Lyft Insurance NYC
If you have decided to become a Lyft driver, you need to make sure that you have sufficient Lyft insurance in place.
If you do not do this, you could end up being in a very difficult financial situation. As a Lyft driver, you should know that a standard personal car insurance policy might not cover you. Lyft drivers need some form of rideshare car insurance.
When the Lyft rideshare app is off, the driver’s active coverage is personal car insurance. When the rideshare app is on, the company provides the drivers with Lyft car insurance.
HOW TO GET
lYFT DRIVER INSURANCE?
You have two options when it comes to Lyft driver insurance. You can either purchase a rideshare insurance policy or add a rideshare endorsement to your personal policy. We are happy to speak to you about your options and make sure that you have the right insurance policy for your needs.
A rideshare insurance policy will add to your existing personal car insurance coverage. The extra policy may help you to fill the gap between the commercial and personal auto insurance policy.
The rideshare endorsement combines both business and personal coverages into one auto policy.
WHAT KIND OF INSURANCE
DO DRIVERS NEED FOR LYFT?
Lyft provides a certain amount of insurance for drivers. This is liability insurance and contingent comprehensive and collision coverage. This may sound great for you, but it’s not that simple. There are often gaps in coverage. This means that you could end up being responsible for costly repairs and medical expenses that could leave you seriously out of pocket. You need to avoid this situation.
Hence that you should invest in the right car insurance for Lyft drivers. The coverage that you need is the same as the types of coverage for rideshare drivers we listed above.
HOW DOES LYFT INSURANCE WORK?
Working as a Lyft driver, you should meet Lyft Insurance requirements to be insured by the company. You should be subject to this coverage.
Coverage When The App Is On, Waiting For a Ride Request
- $50,000 of bodily injury per person,
- $100,000 of bodily injury per accident,
- $25,000 of property damage.
Coverage When The App Is On, Picking Up Passengers Or During Rides
- $1 million of third-party liability coverage,
- uninsured/underinsured motorist bodily injury coverage,
- contingent comprehensive and collision coverage.
You need to know that the contingent coverage has a $2,500 deductible attached to it. This means that you could be thousands of dollars out of pocket if you do not make your own Lyft insurance coverage arrangements.
Note when the app is off, your personal auto insurance coverage applies.
Contact us for Lyft insurance NYC and we will be happy to answer all your questions and give you the advice that you need.