# Insurance dedicated to rideshare



## getemtheresafely (Jul 1, 2014)

As you all know, we must have proper insurance to do our jobs legitimately........So during a search for commercial insurance, I came up on a company called EIB and thought I would share this with the board.........They say they provide commercial insurance not only to the rideshare drivers, but for rideshare companies as well........I haven't requested a quote yet, but just the fact that its offered was noteworthy...........

http://www.eibdirect.com/blog/rideshare-insurance/#sthash.YL3BLzyo.dpuf


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## getemtheresafely (Jul 1, 2014)

In addition to the underwriter Drew Keddington........Look at their June archive with a blog about an additional specific rideshare underwriter.........

I'm calling them first thing Monday morn for some quotes


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## Bart McCoy (Nov 4, 2014)

thanks, I'm sure everyone is waiting on the quotes


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## Richard Schusterman (Nov 25, 2014)

getemtheresafely, did you hear back from EIB about the commercial insurance for ride share?


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## NOVA yuppie (Oct 17, 2014)

Just emailed him as well. After reading my personal insurance policy, I have stopped driving for uber alltogether until I am fully covered somehow, just is not worth the risk. 

This looks quite promising.


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## VicoDrive (Aug 26, 2014)

Im interested in knowing more also once you find out. Please keep us posted!!


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## Lidman (Nov 13, 2014)

I think Erie is one that has commercial coverage.


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## VicoDrive (Aug 26, 2014)

Lidman said:


> I think Erie is one that has commercial coverage.


I just sent Erie a message, waiting to hear back...


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## jakob (Jul 16, 2014)

Eries inbox soon to be very full. I'm also listening


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## SDUberdriver (Nov 11, 2014)

getemtheresafely said:


> As you all know, we must have proper insurance to do our jobs legitimately........So during a search for commercial insurance, I came up on a company called EIB and thought I would share this with the board.........They say they provide commercial insurance not only to the rideshare drivers, but for rideshare companies as well........I haven't requested a quote yet, but just the fact that its offered was noteworthy...........
> 
> http://www.eibdirect.com/blog/rideshare-insurance/#sthash.YL3BLzyo.dpuf


_Thanks for the link. I already have commercial insurance here in San Diego. I sent them an email requesting a quote.Maybe I can lower my payments._


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## getemtheresafely (Jul 1, 2014)

I called on Monday and they said it was quite expensive between 7-8k per year.......


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## SDUberdriver (Nov 11, 2014)

getemtheresafely said:


> I called on Monday and they said it was quite expensive between 7-8k per year.......


_Might be lower for me. I have my TCP Permit and officially I am a company. Right now I pay about $3400 a year. I have a 2006 Nissan Armada. The rate you got was the rate I got before I went all in _


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## Steve_Chatt (Nov 15, 2014)

I called Erie about a week ago, and got a soft quote of about $2220


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## SDUberdriver (Nov 11, 2014)

Steve_Chatt said:


> I called Erie about a week ago, and got a soft quote of about $2220


_Do you know the minimum required by your state? Here in CA its $750k_


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## Bart McCoy (Nov 4, 2014)

Steve_Chatt said:


> I called Erie about a week ago, and got a soft quote of about $2220


a year? if so thats good!
but did you get a quote for where you live? i thought it was only available so far in Illinois and Indiana?


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## SDUberdriver (Nov 11, 2014)

Bart McCoy said:


> a year? if so thats good!
> but did you get a quote for where you live? i thought it was only available so far in Illinois and Indiana?


_The company I have is in CA. _


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## Bart McCoy (Nov 4, 2014)

SDUberdriver said:


> _The company I have is in CA. _


okay but is that hybrid insurance(lower rate) or commerical insurance(significantly higher rate than personal insurance) ?
because i thought Erie was the only company to openly allow uber/lyft, other than a full blown commerical insurance policy?


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## SDUberdriver (Nov 11, 2014)

Its commercial , I have my TCP permit.


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## Bart McCoy (Nov 4, 2014)

SDUberdriver said:


> Its commercial , I have my TCP permit.


ah okay, not trying to go that route ahahah. Looking for hybrid insurance in my area


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## Richard Schusterman (Nov 25, 2014)

Has anyone tried Liberty Mutual? I have heard rumors they may cover TNC drivers as long as they classify you as driving for business, (when asked if you drive mostly for personal or business), however in Texas, personal policies will not cover livery related accidents so Uber's insurance would become primary.


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## loki (Nov 28, 2014)

Richard Schusterman said:


> Has anyone tried Liberty Mutual? I have heard rumors they may cover TNC drivers as long as they classify you as driving for business, (when asked if you drive mostly for personal or business), however in Texas, personal policies will not cover livery related accidents so Uber's insurance would become primary.


It doesn't actually become primary as the claims still have to go through the primary and be denied before secondary kicks in. And then only under the stipulations of the policy. That's going to put an extra burden on whomever files the claim and that isn't a workable solution in many states. That's one issue NV has and one of the issues that led CA to start doing the insurance they way they are now. The secondary policy doesn't necessarily mean you won't be sued either. You are ultimately responsible for what happens when you are driving and if you aren't fully covered you open yourself up to all kinds of potential liability. I think the market is big enough now you'll see companies start to offer the hybrid insurance and that's a good thing for both the pax and drivers.


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## Richard Schusterman (Nov 25, 2014)

Thanks loki. Do you have commercial insurance? I'm looking for commercial insurance.


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## loki (Nov 28, 2014)

Yes but I'm not in the transportation business. It varies state to state. I've found the best way is the old fashioned pick up the phone and start calling local agents.


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## SDUberdriver (Nov 11, 2014)

Richard Schusterman said:


> Thanks loki. Do you have commercial insurance? I'm looking for commercial insurance.


_I have commercial insurance. Here is a company providing it: EIBDIRECT.COM_


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## pedro17 (Nov 7, 2014)

I have been driving for just a month now and am starting to understand this whole insurance fiasco associated with rideshare driving. From what I have gathered, there is no way your personal insurance is going to cover "collision" if you are engaged in ridesharing activities. You are risking what you owe or the value of your car every time you give a ride. Getting commercial insurance makes part time driving completely out of the question. What a complete myth propagated by the rideshare companies. The only way you are going to be covered for collision is if you lie to your ins. co.. Definitely fraud, probably felonious. Finding an insurance co. here in San D for hybrid insurance is like looking for a needle in a haystack. Oh well, time to calm my nerves with a surf and back to rolling the dice. Uber on TK you corporate pig!


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## Action239Jackson (Dec 5, 2014)

Actually there is a national company who specializes in livery and ride share insurance. I'm awaiting my quote now.


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## Action239Jackson (Dec 5, 2014)

ABIWEB COM


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## Richard Schusterman (Nov 25, 2014)

EIB is about $5500-$7500 a year for ridesharing insurance.


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## roadrunner70 (Nov 19, 2014)

For those in Florida, EIB does not offer policies there. Thanks for the info though. The agent provided a really quick response. His email is - [email protected]


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## Kaz (Sep 16, 2014)

I wont even bother contacting them. Here in AZ, it SUCKS to be an UBER driver. There is really no coverage for us. No insurance company will give a hybrid policy for us and the one company an insurance broker found wanted $9700 a year. Horrible. I am not driving as much now and I am nervous each time I go out because of this. UBER is doing nothing to get us covered or atleast find an insurance company that will still cover us with a signed affidavit or something and that is so wrong. Ugh.


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## Bart McCoy (Nov 4, 2014)

yeah $5,000 - $9700 a year is no good for all part time Uber drivers
wonder what aibweb runs


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## Action239Jackson (Dec 5, 2014)

They requested my info and I gave them via email to them today as far as what coverage I needed. Will update once I receive a quote on this.


