Do you drive an Uber? If so, it's time to start thinking about how well you're insured. Now, Uber itself has a ridesharing insurance policy, but it doesn't cover every risk you might be exposed to, and it could be changed at any time. Having your own policy means that you will always know what your coverage is and thus how to act accordingly.
In general, ridesharing insurance comes in two versions.
Both forms of coverage are viable options. If you're not sure which policy is best for you, talk to one of our agents about Uber insurance and discuss your options.
Most drivers who work with Uber or another ridesharing company can get this extra coverage. However, the way you interact with a ridesharing company may affect the type of coverage you're offered. When you speak with a BMV Insurance Services agent, it’s helpful to have the following information on hand:
Ridesharing is still a relatively new industry, and it's almost certainly going to continue changing over the next few years. Insurance policies will be changing with it, and factors like which company you partner with, how safe the rides are judged to be, and even how much the industry earns may affect your policy and your premiums.
The most important principles at this time are laid out in a policy paper adopted by the National Association of Insurance Commissioners, and drivers are encouraged to read this and familiarize themselves with concepts like "periods" (when each form of insurance applies), potential insurance requirements, and how much coverage is needed when providing ridesharing services. BMV Insurance Services agents are more than happy to meet with you to review and explain these principles.
For more information on ridesharing insurance, contact one of our agents.
1. "Ridesharing Insurance Policy." Uber Global. March 26, 2014. Accessed April 18, 2016. https://newsroom.uber.com/56463/.
2. "Sharing a Ride, But Not Insurance: Ridesharing Drivers May Face Insurance Coverage Gap." Consumer Alert. December 2015. Accessed April 18, 2016. http://www.naic.org/documents/consumer_alert_ridesharing_drivers.htm.
3. "Transportation Network Company Insurance Principles for Legislators and Regulators." National Association of Insurance Commissioners. March 31, 2015. Accessed April 18, 2016. http://www.naic.org/documents/committees_c_sharing_econ_wg_exposure_adopted_tnc_white_paper_150331.pdf.
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