New Options for Uber Drivers
If you’ve seen our recent video on Uber and Lyft, you’ll be aware of the risks of driving for those companies (or being a passenger, for that matter) since your standard auto insurance doesn’t cover ‘drive for hire’ situations.
These Transportation Network Companies (TNCs, eg Uber and Lyft), provide some of their own coverage while you’re transporting passengers.
However, as a recent article by Safeco states, “nearly every carrier’s auto policies exclude coverage for incidents that occur when a personal vehicle is used to transport paying passengers, such as during ridesharing.”
This exclusion also includes the time your TNC app is on and you are ready to transport riders.
This creates a TNC coverage gap: your app is on and you are ready to transport riders so your standard auto insurance is suspended but you are not actually transporting a customer so your TNC coverage doesn’t apply.
As a result of this gap, Safeco, one of partner providers, now offers Rideshare Coverage. This coverage extends your auto policy for a modest additional amount (the specific cost depends on your specifics otherwise we’d list it here) and will close this gap.
Are you an Uber or Lyft driver and interested in learning more? Let us knwo?