Rideshare Specialist: Uber, Lyft, and all the rest

Independence.

You drive for freedom.

Freedom from a timeclock. Freedom from monotony. Freedom from being told what to do and when to do it.

The 9-5 isn’t for you, or maybe you wanted a side hustle. Maybe you’re trying to shape something different, or chase your dreams. Perhaps this is your dream: to help people get literally where they want to go.

That’s good. In fact, it’s better than good: it’s admirable.

The app is running…

 

…and you don’t have a fare. Someone runs into you and they don’t have insurance, what happens? Or what if you accidentally rear-end someone — what happens?

Your personal auto policy will not cover you in this. Neither will the coverage from the ridesharing coverage. In fact, similar rules exist with traditional taxi companies, which is why starting the meter as soon as someone gets in is so critical.

This gap is what I call the pothole.

So how do we fill this pothole?

The easiest way is by electing for ridesharing coverage on your personal auto insurance policy. This is the halfway point between a commercial livery and taxi policy and a strictly personal auto policy.

How is this halfway policy possible, though? It’s simply because your car is a dual purpose vehicle. You use it for personal use and business needs. The strictly commercial insurance is taken care of by your ridesharing company, or companies. The personal is taken care of by your personal policy.

Since the Ubers and Lyfts of the world won’t cover until someone is paying for a ride, it comes to the responsibility of the personal carrier to make that bridge possible.

The Many Options

Not all insurance carriers offer this bridge coverage, just like many won’t insure a car that’s used for food delivery or document couriers. Of those that do, some charge an extra percentage, others charge a flat rate.

You’re on our website, and you can poke around and learn that we have multiple carriers and that we pride ourselves on pairing our clients with the right carrier for their situation.

We also have a number of carriers that offer this rideshare coverage at many different rates. One of them even offers it at an incredibly inexpensive average of $100/year or $8.33/month. This would be on top of our already extremely competitive rates.

Considerations

We like to package things up simply, so let’s dig into three different pre-packaged ideas for you, fair (fare?) driver.

Remember, these would provide coverage for when you’re driving for personal use (groceries, karaoke, soccer games, whatever) or when you’re running the app without a passenger (aw, yeah, surge pricing!). They’re each easily modifiable, and you can pick and choose what you feel you’d need.

Compact

This includes liability rates of 100/300/100 (click here for what those numbers mean) with matching uninsured and underinsured coverage. Add in comprehensive and collision at $500 deductibles, full glass coverage, and rental reimbursement so you can keep working in the case of an accident.

Perfect for the person giving driving a try and figuring out whether it’s for them or not.

Mid-size

Bump the liability to 250/500/100, match the uninsured and uninsured. Comprehensive and collision will keep the same $500 deductibles with nothing due for glass, and they’ll lower $50 every 6 months or $100 every year. Also keep your rental reimbursement.

This option would be

Luxury

This is the option you’d look at for a full time driver, for the person who constant reinvests in their driving job, and for the one who knows they need to protect their assets and income from the unforeseen.

Look at 500/500/100 liability with the matching uninsured and underinsured, tack on a $1,000,000 umbrella to take your liability past what the ridesharing company offers and increases your protection against uninsured and underinsured drivers even more. Your $500 deductibles will be waived in the case of a total not-at-fault loss. Add on a replacement cost replacement plan for the vehicle if it qualifies, basically GAP insurance like from a dealership, only for less money. Finally, there’s an extended warranty option, should you be concerned.

 CompactMidsizeLuxury
Liability100/300/100250/500/100500/500/100
Uninsured/Underinsured100/300/100250/500/100500/500/100
Comp/Collision$500/$500$500/$500$500/$500
Glass deductible$0$0$0
Waiver of comp/collisionAvailableYesYes
Diminishing deductibleAvailable-$100/year-$100/year
$1,000,000 umbrellaNoAvailableYes
Extended warrantyAvailableAvailableAvailable

Why Bow Tie Financial Group?

We have a quote process that’s simpler and customized just for you.

If you’re like the rest of our clients, you want something that doesn’t slow you down. You want something fast. You want it done the right way, the first time. You don’t want to play the scheduling game just to go over it.

You probably also don’t want to give the same information to a dozen different companies just to get a dozen different quotes.

When you submit your quote to us through our two minute portal we get it immediately. We’ll piece together some options based on what you’ve given us, and reach out for a quick conversation about what you want and what excites you. After all, what good is protecting anything if you’re not excited for what you’re protecting?

Finally, we’ll send you a customized quote to your email with a personalized video reviewing what we’ve put together for you. You can make any options, elections, or changes, and then we get it in place.

Easy. Affordable. Fast. Right.

If you’re ready to get started on that quote, click here.

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