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What if I don’t have rideshare insurance & I’m involved in an accident?
The consequences of not having a rideshare insurance endorsement could result in a denial of coverage by your main auto insurance company. Whether you fail to tell them you are using your car for rideshare services or simply didn’t know you needed the insurance endorsement on your main auto policy, could leave you liable for the entire loss. This leaves you with paying for injuries, medical bills, car repairs, property damage etc. if you get into an accident.
If you are considering a career or part time job for any rideshare company, reach out to our agency! Rules and regulations change regularly, so be sure to research yourself what changes may have occurred since this article was written. We can go over many coverage options with you to ensure you have the right insurance protection. Getting the right policy is easy, we just need to know that you’re driving for a Rideshare company and we can get you the right policy.
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Why Taxi Drivers Need Insurance
Taxi businesses face a lot of risk in their day-to-day operations. Plus, to be a taxi driver in most states, you're required to obtain taxi insurance to protect yourself from liability if you cause property damage or bodily injury. We'll share some examples to illustrate our point:
Example #1: You have obtained the bare minimum taxicab insurance necessary. While driving a passenger to the airport, you are t-boned by a vehicle. You are fine, but your passenger is complaining of neck pain and they are brought by ambulance to the hospital. You find out after the fact that the other driver doesn't have insurance—but you don't have uninsured or underinsured motorist coverage. Unfortunately, you get to foot the passenger's medical bills.
Example #2: Multiple vehicles are involved in a pileup on the freeway and you're one of the unlucky victims. Luckily, you don't have a passenger in the cab. However, the damage to your vehicle is significant and you don't have comprehensive collision under your liability insurance. Your insurance company will cover some of the cost of repair, but you'll have to foot the remainder of the bill.
In both scenarios, cutting taxi insurance costs cost you significantly more than you saved.
HOW TO GET UBER & LYFT INSURANCE IN GEORGIA
Would-be drivers may wonder how to get Uber insurance in Georgia. Generally, a driver’s personal auto insurance policy doesn’t cover rideshare vehicles unless they purchased rideshare coverage for either commercial or private vehicles. Some rideshare insurance companies offer collision coverage that you can add to your personal car insurance policy. There is also a possibility of buying a full coverage rideshare insurance policy, which combines personal and business coverage.
In addition, a rideshare insurance company in Georgia may also include a “deductible gap coverage.” That feature allows you to cover the gap between your personal collision deductible and the deductible set by the rideshare company if your vehicle is damaged while driving for Uber or Lyft.
How Much Does Uber Insurance Cost?
At this point, you may be asking, “How much does Uber insurance cost?” Ultimately, it depends on the classification of Uber for which you plan to register as a driver.
There must be a minimum of $1,000,000 in liability coverage for all injuries, property damage, and wrongful death suits, as well as $1,000,000 in uninsured or underinsured motorist coverage. Coverage runs from when the driver accepts a fare until the driver completes the ride or the transaction.
If you’re using your vehicle to deliver people to and from locations in exchange for money, your normal insurance policy will not provide you coverage while you’re working. To be sure you’re covered, you will need a specialized insurance policy geared towards ridesharing. This insurance policy provides coverage while driving for any Transportation Network Company, such as Uber or Lyft, while the App is turned on even if a rider has not been accepted.
This endorsement provides coverage for drivers who participate in ride sharing activities. A ride sharing activity can be described as someone who uses his or her own vehicle to drive passengers or property for a fee on behalf of companies like Uber or Lyft. This endorsement applies to the stated coverages during the period of time when the driver is available for hire until the driver accepts a request for transportation of persons or property for a fee.
If you are considering working for other companies such as DoorDash, Grubhub, Postmates, Uber Eats, Instacart or other delivery type companies, you would want a rideshare insurance policy as well.
A rideshare insurance policy provides coverage during: