If you drive your personally owned auto for Uber, Lyft, or even a pizza delivery company, your personal auto insurance will not provide coverage you need, should you be involved in an accident.  Uber and Lyft are "rideshare" services that compete with taxis and more traditional car transport services. These companies do not own or operate their cars and do not hire their drivers directly. Drivers are independent contractors who drive their own vehicles to pick up and drop off customers. Here are two big coverage gaps:

       Your personal auto insurance policy excludes liability for hauling others for a fee.

       These rideshare companies also require liability limits above the state minimums.

There are a number of insurance companies now offering specific auto insurance coverage for ridesharing risks.

Here are a few tips for rideshare drivers.

1.      Purchase a separate policy with at least a $1,000,000 limit.

2.      Read any, and all, agreements so you know what your responsibilities are.

3.      Keep your vehicle in good working condition.

The use of the new sharing economy will most likely continue and may be a good way to make money. However, if you have an uninsured claim, the cost may be much greater.  Be aware that using these services may increase your risk of loss.

Bridgeway Insurance Services offer a network of carefully selected insurance companies which includes some of the largest national carriers in the industry.

Bridgeway Insurance Services is passionate about providing customized insurance solutions to our clients. Nothing we do is “standard”.  We understand each client is unique and deserves solutions that meet their needs.

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