Starting a new job with a rideshare company like Uber or Lyft is exciting and can seem very simple. An interview, a bit of training and you’re out there making money with your own car; however, it is important that you update your auto insurance to have ridesharing / tnc coverage.
What Is Ridesharing / TNC Coverage?
Your standard auto policy does not cover you when you are using your car for work. Rather than getting a full commercial auto policy, you can get a policy that covers your time working for a rideshare, also called a transportation network company. This insurance protects you, your passengers and your auto against injury or damages while you’re on the job.
Why Do You Need Rideshare Coverage?
Your rideshare company has insurance but you still need your own policy. In some cases, the coverage is limited and won’t cover the full cost of medical cost and car repair. In other situations, you aren’t covered. Your personal auto policy ends as soon as you turn on the app to find a passenger but the policy provided by the rideshare company doesn’t go into effect until you actually have a passenger in the vehicle.
Make sure your new job doesn’t put your savings at risk. Rideshare coverage protects you at work from start to finish.