Insurance Provided by Rideshare Companies
If you’re involved with the rideshare industry, you should be informed about ridesharing coverage. In the United States, Uber and Lyft both provide $1 million liability and collision coverage during periods 2 and 3. During the first period, uber and lyft drivers do not have coverage from the rideshare company or personal auto insurance.
Both of the aforementioned rideshare apps’ insurance policies for periods two and three are very similar. Uber has a $1,000 collision deductible and Lyft’s deductible is $2,500. Uber has a $1,000 collision deductible and Lyft’s deductible is $2,500.
During periods two and three, drivers are insured for the following three things:
This covers a driver’s liability for third party damages. Liability coverage limits are at least $1,000,000 per accident.
Uninsured or underinsured motorist bodily injury coverage
This protects drivers from people who don’t have insurance. It also covers them from drivers who have limited insurance and hit & run accidents. Coverage limits are at least $1,000,000 per accident.
Contingent collision and comprehensive coverage
This protects a car in case of an accident, whether it is the driver’s fault or not. This is so long as drivers sharing rides have collision coverage on their personal policy. The policy limit is the actual cash value of the car.
Have questions about potential medical expenses and property damage? Want to know more about insurance provided by rideshare companies? Our agents and customer service representatives are here to help with your insurance needs in real time. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. For your convenience, Insurance Navy is open from 8 a.m. to 9 p.m. CST, 7 days a week.
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