Today, rideshare companies seem to be rising stars, changing the way people call for and have their transportation needs met around the world. And Uber is leading the way. In fact, according to Fortune, Uber’s reach is to more than 600 worldwide cities, offering five billion rides since its launch. Lyft is also a player, making a market in 350 U.S. cities, and providing 400 million rides.
When the concept initially became a reality, insurance for ridesharing was a scarce commodity. Today, the proliferation of rideshare drivers on the road has created sufficient demand for a rideshare insurance policy that works for rideshare drivers across the country.
This is excellent news for you if you’re considering a career as an Uber rideshare driver (or Lyft) – or if you’re simply hoping to supplement your income by accepting a few rides each week.
Even more good news is that through Insurance Center of North Jersey, you can obtain rideshare insurance from some carriers for less than the cost of a cup of coffee per day. The key lies in finding the best coverage to meet your budget without sacrificing key coverage elements you need.
Why Buy Separate Rideshare Driver Insurance?
Most personal auto insurance policies strictly exclude rideshare activities for coverage. Essentially what rideshare driver insurance does is bridge the gap in coverage between your Uber insurance (or Lyft insurance as the case may be) and your personal auto insurance policy.
That way you have the protection you expect if something happens during the time you are in your car and running the app but have not yet selected a “gig.”
What You Should Know About Uber (and Lyft) Coverages
While both Uber and Lyft offer insurance protection to rideshare drivers, you should be aware that their deductibles are high and the rules are constantly changing. And while both offer coverage to drivers who are on their way to pick up passengers or who have passengers in their vehicles, it does not cover drivers who are online and waiting for requests.
Part of the reason is the fact that laws are struggling to catch up to the demands of a constantly evolving business climate propelled by technology. Uber, Lyft, and similar programs were unheard of a mere decade ago. That’s why it’s important that you avoid a gap in coverage if you are a rideshare driver.
In addition — and more importantly, it’s essential to note that Uber driver insurance and insurance for Lyft drivers are offered through a third party, not directly through Uber/Lyft. While this protection is offered, it is inferior to what Insurance Center of North Jersey can offer regarding rideshare insurance.
Why Buy Rideshare Insurance from The Insurance Center of North Jersey?
The Insurance Center of North Jersey has been fulfilling the needs of New Jersey drivers, homeowners, and businesses for more than 90 years. As an independent insurance agency, we can work with you to find the best combination of cost and coverage to meet your insurance needs.
Our commitment to the community and the people and businesses who call this area home is part of what has fueled our success for the greater part of the past century and will continue to do so moving forward.