Types of Rideshare Insurance
It’s important to know all the types of rideshare insurance if you are driving for uber or lyft, or any ridesharing app. Uber and Lyft are Transportation Network Companies (TNCs). Rideshare drivers who work for a TNC are only covered under the company’s commercial insurance. This is only while drivers are with a passenger OR have a passenger in their vehicle.
During period one, drivers have no insurance for their vehicle. The reason for this is because auto insurance companies who consider driving for a rideshare program a commercial activity.
To deal with this, insurance providers have created rideshare insurance policies. This can reduce the liability a driver takes on. While working for a rideshare company. Rideshare insurance policies come in two forms: Gap Coverage and Extended Coverage.
This insures drivers during period one. This is the time a driver spends waiting to link to a passenger before driving en route to the pick-up location. Coverage gaps offer rideshare insurance policyholders coverage until they depart to the customer.
This can insure uber and lyft drivers during all three periods. Including on top of the coverage a rideshare company already provides, for instance.
If rideshare insurance is not available in your state, the only other option is a commercial auto policy. New York, New Jersey, Michigan and Florida are the only states in the U.S. that do not have rideshare insurance.
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