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## anoroc (Dec 15, 2014)

Hello, brand new to this forum like today brand new. I just signed up for Uber in Cedar Rapids. I quickly became aware of the insurance issues. I called my carrier and they said I would need to carry commercial insurance. I just spoke to Liberty Mutual and they will cover me. Their position is as follows: If there is no paying passengers in the car than they will cover us. If there is a paying passenger in the car they wont. I asked about no paying passenger in the car but application Uber being on and they said we are covered if there are no paying passengers in the car. Here is an email- Its included as an attachment. They will not cancel a policy if you are a driver but make it clear they won't provide coverage when you are carrying passengers for hire.

So I think this would work. Thoughts?


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## Bart McCoy (Nov 4, 2014)

^^^^^^^^ that sounds good that they wont drop you. Uber should cover while you have passengers.
but when you say they will deny when you have passengers, they do mean PAYING passengers
I mean even though we Uber, we do actually go places with friends and family in the car

At least that quells they hype about mentioning it to your insurance company and they drop you.


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## anoroc (Dec 15, 2014)

Yes paying customers. Allied is my current carrier and told me they would drop me if I were a driver with Uber and that I would need a commercial livery policy. That is why I called Liberty Mutual. I am hoping for others to confirm this as well.

I also got quotes from them and I would save 97 bucks per year between my homeowners and car policies. Not a big savings but I would be able to drive for Uber.

I am still trying to decide if it is worth it here in Cedar Rapids


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## AmberLamps (Oct 29, 2014)

anoroc said:


> Hello, brand new to this forum like today brand new. I just signed up for Uber in Cedar Rapids. I quickly became aware of the insurance issues. I called my carrier and they said I would need to carry commercial insurance. I just spoke to Liberty Mutual and they will cover me. Their position is as follows: If there is no paying passengers in the car than they will cover us. If there is a paying passenger in the car they wont. I asked about no paying passenger in the car but application Uber being on and they said we are covered if there are no paying passengers in the car. Here is an email- Its included as an attachment. They will not cancel a policy if you are a driver but make it clear they won't provide coverage when you are carrying passengers for hire.
> 
> So I think this would work. Thoughts?


I just called liberty mutual and they said they would not let me get a policy if i drive for UBER....so yea its not gonna work.

Im wondering who you talked to. Was it a direct liberty mutual agent? Or was it a random insurance agent trying to sell you a policy.


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## anoroc (Dec 15, 2014)

I included an attachment a few posts ups with the verbage directly from Liberty Mutual. I would mention that to them or email it to an agent to ask about it. Let us know.


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## AmberLamps (Oct 29, 2014)

anoroc said:


> I included an attachment a few posts ups with the verbage directly from Liberty Mutual. I would mention that to them or email it to an agent to ask about it. Let us know.


Ok so i called again, and spoke with a different agent. He wasn't as familiar with the topic so he put me on hold and talked with his supervisor. I read them the attachment yu posted and they said that they would not cover a vehicle if it was found to be used in a ride sharing program and they would deny a claim if the vehicle was found to be participating in any of this activity. So yea it seems like they arent going to cover us. I would love to get the agents direct line that you spoke with.


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## DC_Uber_Lyft_Driver (Sep 2, 2014)

Why is commercial insurance not workable for part-timers? It's a write-off, correct?


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## observer (Dec 11, 2014)

DC_Uber_Lyft_Driver said:


> Why is commercial insurance not workable for part-timers? It's a write-off, correct?


Because it's expensive. Anywhere from 5K-10K per year. Doesn't matter to them if you work full time or part time. Insurance is not like a light switch you turn on and off as needed.


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## pako garcia (Oct 30, 2014)

NOVA yuppie said:


> Just emailed him as well. After reading my personal insurance policy, I have stopped driving for uber alltogether until I am fully covered somehow, just is not worth the risk.
> 
> This looks quite promising.


http://www.azfamily.com/home/Uber-Lyft-Insurance-Crackdown-285899701.html


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## observer (Dec 11, 2014)

pako garcia said:


> http://www.azfamily.com/home/Uber-Lyft-Insurance-Crackdown-285899701.html


Interesting article Pako. I'm not sure if everyone here is aware but both uber and lyft have had fatalities. Ubers a pedestrian and lyfts a passenger.


