# Can you Uber or Lyft with liability only insurance



## Nina2 (Oct 6, 2018)

I am thinking of changing insurance from full coverage to liability only insurance 
can you Uber or Lyft with liability only insurance or do you need full insurance


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## doyousensehumor (Apr 13, 2015)

Nina2 said:


> I am thinking of changing insurance from full coverage to liability only insurance
> can you Uber or Lyft with liability only insurance or do you need full insurance


Your Market may vary, but here full coverage or liability doesn't matter.

It's the Rideshare endorsement that you need to have.


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## Stevie The magic Unicorn (Apr 3, 2018)

Nina2 said:


> I am thinking of changing insurance from full coverage to liability only insurance
> can you Uber or Lyft with liability only insurance or do you need full insurance


You need a policy that allows ridesharing.

I wouldn't consider a liability only policy unless your car was 10+ years old and 150,000 miles, AND you could afford to lose the car completely no ans ifs or buts.


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## Wildgoose (Feb 11, 2019)

Nina2 said:


> I am thinking of changing insurance from full coverage to liability only insurance
> can you Uber or Lyft with liability only insurance or do you need full insurance


It doesn't matter. The matter there is that does your insurance have rideshare program with liability. One of my friend used to drive with liability insurance included rideshare with statefarm. Consider liability carefully since your car is on the road at least 6 hours everyday.


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## Dekero (Sep 24, 2019)

I did for my first Year in my 2003 BMW 325i, then one fateful day doing LYFT in a nearby city an elderly woman turned across traffic. Thru 3 lanes and drove right over my car... I got lucky that ut was her fault and she was Insured...

Fast forward to today... Thanks to her insurance settlement check im rocking my new 2012 BMW 750I

SO THE MORALE HERE IS... Make sure they hit you.... &#129315;&#128514;&#129315;&#128514;&#129315;&#128514;

But yes you can do it with just liabity.. but in the event you cause the accident you best be able to replace the car and or pay U/L high deductible... And were with passenger or on way to pickup.... Not waiting for a ride... Cuz waiting... U got No coverage from them basically it falls to your coverage... which would only pay for damages to other party...

Heres the new WHIP, W/ Full coverage and actually I pay for Commercial coverage so I can do private rides as well.. Make sure you are paying the small additional rideshare addendum coverage... U will get dropped for ins. Fraud if you have accident and dont have it.. and when I had it... It was only like $20 extra a month....


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## losiglow (Dec 4, 2018)

You should be able to. Liability still covers medical for passengers and damage to _other_ property. The primary difference between liability and comprehensive/collision is that the latter covers damage to your car, regardless if it's your fault or not. Liability does not.



Dekero said:


> I did for my first Year in my 2003 BMW 325i, then one fateful day doing LYFT in a nearby city an elderly woman turned across traffic. Thru 3 lanes and drove right over my car... I got lucky that ut was her fault and she was Insured...
> 
> Fast forward to today... Thanks to her insurance settlement check im rocking my new 2012 BMW 750I
> 
> ...


Sweet ride but I'm surprised you make much of a net profit considering maintenance, repairs and fuel costs. I think the 750 has a V8 doesn't it? What's your mpg? I'd guess sub 20 with premium fuel?

Heck, I've calculated the difference in net profit between my TL and a Prius and it's substantial with 28mpg mixed/premium. Not enough for me to consider a Prius since I don't think I could drive one more than a couple of hours before going crazy. The TL is comfortable and has creature comforts I enjoy.


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## Lyftuber100 (Nov 14, 2019)

losiglow said:


> You should be able to. Liability still covers medical for passengers and damage to _other_ property. The primary difference between liability and comprehensive/collision is that the latter covers damage to your car, regardless if it's your fault or not. Liability does not.
> 
> 
> Sweet ride but I'm surprised you make much of a net profit considering maintenance, repairs and fuel costs. I think the 750 has a V8 doesn't it? What's your mpg? I'd guess sub 20 with premium fuel?
> ...


I can answer this because I've had one back in the day. If you drive like grandma ( slow acceleration, do posted speed limits) then you can get 20mpg but if you drive normally expect a solid 18.


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## losiglow (Dec 4, 2018)

Lyftuber100 said:


> I can answer this because I've had one back in the day. If you drive like grandma ( slow acceleration, do posted speed limits) then you can get 20mpg but if you drive normally expect a solid 18.


Gotcha. Well, on the upside, the 750 qualifies for Black, depending on the year. 2012 might be too old though. That could offset the costs a bit, assuming Black is in much demand in your area. :thumbup:


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## Nina2 (Oct 6, 2018)

Dekero said:


> I did for my first Year in my 2003 BMW 325i, then one fateful day doing LYFT in a nearby city an elderly woman turned across traffic. Thru 3 lanes and drove right over my car... I got lucky that ut was her fault and she was Insured...
> 
> Fast forward to today... Thanks to her insurance settlement check im rocking my new 2012 BMW 750I
> 
> ...


