Rideshare services can allow individuals to make a full-time income or supplement their earnings from their careers. While this is a convenient option, there are some unique risks that will come with being a rideshare driver, and individuals will need to make sure that they have appropriate insurance coverage to mitigate these liabilities. When you are looking at your options for buying this type of insurance, there are some important mistakes that you need to avoid making.
Assuming That Your Personal Insurance Will Cover Incidents Related To Ride Share Work
An especially common assumption that people will have about rideshare services is that their personal insurance will be able to protect them in the event that they are involved in an accident. In reality, it is unlikely that a person's personal insurance will cover any costs related to accidents that occur while the vehicle is engaged in commercial activities. Rather, individuals will need to purchase separate insurance that provides coverage for commercial drivers.
Buying The Bare Minimum Amount Of Coverage That Is Legally Required
It should come as no surprise that rideshare drivers will have a strong incentive to reduce their operating costs as much as possible. However, choosing to carry the bare minimum amount of coverage can be a serious mistake to make. This could leave the driver exposed to a much higher risk of liability in the event of an accident. While comprehensive and expansive coverage may cost more in terms of the monthly premium that will be required, it can more than pay for itself if the driver experiences a significant accident while they are working.
Failing To Shop Around For A Commercial Driver's Insurance Policy
When a person is wanting to start driving for a rideshare company, they may simply call their current auto insurance provider and seek to have commercial coverage added. While this can be a convenient option, it may lead to individuals overpaying for coverage that may not provide them with the level of protection that they are wanting. Before you decide on a particular rideshare auto insurance policy to purchase, it is well worth spending some time thoroughly reviewing the options from several providers. This can ensure that you choose the policy that will most closely meet your coverage needs while still being as affordable as possible. In most cases, this type of comparison shopping may take an hour or less, but it can help you be an informed consumer of this type of coverage.
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Share6 June 2022