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## arto71 (Sep 20, 2014)

DC_Uber_Lyft_Driver said:


> Why is commercial insurance not workable for part-timers? It's a write-off, correct?


Do you think it's a good idea to spent $650 on the insursnce itself if you make only &1000?or maybe it's affordable but simple fact that you don't have the commercial registration or license plate you won't to be able to do so in most of the places.


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## DC_Uber_Lyft_Driver (Sep 2, 2014)

observer said:


> Because it's expensive. Anywhere from 5K-10K per year. Doesn't matter to them if you work full time or part time. Insurance is not like a light switch you turn on and off as needed.


But it's a write off. You get it back.


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## UberSonic (Jul 22, 2014)

DC_Uber_Lyft_Driver said:


> But it's a write off. You get it back.


A writeoff simply means you can deduct the value of the insurance from your taxes, so that you have less taxable income. You don't "get the money back".


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## DC_Uber_Lyft_Driver (Sep 2, 2014)

UberSonic said:


> A writeoff simply means you can deduct the value of the insurance from your taxes, so that you have less taxable income. You don't "get the money back".


That's the same thing. No, they don't cut you a check lol but as an IC who pays taxes, it works out the same.


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## anoroc (Dec 15, 2014)

It does not work out the same. I have been filing taxes as a sole proprietor for over 7 years and a write off is not you getting your money back. It is not a dollar for dollar reduction in your taxes. I am not a tax guy so I won't debate this but its worth a phone call to your accountant. I can tell you that a Tax credit reduces your taxes dollar to dollar so in a tax credit situation you get your money back. A tax write off or deduction reduces your taxable income based on the amount of the deduction times your marginal tax rate. As an example, a 5,000 commercial policy would reduce taxes by 1500 for a person in the 15 % tax bracket. Same deduction for someone in the 35% tax bracket would reduce by 3500. NOW as to the insurance thing. I had the Liberty Mutual agent send me an email in his own words confirming I would have coverage with the policy from corporate attached. It looks that at least in this region which includes Iowa, Wisconsin and Minnesota we would be covered. Apparently the State of CO. works differently. I hope this helps.


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## AmberLamps (Oct 29, 2014)

anoroc said:


> It does not work out the same. I have been filing taxes as a sole proprietor for over 7 years and a write off is not you getting your money back. It is not a dollar for dollar reduction in your taxes. I am not a tax guy so I won't debate this but its worth a phone call to your accountant. I can tell you that a Tax credit reduces your taxes dollar to dollar so in a tax credit situation you get your money back. A tax write off or deduction reduces your taxable income based on the amount of the deduction times your marginal tax rate. As an example, a 5,000 commercial policy would reduce taxes by 1500 for a person in the 15 % tax bracket. Same deduction for someone in the 35% tax bracket would reduce by 3500. NOW as to the insurance thing. I had the Liberty Mutual agent send me an email in his own words confirming I would have coverage with the policy from corporate attached. It looks that at least in this region which includes Iowa, Wisconsin and Minnesota we would be covered. Apparently the State of CO. works differently. I hope this helps.


I never told them i live in CO, i just called their 800 number and spoke anonymously. Please give me your agents contact info as i would like to get a policy through him that guarantees im covered. And have hime show me proof.


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## anoroc (Dec 15, 2014)

Really? I will pm you his contact information. Perhaps he can place a phone call in to you to help you out. I am pming you now.


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## anoroc (Dec 15, 2014)

He is not licensed in Colorado though. Each agent is licensed in the states they live in or boarding states if they pay the fee but he may be able to find someone who can help you. Tell him you spoke to Rick Hernandez


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## UberHammer (Dec 5, 2014)

DC_Uber_Lyft_Driver said:


> But it's a write off. You get it back.


