If you’re driving for a rideshare company like Uber or Lyft, you might assume that your auto insurance covers you while on the job. However, we’ve noticed significant gaps in coverage that many drivers are unaware of, particularly if you’re still under a personal auto policy rather than a commercial one. Here’s what you need to know to ensure you’re fully protected:
When Does Coverage Start?
• Check Your Rideshare Company: Coverage might only kick in once you accept a ride. This means there could be a gap in coverage when you’re driving to pick up your first passenger for the day.
What Does Your Auto Policy Cover?
• Personal vs. Commercial Use: Most personal auto policies do not cover driving for work. If you have an accident while working, insurance companies might deny your claim because you were using your car commercially.
Is a Hybrid Policy Right for You?
• Rideshare Add-Ons: There are hybrid policies or add-ons specifically designed for rideshare drivers. These can cover you during the times you’re not covered by your rideshare company’s insurance, such as when you’re available but haven’t accepted a ride yet.
Can You Risk It?
• Cost vs. Risk: While it might seem cost-effective to stick with basic coverage, the financial risk of an accident while working could be devastating. It’s often cheaper and safer to ensure you have adequate coverage.
Discuss Your Options: To explore your coverage options and find the best fit for your needs, contact Greg Magnus at (877) 376-8676 extension 157.
