on a wide range of random factors.
After you’ve put this work in, you should feel much more prepared to get rideshare insurance. Anyone who is still on the fence should reach out to a potential company with a list of questions. The more you know, the more comfortable you can end up feeling with your final choice.
Are You Ready to Invest in Rideshare Insurance?
Now that you’ve learned all about rideshare insurance, you can make an informed decision. The peace of mind you’ll get from having the necessary insurance will be priceless in comparison. Be sure to let your friends and family members know how it can help them, too.
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