If your last dollar tax rate is 28%, then you pay 28% of the insurance costs less in taxes. So if the insurance cost $5000, then you pay $1400 less in taxes ($5000 * 28%).

The savings depends on what rate that $5000 would have been taxed at had it been taxable. The more you earn, the higher the tax rate for the last dollar is.


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## UberSonic (Jul 22, 2014)

UberHammer said:


> If your last dollar tax rate is 28%, then you pay 28% of the insurance costs less in taxes. So if the insurance cost $5000, then you pay $1400 less in taxes ($5000 * 28%).
> 
> The savings depends on what rate that $5000 would have been taxed at had it been taxable. The more you earn, the higher the tax rate for the last dollar is.


Doesn't it work such that if say you made $50,000 in a year, and have $20,000 in eligible deductions, you then only have $30,000 in taxable income to be calculated on, right?


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## UberHammer (Dec 5, 2014)

UberSonic said:


> Doesn't it work such that if say you made $50,000 in a year, and have $20,000 in eligible deductions, you then only have $30,000 in taxable income to be calculated on, right?


Yes. Deductions reduce your taxable income. If you have $50,000 in income and have $20,000 in deductions, then you deduct $20,000 from $50,000 and your taxable income is only $30,000.

Tax credits are different than deductions in that credits reduce the tax. That is to say if the tax you owed on that $30,000 was $3,000 and you get a $500 tax credit, then the credit reduces your tax owed to $2,500.

When people say they have a tax write off, 99% of the time they mean a deduction, so the benefit of the write off is only the amount of the write off times the tax rate they would have paid on the amount. To be a 100% benefit it would have to be a tax credit.


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## Sydney Uber (Apr 15, 2014)

anoroc said:


> Hello, brand new to this forum like today brand new. I just signed up for Uber in Cedar Rapids. I quickly became aware of the insurance issues. I called my carrier and they said I would need to carry commercial insurance. I just spoke to Liberty Mutual and they will cover me. Their position is as follows: If there is no paying passengers in the car than they will cover us. If there is a paying passenger in the car they wont. I asked about no paying passenger in the car but application Uber being on and they said we are covered if there are no paying passengers in the car. Here is an email- Its included as an attachment. They will not cancel a policy if you are a driver but make it clear they won't provide coverage when you are carrying passengers for hire.
> 
> So I think this would work. Thoughts?


Did you asked them about tthe scenario where you have a job on the app that you are proceeding to without passengers and have an accident?

Is this vehicle or personal injury insurance we talking about?

I still reckon once insurance industry actuaries put away their Abacus' s and work out the true risk of part time commercial operations there is a huge new market there for the taking.


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## anoroc (Dec 15, 2014)

I did ask him that and he quoted the policy and emailed it to me. He specifically said as long as there is not passengers in the car. I had him email that to me for documentation. He even sent me the email from corporate addressing this matter which I included as an attachment on a previous post. 

In his own words

"Here is a copy of our coverage for Uber. Your policy will cover you until there is a PAYING CLIENT IN THE VEHICLE. At that time the Uber policy takes effect and Liberty Mutual Insurances’ policy offers no coverage until there is no longer a client in the vehicle."


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## JaxBeachDriver (Nov 27, 2014)

SDUberdriver said:


> _Might be lower for me. I have my TCP Permit and officially I am a company. Right now I pay about $3400 a year. I have a 2006 Nissan Armada. The rate you got was the rate I got before I went all in _


How much did it cost you to do all that? I know it will vary from city to city, I'm just curious


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## SDUberdriver (Nov 11, 2014)

JaxBeachDriver said:


> How much did it cost you to do all that? I know it will vary from city to city, I'm just curious


_In CA the TCP is $1000_


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## painfreepc (Jul 17, 2014)

UberSonic said:


> A writeoff simply means you can deduct the value of the insurance from your taxes, so that you have less taxable income. You don't "get the money back".


Yes tell him about it, these are the same idiots that think $0.56 per mile is the actual cost of doing uber/lyft business.


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