Latorre Insurance is a licensed independent insurance brokerage serving North and South Carolina, with offices in Charlotte, Greensboro, and Raleigh.
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“I’ll just call an Uber” is likely becoming the catchphrase of every socialite and traveler you know, especially as ridesharing services are becoming more popular than ever. For some, it’s a preventive measure against drinking and driving; for others, it’s a way to avoid notoriously impossible parking lots or to transport to and from the airport; and for still others, it’s a useful tool for navigating one’s way through unfamiliar cities.
Passengers aren’t the only ones benefiting from the services offered by Uber and Lyft, and chances are, you know at least one person who has started driving as a way to earn some extra money.
If you yourself are considering working as a rideshare driver, do you know what it takes to make sure you are properly protected?
The fact is this: In the event of an accident, the rideshare driver is most likely to be held financially liable, even if another driver is at fault. Sure, most rideshare companies offer their drivers some degree of insurance coverage, but in many cases, this won’t be enough to cover all expenses and can only be applies to certain scenarios.
Even so, a recent survey released revealed that 77% of rideshare drivers haven’t purchased additional coverage beyond that which is offered through the company.
If you’re already working as a rideshare driver, or even considering it, here are some things to keep in mind:
-Although most rideshare companies offer insurance coverage, it can only be applied when a driver is heading to pick up a passenger or when a passenger is already in the car.
-Depending on state laws, some of these companies will require drivers to purchase additional coverage, in addition to that which is offered by the company.
-Even if the other driver is at fault, if you are a rideshare driver, the other party is more likely to receive compensation.
-Evaluate your existing policy to ensure that it offers enough coverage. It might also be wise to consider purchasing uninsured motorists insurance. (As we said before, some states might even make additional coverage a requirement!)
-According to a recent NerdWallet survey, “31% of those without additional coverage said they were comfortable with the policy limits” provided by rideshare services. That’s well under half of these drivers!
Working as a rideshare driver? Considering it? Contact us today to review your existing policy and determine if additional coverage is right for you.
Latorre Insurance is a licensed independent insurance brokerage serving North and South Carolina, with offices in Charlotte, Greensboro, and Raleigh.