Wow your insurance gave you a free upgraded car
what insurance do you have because regular insurance only pays for the value of your car and does not upgrade it


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## lyft_rat (Jul 1, 2019)

Nina2 said:


> I am thinking of changing insurance from full coverage to liability only insurance
> can you Uber or Lyft with liability only insurance or do you need full insurance


There is a lot of misinformation about insurance. Here is a correct summary:
1) Make sure your insurance company allows RS (ask and make sure you get a definitive answer that you understand and is documented). If you are driving and they don't allow it, you can be royally screwed in an accident.
2) You don't need collision for RS, however, RS will not pay for damage to your car if you don't have it. (You no covered already, they no cover you either.)
3) You don't need a RS endorsement unless your insurance company requires it.

Why all the hoopla then about having RS "gap" insurance? If you drive an expensive car and don't have it, you are not covered in the "gap" for collision, even if you have collision on your policy. The solution is to drive a car that is expendable that you wouldn't carry collision on anyway.


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## Dekero (Sep 24, 2019)

losiglow said:


> You should be able to. Liability still covers medical for passengers and damage to _other_ property. The primary difference between liability and comprehensive/collision is that the latter covers damage to your car, regardless if it's your fault or not. Liability does not.
> 
> 
> Sweet ride but I'm surprised you make much of a net profit considering maintenance, repairs and fuel costs. I think the 750 has a V8 doesn't it? What's your mpg? I'd guess sub 20 with premium fuel?
> ...


I do my own maintenance so that cost is under control. As for repairs Ive done good with staying ahead of them.. but your correct premium gas from Sams (2.30ish)and 19mpg.. thats why i don't play Uber pro games... No profit on $3 dollar rides... And I work surge events hard..

But at the end if the day Im retired and as long as Im making my 2 car notes and insurance.. after expenses... My money is made in milage write off on taxes against my wifes jobs tax Liability... Thats where I make. My money...

I do a bunch of private clients as well so that adds to the bottom line along with upper level luxury rides... Not just x and basic lyft...

Makes for a fun day driving though...


Nina2 said:


> Wow your insurance gave you a free upgraded car
> what insurance do you have because regular insurance only pays for the value of your car and does not upgrade it


Wasn't mine... I got hit and got paid for car + loss of work,+ pain and suffering thru their Insurance since it was their fault... &#128580;&#128580;

Car was worth $3200, settlement I agreed to finally was $24,500... Gotta love when people hit you... Thx Geico!!! Luv my new whip!!


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## lyft_rat (Jul 1, 2019)

Dekero said:


> But at the end if the day Im retired and as long as Im making my 2 car notes and insurance.. after expenses... My money is made in milage write off on taxes against my wifes jobs tax Liability... Thats where I make. My money...


Yes! People fail to grasp that under certain situations, the RS car is earning 58 cents per mile tax deduction whether loaded or empty. That can be worth a lot. :smiling:


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## LADryver (Jun 6, 2017)

doyousensehumor said:


> Your Market may vary, but here full coverage or liability doesn't matter.
> 
> It's the Rideshare endorsement that you need to have.


Uber property damage coverage applies only if you have your own.


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## Trafficat (Dec 19, 2016)

Nina2 said:


> I am thinking of changing insurance from full coverage to liability only insurance
> can you Uber or Lyft with liability only insurance or do you need full insurance


That's how I roll. Automobile liability insurance only. No collision insurance. No health insurance. No shipping insurance.



Dekero said:


> But at the end if the day Im retired and as long as Im making my 2 car notes and insurance.. after expenses... My money is made in milage write off on taxes against my wifes jobs tax Liability... Thats where I make. My money...


The mileage write off isn't that good. It almost covers gas. .58 cents a mile is deducted from your taxable income. But that's basically only 11.6 cents per mile that is off of your tax you pay assuming you pay about 20% income tax. Gas alone costs me more than 11.6 cents per mile, not to mention vehicle maintenance and depreciation. The deduction is a handy way of minimizing tax burdens, but I wouldn't advise driving for the deduction alone unless you are just about to jump from one tax rate bracket to another and the deduction drops the bracket.


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## LADryver (Jun 6, 2017)

Trafficat said:


> That's how I roll. Automobile liability insurance only. No collision insurance. No health insurance. No shipping insurance.
> 
> 
> The mileage write off isn't that good. It almost covers gas. .58 cents a mile is deducted from your taxable income. But that's basically only 11.6 cents per mile that is off of your tax you pay assuming you pay about 20% income tax. Gas alone costs me more than 11.6 cents per mile, not to mention vehicle maintenance and depreciation. The deduction is a handy way of minimizing tax burdens, but I wouldn't advise driving for the deduction alone unless you are just about to jump from one tax rate bracket to another and the deduction drops the bracket.


