Ben Galbreath
There are millions of Uber drivers across the U.S. who use the service to generate full-time or part-time income, and drivers are essentially operating their own small business. This means they need insurance to protect their business and reduce their financial liability. If you're a rideshare driver, you should know that your personal auto policy only covers your vehicle’s personal use. If you're driving your car for business, you'll need a commercial policy.
"Traditional car insurance is not set up for the liability and medical payments exposure, and the liability a driver exposes himself or herself to while getting paid to transport individuals," commented producer Ben Galbreath.
Galbreath says rideshare drivers should consider their personal assets, such as home, car, bank accounts and investments when thinking about coverage.
"Auto claims have high bodily injury payouts, so medical bills and liability payment could bankrupt individuals if the right type of coverage isn't purchased," he adds.
Galbreath says if you're looking for coverage, you should take the time to compare policies and that you shouldn't base your decision on price alone.
"My advice would be to look into coverage options and pay for what you need to be protected based on your personal liability," he says. "The cost of insurance would not come close to the potential loss a driver could risk personally or professionally."
Continue reading the full article.
Questions about Uber, rideshare or auto insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.