Rideshare Insurance in Vermont
What is rideshare insurance?
Driving for rideshare platforms, such as Uber and Lyft, presents unique insurance considerations. Vermont drivers who work on such platforms should check their insurance options, including rideshare insurance.
Rideshare insurance is specialized auto coverage for rideshare drivers. Policies are a hybrid of personal auto insurance and commercial auto insurance.
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What Vermont drivers need rideshare coverage?
Most Vermont drivers who work through rideshare platforms should consider rideshare insurance. Standard personal auto policies don’t necessarily cover rideshare driving.
What types of rideshare policies are available?
Drivers can often get rideshare policies a few different ways. Each option has its advantages and disadvantages.
Some drivers may choose to purchase insurance through the rideshare platform that they work on. This is often the most convenient option, as most platforms are required to provide transportation network coverage (TNC) that provides basic protections. Additional coverage might be available through a platform for an extra fee.
In either case, however, policies obtained through rideshare platforms may have substantial coverage gaps. They might only offer coverage when logged into the platform’s app, so drivers may not be covered between offering rides. The coverages included in these policies also tend to be fixed, and might not provide all of the protections that drives want.
Some personal auto insurance policies now have a rideshare endorsement. Although a personal policy’s standard protections are unlikely to cover paid driving — including rideshare driving — insurance companies are increasingly offering add-on endorsements that provide coverage for rideshare driving. This may be an affordable way to get important coverage.
If neither of the other options is suitable, select insurance companies now have rideshare policies. These policies offer a robust combination of protections, and are typically customizable.
An insurance agent who specializes in rideshare policies can help drivers compare each of these options (including a platform’s policy), and make a determination as to which solution is best for their particular situation.
What coverages should rideshare drivers look for?
No matter how they procure insurance, rideshare drivers should investigate multiple coverages. Some important protections to check are:
- Bodily Injury Liability Coverage, which may cover injuries to persons not inside a driver’s vehicle
- Personal injury Protection, which may cover medical costs and other expenses resulting from injuries to persons in the driver’s vehicle
- Medical Payments Coverage, which may cover medical costs resulting from injuries to persons in the vehicle
- Property Damage Liability Coverage, which may cover damage to passengers’ or others’ property
- Comprehensive Coverage, which may cover damage to the vehicle resulting from incidents other than collisions
- Collision Coverage, which may cover damage to the vehicle resulting from collisions with other vehicles
- Uninsured and Underinsured Motorist Coverage, which may cover collisions involving uninsured drivers
- Rental Car Reimbursement Coverage, which may pay for a rental vehicle if a driver’s vehicle is out of commission due to a covered incident
Drivers may also want a policy that offers roadside assistance. A knowledgeable insurance agent can help explore all coverage options.
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