Do you drive for Uber or Lyft? It is a great way to make some extra cash and to be honest, I feel it is the way of the future.
But did you know that you are only insured when you have a fare in the car? Driving to and from the job you are uninsured.
Many people do not realize this when they sign up to be a driver for Uber or Lyft. There are 3 stages when it comes to driving
for a ride share company.
Stage 1: You turn on the app and get called to your first fare. Under Uber and Lyft YOU ARE NOT INSURED! There is also a huge
gap in coverage on your personal insurance. They will not cover you either. so you are effectively uninsured when you are driving
to pick up the client.
Stage 2: You pick up the fare. Once you have the individuals in your car you are covered under the rideshare app. so do not stress
when you have someone in you car
Stage 3: You drop off your fare and you head to the next. In this stage you are once again UNINSURED!! Just like in stage 1 the
rideshare app does not cover you and neither does you personal insurance.
Most insurance companies have not yet taken on the risk on filling in the gap of insurance for drivers of Uber and Lyft. The reason
for this is they see is as way to risky. The good news is that Palmer Insurance Agency is a authorized agent of Mercury insurance
who is the leader in insuring rideshare drivers. So not only do you get the coverage you need but it is also extremely reasonably
priced. So call or click for a free quote today and get properly covered when you decide to drive for Uber or Lyft.
Later this week I will write about the tax implications of driving for these companies and what Palmer can do to help lower your
tax liability at the end of the year. Have a great week!