You will feel pride in your decision until the moment you discover it was the wrong one.


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## Seamus (Jun 21, 2018)

As long as you have an old car that you don’t mind walking away from then yes, you can have liability only. R/S gap insurance is for collision so it’s not necessary for a liability only policy.

I did Uber XL for a year with liability only on a 2007 Honda Odyssey with 190,000 miles on it. While Ubering I got rear ended by a beer truck. The beer distributor paid me very generously to go away!

The most profitable way to Uber is with an old car of little value but a still decent appearance. No need for collision, just walk away and buy a new one.


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## LADryver (Jun 6, 2017)

When not your fault of course it does not matter what insurance you have. If only everyone were perfect.


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## lyft_rat (Jul 1, 2019)

Trafficat said:


> The mileage write off isn't that good. It almost covers gas. .58 cents a mile is deducted from your taxable income. But that's basically only 11.6 cents per mile that is off of your tax you pay assuming you pay about 20% income tax. Gas alone costs me more than 11.6 cents per mile, not to mention vehicle maintenance and depreciation. The deduction is a handy way of minimizing tax burdens, but I wouldn't advise driving for the deduction alone unless you are just about to jump from one tax rate bracket to another and the deduction drops the bracket.


The mileage deduction is huge. You are correct, it covers gas. I will drive all I want and have free gas all year. Da??


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## LADryver (Jun 6, 2017)

lyft_rat said:


> The mileage deduction is huge. You are correct, it covers gas. I will drive all I want and have free gas all year. Da??


.58 cents a mile is computed to substitute for writing off gas, insurance, depreciation, repairs, maintenance, car washes, interest, parking, and registration concerning your car during a tax year. If you have low expenses and low depreciation, and gas is all it is, then in theory the deduction to gas cost could look something like this:

.58 times 35 miles, is $20 rounded. You write off around $20 per gallon of gas in a vehicle with this mileage rate. A hybrid might write off $29 per gallon. If a fill up is used solely for Uber, and is ten gallons, then one write off for one gallon would be $200 to $290. This can basically cover our ride income, theoretically, depending upon how many rides we get.

It is all theory.


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## Dekero (Sep 24, 2019)

Trafficat said:


> That's how I roll. Automobile liability insurance only. No collision insurance. No health insurance. No shipping insurance.
> 
> 
> The mileage write off isn't that good. It almost covers gas. .58 cents a mile is deducted from your taxable income. But that's basically only 11.6 cents per mile that is off of your tax you pay assuming you pay about 20% income tax. Gas alone costs me more than 11.6 cents per mile, not to mention vehicle maintenance and depreciation. The deduction is a handy way of minimizing tax burdens, but I wouldn't advise driving for the deduction alone unless you are just about to jump from one tax rate bracket to another and the deduction drops the bracket.


when your wife works full-time makes 80k a year and is taxed at 31% being able to write off my mileage against her tax Burden helps every year for me to get almost a full refund...

Make out like a bandit with my tax wright off of 58 cents a mile hell for this year I'm already at 53000 miles plus what I've done this month that I haven't counted yet


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## Bubsie (Oct 19, 2017)

How many miles were on the 750 when you bought it and how many now?


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## peteyvavs (Nov 18, 2015)

Nina2 said:


> I am thinking of changing insurance from full coverage to liability only insurance
> can you Uber or Lyft with liability only insurance or do you need full insurance


You can, but it'll be a dumb move.


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## Dekero (Sep 24, 2019)

Bubsie said:


> How many miles were on the 750 when you bought it and how many now?


103k when I got it, and now 130,700... Been rollin son!! So 27k in just over 8 months....LOL


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## Bubsie (Oct 19, 2017)

It depends on how much it would cost to replace your car. If he's young and paying high premiums for full coverage than liability only insurance may be cheaper in the long run. Ideal UberX vehicle being a barely hanging on beater, it shouldn't need a lot of coverage.



Dekero said:


> 103k when I got it, and now 130,700... Been rollin son!! So 27k in just over 8 months....LOL


Nice, got nearly 180k on a 3 series before an exhaust manifold leak started shutting me down during certain throttle conditions. Really not a good look with pax on board...


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## Fat Man (May 17, 2019)

doyousensehumor said:


> Your Market may vary, but here full coverage or liability doesn't matter.
> 
> It's the Rideshare endorsement that you need to have.


I would never go without full coverage insurance! HOWEVER, what the insurance company doesn't know about me goobering won't hurt them! :thumbup:


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