If you haven’t heard about Uber or Lyft by now we’re fairly certain you’ve been living under a rock, and that’s unfortunate if you’re looking for ways to make money for the upcoming holiday season. For those who aren’t familiar with these companies, they’re an internet company that provides a service that connects riders and drivers for ridesharing agreements that benefit both. Traditional taxi services carry a lot of overhead by providing their own vehicles and insurance, while Uber and Lyft both have the drivers use their own cars and provide their own insurance. Many are able to slash costs by using methods such as finding the cheapest car insurance. With these heavy operating costs removed, they’re able to pass those savings on to their drivers in the form of competitive rates.
The Ultimate In Side-Job Convenience
The best part about these companies is there’s no set schedule, meaning you can sign up as a driver and be available at your leisure, working only as much as you want to. They also make their requirements fairly easy to meet and gauge them for the communities you operate in, so it’s easy to get involved and get driving. This means that whether you want to work for a few hours in the evenings or mornings or to spend your time taking fares over the weekend, these companies will accommodate you. Your pay isn’t by the hour either, but instead by the fare meaning you get paid so long as you’re on a pick-up. Need another reason to feel good about driving a rideshare service? Research has shown that ridesharing companies and apps have the potential to protect the environment and improve traffic conditions.
Insurance For Uber and Lyft Drivers
There’s a common misconception that in order to drive for Uber you need to have commercial grade insurance rated for carrying passengers. This simply isn’t the case, the only insurance you’re actually required to have is standard auto insurance. Once you have a fare in the car you’re covered by their own coverage, which includes $1 million in liability in addition to collision coverage that comes with a $1,000 deductible. There are also special insurances that are being offered by companies like Geico to rideshare drivers specifically suited to their needs, just one more sign that rideshare companies like Uber and Lyft are here to stay.
Handling Rideshare’s Little Mishaps
This isn’t to say that driving for these companies is without risk, so many rideshare experts suggest that you find a lawyer who knows their way around Uber, just in case you find yourself in need of those services. This can be important in cases where you get in an accident with a passenger on board and need to be sure you have proper representation should they decide to sue. Overall driving with Uber and Lyft have shown themselves to be relatively painless and lucrative ways of adding money to an existing budget, and many people make a solid career out of driving for them.
If you’re looking into driving for a rideshare company like Uber, be sure to check into local government sites for information on laws and regulations surrounding them. Many areas have started to respond to the rise in rideshare companies by providing sites like these to keep drivers informed. So be certain to do your due diligence when setting out to drive rideshare, but don’t hesitate to use it to make your holidays great!