Staff photo Uber has been much in the news lately, mostly because of alleged frat-rat antics in the executive suite. But less noted is the growing risk consumers face when they decide to pick up a few extra bucks by turning their personal car into a rideshare vehicle.
Uber, Lyft, and the other ride networks wax eloquent about the virtues of entrepreneurship, American ingenuity, and so forth but tend not to dwell on the insurance issue in their promotional blather. Insurance companies are beginning to fill the gap, issuing warnings to their customers and, in some cases, offering special coverage for rideshare drivers.
“If you are driving for a rideshare company with a personal auto insurance policy, you might be taking a huge risk,” said Othello Powell, Geico director of commercial lines. “Most personal auto policies were never designed to protect you or your vehicle for commercial purposes.”
A typical personal auto policy contains coverage gaps and limitations for ridesharing and package delivery. If an accident does happen with drivers’ personal auto policies, they have to provide their insurance carriers with specific details, including the phase of the ride they were in, said Geico in a statement. Different phases
As Geico and […]