Ride-sharing has become incredibly popular in the past couple of years, completely changing the ways individuals travel locally. These ride-sharing companies have also become massive employers, with drivers joining to supplement their normal income or even replace their former job entirely.
But before signing up to be a driver, you should know the implications for your automotive insurance, as well as other impacts the decision has on car ownership.
Complications with insurance
Before deciding to be a driver, it would be advisable to speak with your independent agent and review the coverage you have and the coverage you may need.
As a note, some ride-sharing companies do offer coverage to their drivers. It is important to note, perhaps not surprisingly, liability coverage tends to be far more expensive in these situations.
No matter what, make sure you speak to your independent agent regarding your coverage before starting work as a driver.
Other important considerations
Now, keep in mind that drivers are expected to have newer cars, with most ride-sharing companies demanding a model year of 10 years old or younger. If you have an extended warranty on your vehicle, consider the value of that before beginning to drive.
With the right preparation and knowledge going into this new and exciting industry, you can ensure that you are properly covered and making the best financial decision possible.
But before signing up to be a driver, you should know the implications for your automotive insurance, as well as other impacts the decision has on car ownership.
Complications with insurance
Before deciding to be a driver, it would be advisable to speak with your independent agent and review the coverage you have and the coverage you may need.
As a note, some ride-sharing companies do offer coverage to their drivers. It is important to note, perhaps not surprisingly, liability coverage tends to be far more expensive in these situations.
No matter what, make sure you speak to your independent agent regarding your coverage before starting work as a driver.
Other important considerations
Now, keep in mind that drivers are expected to have newer cars, with most ride-sharing companies demanding a model year of 10 years old or younger. If you have an extended warranty on your vehicle, consider the value of that before beginning to drive.
With the right preparation and knowledge going into this new and exciting industry, you can ensure that you are properly covered and making the best financial decision possible.
