As we’ve covered many times on The Rideshare Guy, insurance (getting it, paying for it, using it, etc.) can be confusing. However, RSG contributor Melissa Berry is here to break down the important parts of what you need to know about the cost of uber insurance or rideshare insurance coverage, because what you don’t know can cost you.
Uber Insurance Cost
Did you know your deductible for Uber is $1,000 in periods 2 and 3 and Lyft’s deductible is $2,500? This is the price you would have to pay in the event of an accident in periods 2 and 3 to get your car fixed. Even if you’re not at fault, you would have to pay this money while your car is in the shop while your insurance company and the other person’s insurance company works to determine who is at fault.
Even if you do get reimbursed, could you handle this expense? If not, could you handle being out of work for days or weeks? If you’re not sure how long it takes for Uber/Lyft to process insurance claims, check out reader Tom’s experience here – it took months!