08 Aug 2016

Insurance With LYFT and Uber

Many people assume that they are insured by Lyft and Uber, or that their personal car insurance will cover them in the event of an accident while they are driving. In reality, the insurance provided by rideshare companies like Lyft and Uber is not what it seems, and the lack of information provided about this coverage leaves many drivers in the dark.

While you are driving with either of these companies, the coverage is dependent on a couple of variables. Basically, your status is broken up into three separate categories, which we will refer to as period 1, period 2 and period 3.

Period 1: You are driving around with the Uber or Lyft app open, but have not yet been matched with a passenger. During this period you have contingent liability coverage with Uber and Lyft. Contingent liability coverage means that if you are in a collision, you will first have to make a claim with your personal insurance provider, and only if that claim is denied will the insurance from Uber and Lyft kick in. When it does kick in, it is only liability insurance, you will not be given collision or comprehensive coverage. The limits of this of contingent coverage are 50/100/25, which will not be enough to cover you for a bad accident.

This is problematic because driving for a rideshare company is considered a commercial activity, and no personal insurance policy will cover you for this type of activity. Personal insurance policies will deny most claims placed during period 1, and lately they have been investigating many of these claims. Furthermore, they are likely to cancel your insurance policy after such a claim is made. This leaves drivers in a vulnerable position, as Lyft and Uber cover liabilities to the extent of their policy limits, but all vehicle repairs would come out of the pocket of the driver.

Period 2: When you have been matched with a rider and are on your way to pick them up. During this period you are covered by the $1 million liability policy that is offered by Lyft and Uber. There is also a contingent collision and comprehensive policy offered by Uber and Lyft during this period, but the process for filing under this coverage remains the same. You have to first file the claim with your own insurer, which could result in policy cancellation, and only then will Uber and Lyft step up. There is also a deductible under collision and comprehensive policies for both of these companies. For Uber you must pay a $1000 deductible, and for Lyft you must pay a $2500 deductible.

Period 3: When you have picked up the passenger, the entire period of time that the passenger is in the car until drop off. Coverage provided by Lyft and Uber is identicle to their coverage under period 2.

You should never drive for Lyft or Uber without your own personal coverage, as their policy is contingent upon you having this coverage. There are some insurance companies offering a rideshare insurance policy for drivers. Policies differ from state to state, but are not much more expensive than your average policy. Such a policy is strongly recommended for anyone looking to mitigate the risks of driving with Lyft and Uber.


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05 Aug 2016

LYFT Driver Network

Not so long ago in the past and to be more specific, it has been just 4 years since the announcement of LYFT as a large competitor for Uber. Today the company has grown in size and popularity and is definitely making waves in terms of pricing along with coverage. This company was first thought of as a fly by night company to be hauled away in the next big growth of Uber. However, this has been a far thought for LYFT. This company has been silently building itself and engulfing its efforts in technology. Their most recently talked about innovation to be brought online will be a Driverless Car Network. read more

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02 Aug 2016

Using Lyft for Airport Rides

The rules for driving Lyft to and from the airport vary across different airports. It is important to know the regulations for your local airport, as Lyft will not reimburse drivers for any citations that occur there. The issue of airport dropoffs and pickups is one that is still being debated and fought over by lawmakers and regulators in many regions. This is sort of the last stronghold for big cab companies who have lost share in their regions to Lyft and Uber. In my opinion, regulators should allow for fair competition between cab companies and rideshare companies, because ultimately this approach encourages innovation and appropriate price discovery. read more

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02 Aug 2016

Becoming a LYFT Driver

Becoming a Lyft driver is fairly easy and fun along the way. The process isn’t painstaking but it is a bit involved.

First, you need to meet a mentor and possess the right personality as well as adhere to a few criteria.

The Lyft application process is easy but not something to scoff at. Lyft is looking for drivers that have a good personality and are going to help to grow the company.

Lyft requires you to prove your vehicle, insurance, meet with a mentor and pass a background check.

Your car needs to be in good condition and free from major dings and dents and you’re required to show that you are friendly, can follow a GPS, understand how to use the app as well as keep your vehicle clean and drive passengers safely. read more

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28 Jul 2016

How To Drive for LYFT

How to Drive for Lyft

Lyft is a rideshare service that allows customers to enjoy a wide variety of ride choices whenever they need transportation. Lyft offers simple personal rides to premier and business rides depending on the needs of the occasion or the client. Individuals with driving experience and a newer vehicle can easily make money using this service as almost anyone can apply to drive for Lyft.

Clients use an app to connect with the drivers nearest to their location and those with a vehicle that meets their specifications. Once the ride is complete, the payment is made automatically through the app making it easier for the customer and driver to complete the transaction. Sounds like a great idea, right? Here are the requirements before you can learn how to drive for Lyft.

Driver requirements read more

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21 May 2016

What Is LYFT?

How to Make Money with Lyft

Do you have a car that is in good working condition? Do you have great driving record? Are you over 21 years of age? Then Lyft will be perfect for you. If you need a new way to make some extra cash or build your own business, you should consider joining this ride sharing company. Lyft is designed to match drivers with passengers requesting rides through a smartphone application. Lyft can help you be your own boss and make money using the resources you already have. You need to go through a simple interview in person; some background checks and you can start making money pretty quickly from there.

In order to become an approved Lyft driver, you need to undergo a DMV check to determine your driving history as well as county background check. You need to have a minimum driving experience of at least a year and a social security number to become a Lyft driver. There is also a 19-point vehicle inspection to ensure that your vehicle meets standard requirements for safe operation.


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21 May 2016

Chelsea Handler Talks About LYFT

Living smack dab in the middle of the tech industry and writing about it every day, it can be easy to forget that many startups and services aren’t well-known (or even understood) in the outside world. Watching comedian and actress Chelsea Handler on NBC’s The Tonight Show Starring Jimmy Fallon Tuesday reminded me of this.

Handler appeared on the show to plug Chelsea, her new show on Netflix that premieres May 11. As part of the program, Handler said she tried out a variety of jobs, including driving for ride-hailing service Lyft and assembling a customer’s furniture while working for TaskRabbit, a marketplace where customers pay contract workers to do chores for them.

Story and credit by Fortune.com —> CLICK HERE TO READ MORE

Chelsea Handler in March 2012. Photograph by Adrian Sanchez-Gonzalez — AFP/Getty Images

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