As the start date of ride-sharing programs in Upstate New York approaches, it's a good idea to take a look at your insurance policy to make sure you understand your coverage. June 29th is the official day NY Lawmakers have set to allow companies like Uber and Lyft to operate in upstate NY. It seems that a lot of people are very eager to start making money driving others because recent estimates claim that 50,000 people have already signed up for Uber alone. But how many of those individuals thought about how their insurance would respond to their new business exposure?

Do I need additional insurance coverage To Drive For Uber and Lyft?

Although Uber and Lyft offer coverage from their corporate insurance policy while you are transporting a customer around, there is still a major gap in your personal insurance policy.

Your personal auto insurance will not cover you while you are using your vehicle to conduct business. The moment you log on to a ride sharing app and announce that you are ready to pick someone up, you just became a business, and your personal insurance policy is no longer covering you.  The insurance coverage from the ride sharing company kicks in when you pick up and transport a customer.  So who's covering me after I log into the app, announce I'm available, and waiting?     -There is no coverage!

This gap in coverage can be very serious and costly for you.  There can be a long wait for a passanger to request a ride.  Maybe you go grab a quick cup of coffee, drop off your dry-cleaning or just sit and wait in a parking lot.  If an incident occurs, whether your fault or not, you are no longer covered by insurance.

So How Do I Cover This Gap In Insurance?

There are endorsements available to cover this gap in coverage.  They are inexpensive and very important if you are planning to be a ride share driver.  Because this passed through legislation so quickly, NY insurance carriers are not set up for this endorsement and most do not offer it... yet.  Keep in touch with your Cote Insurance agent on availability.

Many companies offer these endorsements in other states that have allowed ride sharing for years now.  But since it was never allowed in upstate NY before, the endorsement was never added to the auto insurance products we currently use.  The endorsement will become available will some companies very soon.

This is just a small example of why having a knowledgeable agent is so important.  As things change in our world, our exposures do too.  If you are not currently a Cote Insurance client, give us 3 minutes to show you we can save you money and better protect you at the same time.  Get a quick quote from 1 or all 50 of our insurance companies.

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