Rideshare programs such as Uber or Lyft can be a great way to help make some extra cash this summer. With everyone out and about and more events coming up, more and more people are going to need rides. But if you don’t have the right kind of rideshare insurance, your side hustle could turn into a major financial struggle. While some rideshare companies do offer insurance packages when you sign up, they often aren’t enough to provide the full coverage you need.
When Rideshare Insurance Kicks In
If you get auto insurance through your rideshare program, then chances are, you aren’t always covered for accidents. A rideshare company policy typically only covers accidents when you are actively performing a job. This means you need to have a client confirmed on the app before your insurance will cover any incidents. Even if you’re signed into the app and are set as ‘available,’ you aren’t officially covered until a rider is confirmed. If you get into an accident while waiting for a rider to request a drive, you may have to pay out of pocket for injury or damage.
Personal-Use Coverage
If the car you use for your rideshare business is also your personal vehicle, you’ll need additional coverage for when you aren’t on the job. Rideshare insurance won’t cover your vehicle if you’re not actively using it for work. Because you need the proper coverage for accidents in Maryland, you may even face additional fees or tickets for driving without insurance.
Getting Additional Insurance Coverage
The basic package offered by your chosen rideshare program may be able to help while you’re working. But it’s often not enough to keep you covered throughout the rest of your driving time. Most drivers who have a rideshare business need to purchase additional insurance coverage. Getting the right kind of coverage can help ensure that your business is lucrative rather than draining your finances.
Saving Money with MAIF Rideshare Insurance
If you need help getting proper coverage for your rideshare business, MAIF can help. We offer a wide range of insurance packages to help cover any rideshare need. Whether you just need some additional coverage for work or need to add personal coverage for everyday use, we’ve got you covered. Contact a MAIF insurance provider today to see what kind of coverage could be available for your business.