Uber is a ride sharing or ride hailing taxi service, where in people book their cabs using the Uber mobile app. Many a times Uber drivers do not realise the importance of buying the Uber insurance, which can mean big trouble under certain unforeseen circumstances. It covers you from accident, collision, third party liability, but for that, this clause should be included in your personal insurance policy. You can compare car insurance with Uber insurance online and see the benefits yourself.
This would require you to purchase a personal or commercial vehicle motor insurance policy which is ride-share friendly, to ensure that you are covered while you are driving an Uber vehicle on duty.
This would give you a cover when the app is open or in use while driving. And if the application is closed, you would need your personal car insurance policy to get a cover from any damage on road.
Uber rideshare policy applies during these three situations, according to auto insurers -
If there is an accident, you should be aware of the name of your insurance service provider, and you just need to present your personal car insurance papers with ride-share liability cover, to get the claim. During this time, Uber would deactivate your account, and it would reopen soon after the repair and claim is done.
The drivers are offered liability cover, but the level of coverage depends, if there is a rider in the car or not. The collision and comprehensive are little complicated. Have a quick glance of what all is covered under Uber insurance:
Insurance cover under Situation 2 and 3: This covers your liability, what remains complicated is comprehensive and collision.
Your personal auto insurance policy will come into action, if you happen to be driving off-duty and the Uber app is not open in your phone. Cab drivers, commercial vehicles and ride sharing are not given a cover under personal car insurance plans. Your insurance company can cancel your claim, if you were on duty for Uber when the accident took place. What can give you full cover is a commercial car insurance plan, though it is a little costly. Therefore, taking a ride-share cover in your personal insurance plan would give you Uber cover at a much lower price as compared to a commercial policy. To analyze more you can compare car insurance with auto insurance providing ride-share cover, to decide better.
If you are an Uber driver and are already looking for a ride-share cover, have these insurance covers on your list-
Liability: It is a mandatory clause in your auto insurance policy. If you have caused damage or injury to a third party, this will give you a cover from that. Though, damage caused to you or your car won’t be covered in it.
Collision and comprehensive: Though they are not compulsory, but in case there is loan which you are paying on your car, your mortgagee would need them. If your vehicle is damaged by other vehicles or objects in case of an accident, the collision would cover the loss or damage. Comprehensive means you will get risk cover under all natural and man-made circumstances. Though there are deductibles, so ensure you have that much amount in your bank account.
Uninsured/underinsured driver: This coverage is required in some states and in others you do not require it. But do not reject it; it covers risk and damages arising from other drivers’ fault, especially if the motorist is not insured. It will give cover to you and the passenger from expenses on damage control and medical treatment. An Underinsured coverage will give you a cover, in case the other driver who has hit you, is having low amount of sum insured.
Remember to take a gap coverage and medical payment coverage to meet all the medical expenses arising out of car accident. This amount will be adjusted from the health insurance policy of the driver, only if it is there.
Driving on roads is never safe, and if you are driving an Uber with passengers, it’s always wise to take a motor insurance policy with ride-share cover. If you are thinking of buying one, you can compare car insurance with ride-share motor insurance and decide on the benefits or cover you need. This will safeguard you from unforeseen damages on road.
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