Not all want to ride a taxi. Those who prefer comfort over saving money for a ride can opt for Lyft. Lyft is a popular online transportation platform that competes with Uber. Consider getting insured because Lyft’s supplemental coverage might not be enough in case something bad happens while you’re trying to make money. If you didn’t know, Lyft driver insurance is a collection of policies that protect you and your vehicle. This article will cover the basics of the different components that you will need for Lyft insurance.Â
If you have a personal automobile, virtually all states require you to have an auto insurance policy. However, Lyft does provide a supplemental Lyft insurance policy for their drivers to ensure that all their drivers can cover some liabilities on the road.
| Bodily Injury per person | Bodily injury per accident | Property damage per accident |
|---|---|---|
| $50,000 | $100,000 | $25,000 |
While this is nice to have, this coverage only applies when you have the app turned on and have the ability to receive ride requests. Many times during your Lyft driving, you will not be actively serving customers so it becomes crucial to assemble a decent Lyft car insurance policy to protect you from having to suffer from liability costs that are common on roadways.
Lyft pays a slighter higher wage than Uber. Lyft pays an average of $17.650 per hour, while Uber pays $15.68. The Los Angeles Times released a report in 2021 that Uber seems to be stepping up their game toward increasing wages for their drivers recently.
Yes, while you have the app open, Lyft will know your location at all times.
Yes, Lyft drivers have high safety standards they must meet. All Lyft drivers must pass a background check and continually pass an annual one to keep their employment. Lyft will monitor their drivers for criminal convictions actively as well.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
This Lyft insurance coverage is your standard business insurance policy that protects you against injury and property liability claims from your customers and third parties. Examples of when you can use this policy include:
A customer slips out of your car and has medical expenses from their injury
A bystander gets sideswiped by your car while walking on the street and has to get medical treatment
You slander a customer, and they sue you for damages
Typically, this type of Lyft liability insurance will have a $ 1 million per occurrence limit and a $2 million aggregate limit.
Tools and equipment–Helps reimburse you for any damaged or stolen Lyft vehicle tools that you use in your business
Additional insured–This lets you put additional people, organizations, or other parties as recipients of coverage on your general liability policy
No, general liability covers third-party injuries. To cover the costs of worker injuries, you will need a policy called workers compensation. This policy helps compensate employees for lost wages and medical expenses.
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $75,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Lyft commercial insurance with commercial property coverage will protect your business building or garage and any business assets within. This policy will protect your property from physical damage from natural elements as well as from theft and vandalism. See below for some examples of when this policy kicks in:
You have a garage for your Lyft vehicle that is affected by lightning
Someone tries to steal your vehicle and damages the garage door
A vandal destroys some commercial equipment you keep in your business building
Business interruption–Helps compensate for lost income due to hazardous events like fires and wind storms.
Flood insurance–Protects your commercial property from damage caused by flood waters
Typically, you will find a coverage limit of around $60,000 is the average for small businesses.
