Uber & Lyft drivers, this is for you! Make sure you are covered properly, don’t put yourself at RISK!
This is a subject that a-lot of people will appreciate, especially in light of the Uber and Lyft industry. In fact Uber revolutionized the taxi cab space right! Today, who doesn’t want to take an Uber or a Lyft, it is a way better experience. But, with that comes some information we want to share with you. These are topics that you probably haven’t heard of. There are a lot of folks that probably know Uber and Lyft drivers, it’s a wonderful way to make some extra income. You may be doing it yourself, and we bet you don’t know what we are about to share with you.
There are limitations that you have in terms of protection, when it comes to driving Uber and Lyft. About 80% out there think you may have coverage with your current insurance policy, but there are 3 periods we are going to share that might enlighten you to some facts. We call these period 1, period 2 and period 3.
Period 1 is problematic. You have an insurance policy right? Say it is with State Farm, Safeco, Travelers, All State, it doesn’t really matter. As an Uber driver, Uber has an insurance policy called a master policy also, that they give you. This is usually provided to you by James River. So, period 1 is when you have your app on, you haven’t excepted a client yet, you are just driving around, or maybe you are in a parking lot waiting. Period 1, the app is on…We will jump back to this in a moment.
Lets now jump to Period 2. This is when you accept a client, go and pick them up, and you then take them to there destination. When you take them on a ride you have now entered into period 3. You are driving them around to the destination.
So period 2 and 3, the Uber coverage, the master policy we talked about that Uber provides, that takes care of you. The problem, and this is why this information is very salient, is period 1. This is where you don’t really have coverage. The time when the app is on, you are technically using the vehicle for business. Now, we challenge you, if you are reading this or watched the video call your agent today. If you are an Uber or Lyft driver ask your agent, “Am I covered for this period?” The answer is no, you’re not covered by the James River policy by Uber. You’re also not covered by your personal lines policy. You have business exclusions that exist in your policy. This needs to be taken care of. If you get in an accident, or something happens to your vehicle during period 1 then you are putting yourself at risk.
What is the solution? Call Fadaie Insurance Services, today! We have 2 insurance companies that are A rated with A.M. Best (A.M. Best focuses solely on the insurance marketplace. A.M. Best issues financial-strength ratings measuring insurance companies’ ability to pay claims) that give you an Uber endorsement on your personal policy. We will make sure you are covered correctly and take care of you. Call us today at (951) 506-9780!