WalletHub, Financial Company
Rideshare insurance is a type of car insurance policy or a policy add-on that covers driving for a ridesharing company like Lyft or Uber. Rideshare insurance supplements the insurance provided by the ridesharing company and fills any coverage gaps between Lyft’s or Uber’s insurance and a driver’s personal policy. For instance, some rideshare policies allow drivers to choose a lower deductible than the expensive deductible required by Lyft or Uber.
Most personal insurance policies specifically exclude driving for business purposes, so it’s important to add rideshare insurance to your policy if you drive for a rideshare company. Otherwise, your insurer may deny your claims or even cancel your policy. Plus, relying exclusively on the insurance provided by Uber or Lyft means that you’ll be driving with liability-only coverage when the app is on and you’re waiting for a ride request.
To learn more, check out WalletHub’s guide to the best rideshare insurance.
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