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7 Reasons Rideshare Companies Need Insurance

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Do you work for one of the country’s booming rideshare companies? Are you wondering how rideshare insurance can make your life better?

If you’re working for or hiring a rideshare company, you may believe insurance to be an added perk. Yet it’s important that your choose an insured company for a number of reasons.

What is rideshare insurance, and how can it help companies?

Let’s take a look.

What Is Rideshare Insurance?

Drivers for rideshare companies may notice that their personal insurance doesn’t cover rideshares. Rideshare insurance provides full coverage when they are picking up and transporting passengers.

Individual insurance policies won’t cover the cost of transporting paying customers to their destinations. Meanwhile, commercial insurance may only cover the minimum and force you to adhere to a number of restrictions. For example, you may only be covered during certain times of the day.

While drivers for popular rideshare companies aren’t required to purchase rideshare insurance, they can elect to purchase it for added protection. It offers a number of benefits.

1. Avoid Getting Kicked Off Your Personal Insurance Policy

It’s actually critical to get rideshare insurance if you’re driving for money. In fact, your personal insurance company can cancel your policy if they find out you’re providing rides for cash.

Keep your business above board by investing in rideshare insurance.

2. Types of Insurance Offered

There are a number of different types of insurance offered, and you can choose the best one for you. For example, you may want to get covered during your own personal driving time, or when you’re waiting for someone to accept a job.

The cost of your insurance will depend upon the type of policy you choose. It’s important to be realistic about how much coverage you think will really put your mind at ease.

3. More Affordable Than You Think

For all of the extra coverage that you get, rideshare insurance will only cost between $10 and $20 per month. This is a solid investment when you consider how much money you could end up saving down the line.

Factors that influence the actual cost of your rideshare insurance include your state requirements, age, and car make and model. Your yearly mileage, credit history, and driving record will also play a role.

4. Coverage For Bodily Injury

Rideshare insurance will cover your hospital bills in case you are in an accident and the driver or passenger becomes injured. It will also help to cover the medical costs of anyone else who gets injured. In addition, you’ll want to think about things like emergency room visits, physical therapy, and medications.

Rideshare insurance usually involves a deductible and/or predetermined limit. The specific terms of your policy will determine how much coverage you’re entitled to.

If you’re a passenger, it can also put you at ease to know that any injuries you might sustain in an accident will get covered.

5. Coverage For Uninsured and Underinsured Motorists

It’s possible that you could get involved in an accident with a motorist who is uninsured or underinsured. Rideshare insurance can help pay for damages and injuries.

6. Comprehensive Coverage

It’s also possible to be caught in an accident that causes damage to someone else’s property. For example, you may swerve to hit an oncoming car. Insurance that covers property damage can help provide you with peace of mind.

You can also get coverage forth eft, vandalism, or poor weather conditions. If you live in a colder climate or an area prone to hurricanes, the latter may be quite common.

If you’re concerned about the hazards on the road and how they could impact your livelihood, it’s critical to have comprehensive rideshare coverage. Talk to your insurance representative about the best options for you.

7. Peace of Mind

Providing rides for a living or a healthy side income can be quite rewarding. It can provide you with lots of flexibility and the ability to really explore your region. It’s also easy to sign up for.

Many drivers enjoy the fact that they can earn extra money while dressing casually and listen to the radio. They also like being able to accept jobs whenever they have the time.

Wondering what could happen in the event of an emergency, however, can take away from the experience of your gig. Rideshare insurance can provide you with the peace of mind of knowing that you’re covered in case the unthinkable happens.

Choosing Your Rideshare Insurance

The same insurance policy won’t work for everyone. Before shopping around, make sure you have your driver’s license, VIN numbers, and current auto insurance policy available.

Before deciding on car insurance, make sure that you are thinking about all the kinds of coverage you are getting. For example, how much is covered if you’re in an accident? Is there a deductible?

Will passengers be covered in case of an emergency? Do you need theft insurance in your neighborhood?

You should also try to find out about any discounts available to you. Remember that the least expensive insurance isn’t always the best value. For a few extra dollars per month, you could be getting the kind of coverage that really puts your mind at ease.

Insurance For Rideshare Companies

Rideshare companies provide a much-needed service to busy individuals. However, drivers should be covered in case of an emergency. With the right rideshare insurance, they can be confident they will be covered no matter what happens.

Don’t stop getting smart about insurance for drivers now. For excellent commercial coverage options, contact us today.


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