The holidays can be a stressful time for your budget. Between family get-togethers, trips, and holiday shopping, earning a little extra cash can be a great help. Rideshare programs such as Uber and Lyft can help many pick up some extra income during the holiday season. But without proper car insurance for Uber and Lyft drivers, an accident could be a financial drain. While rideshare companies may provide some form of insurance when you sign on as a driver, it’s often not enough to give you comprehensive coverage.
The Importance of Car Insurance for Uber and Lyft Drivers
Car insurance can be tricky to understand, even without the added complications of a rideshare program. Maryland requires all drivers to have personal auto insurance. And you’ll need proof of insurance before you can drive for a rideshare program. However, your personal insurance alone isn’t enough to cover you while working for Uber or Lyft. A rideshare insurance plan is the best way to stay safe and financially protected while earning some extra cash as a driver.
Car Insurance and Primary Vehicle
Most personal car insurance policies only cover you if you’re using your primary vehicle. For drivers that use their personal vehicle for work as well, this may not be much of an issue. But if you have a separate car that you use for your Uber or Lyft driving, you may not have coverage if you’re in an accident. A specific rideshare insurance policy can help cover you in whatever car you use for work.
Coverage With a Passenger
There are many different personal insurance policies available, and not all of them include the same coverage. For example, many auto insurance policies have specific exclusions in the event of an accident while participating in a rideshare program. This means that if you have an Uber or Lyft passenger in the car when you get into an accident, you may be liable for damages and injuries out of pocket. This can greatly drain your financial resources instead of contributing to them. Rideshare insurance, however, is designed to protect drivers while they’re actively working.
Where to Get Rideshare Coverage
If you have a personal auto insurance policy, it may not cover the cost of damage or injury while working for a rideshare program. At Roadway Insurance, we can help you make sense of your insurance policy to see what it does or doesn’t cover. We also provide car insurance for Uber and Lyft drivers if their current auto insurance policy is not fit for their needs.
Making extra money during the holidays can be accomplished with a rideshare program. But if you don’t have the right coverage, you could end up paying out-of-pocket for an accident. And with icy roads on the horizon, the sooner you get insurance, the better. Call us today at 301.476.1183 to learn more about our insurance options for rideshare drivers this holiday season.