If you are currently driving for Uber in Chicago, you should know how your personal auto policy is effected and how much coverage your employer is providing. Many Uber drivers do not know simple facts about rideshare insurance policies. And they end up losing their own time and money in the long run. If you are driving for Uber, pay close attention to the following points.
Once you become employed by a rideshare service, you should immediately notify your current insurance broker. They will let you know how to proceed with getting the best possible coverage. If you do not let the insurance company know, you are at risk of losing your personal auto insurance policy all together. Since you are driving for a business now, that makes you a commercial driver, which means you need a commercial auto insurance policy. Your personal car insurance policy was not designed to cover you while you are working. A Commercial auto insurance policy will be pricier than your personal one. After all, if being out on the road is part of the job, then you are going to be driving more than the average person, which means the probability of you getting into an accident is higher.
If your auto insurance company drops you because you started driving for Uber without telling them, make sure to be transparent when shopping around for a new policy. Be up front with the brokers and let them know that you driver for Uber. It will not be too difficult to find new car insurance. However, you will probably be paying higher premiums.
You must also understand the details of Uber’s insurance policy for their drivers. This policy will protect you if you get into a wreck while driving with a passenger in the car or going to pick someone up. Uber calls these “Period 2” and “Period 3.” If the app is turned off, then you are in “Period 1,” and will receive no benefits from Uber’s insurance policy if you get into a crash.
At Insurance Navy in Palos Hills, we offer the best and most affordable rideshare insurance in Illinois. Whether you are driving for Uber, Lyft, or some other rideshare service, the Insurance Navy agents will help you find a cheap rideshare insurance policy that works for you. To learn more about our low-cost rideshare insurance policies, please visit our website at www.insurancenavy.com