Joining a ridesharing company can be an enticing prospect for military members and their families who are looking for a way to supplement their income. The flexibility and availability of these types of occupations are attractive to many families who are often on the move and looking for a job that has nonstandard work hours, pays fairly and is relatively easy market to enter.
Doing your homework will help you determine if this could be a good decision for your financial health and add to your family’s net worth. It can become a hindrance to your financial wellbeing if you are not adequately covered in the case of an accident. Something you thought would increase your wages and help your family, could get expensive quickly without the right knowledge and preparation.
As a rideshare driver, you might not be adequately covered. Learn More.
Here are four things to know when considering becoming a rideshare driver:
Know what kind of personal Insurance you have. You need to understand your personal vehicle coverage and the implications of becoming a commercial driver. Contact your insurance provider or review your policy for details.
Understand Transportation Network Coverage (TNC). Understand the coverage the company is offering. Each rideshare business does it a little differently. So, when you are researching salaries, routes etc, make sure you have in depth conversations about coverages.
Know the “Phases”:
A frequently asked question here in community is, “Why don’t you offer Rideshare GAP coverage in every state?”
This is an ongoing process, I was surprised to learn that when any changes are made to an insurance contract, it must be reviewed and approved by the individual state. That means a contract approved in Maryland, may not be approved in Alabama.
Know where USAA offers Rideshare GAP coverage.
In 38 states currently with ~33,800 vehicles under protection. The states where Rideshare gap protection is available are:
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, MA, MN, MS, MO, NE, NV, NH, NJ, ND, OH, OK, OR, TN, TX, UT, VT, WA, WV, WI, WY
Are you a driver for a rideshare program or have any questions about coverage? Please share in the comments!
Disclosures: Countrywide average price for policyholders who have $100,000 per person/$300,000 per accident Bodily Injury coverage. Rideshare Gap Protection extends your personal auto policy coverage from the time you turn on the rideshare app until you are matched with a passenger. Rates vary by location and risk and are subject to change.
Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Automobile insurance provided by United Services Automobile Association, USAA Casualty Insurance Company, USAA General Indemnity Company, Garrison Property and Casualty Insurance Company, and USAA Ltd. (Europe), San Antonio, TX, and is available only to persons eligible for P&C group membership. Each company has sole financial responsibility for its own products.
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