Benefits That You Can Reap From Having Rideshare Insurance in Chicago

by | Nov 14, 2019 | Insurance

If you drive for Uber or Lyft, then it is important for you to have rideshare insurance in Chicago. Your auto insurance policy does not cover your vehicle when it is used for business purposes. There are several benefits that you can reap from having rideshare insurance.

Coverage During Period One

Period one is when you are logged into the Uber and Lyft app, but you have not picked up a passenger yet. You will not have any collision insurance during this time. This means that if you get into an accident during the time period, then the damage that is done to your vehicle will not be covered by Uber or Lyft’s insurance policy.

High Collision Deductibles

Even though Lyft and Uber may cover accident damages, they have high deductibles. Uber has a $1,000 deductible. Lyft has a $2,500 deductible. Rideshare companies have lower deductibles.

Uber’s Collision Policy Is Dependent on Your Personal Policy

Uber does have collision insurance for accidents that occur during period two and three. However, the coverage that you get will depend on your personal auto insurance policy. If you have an older car and do not have collision insurance on it, then Uber’s insurance policy may not pay anything.

Save Money

Many people think that rideshare insurance is too expensive. However, it may be cheaper than you think. In fact, you may not have to pay more for your rideshare insurance than you do for your auto insurance.

It is also important to note that rideshare insurance can help you save money in the long run. If you are sued, then you may lose everything in a lawsuit if you do not have rideshare insurance.

You will need to contact Accurate Auto Insurance if you are in need of rideshare insurance in Chicago.

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