Do You Have Insurance When You Drive For Uber or Lyft?
Ride-sharing company Uber did not exist in 2008. In 2015, it earned a reported $1.5 billion in revenue. Airbnb, the online home-sharing marketplace founded in 2008, lists rentals in 34,000 cities. Smartphone applications enable people to make money giving rides, renting their homes, and even their personal possessions. However, their insurance may not protect them when something goes wrong.
Those who drive for Uber and other transportation network companies may be
doing so without insurance to cover them for injuries or damages they cause to
others. Most auto insurance policies do not apply when the insured person is
using a vehicle to give others rides for a fee (other than in traditional carpools.) While Uber, Lyft and other companies provide some liability insurance, that coverage might not apply before a passenger enters the vehicle.
If you are driving for one of these services, check to find out whether they insure you during your trips, how much insurance they provide, and what the terms and conditions are. Also, ask your insurance agent about policies that might cover you during the times when you are open for rides but before you pick up a passenger.
If you are the person purchasing the ride, find out ahead of time whether the company provides insurance for injuries to passengers and how much. If you live in a state with a "no-fault" insurance law, your own auto insurance policy may cover some of the costs of injuries you suffer during a ride. If your state has such a law and you get hurt in an accident, submit claims to both the driver's insurer and your own.
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