# The thread potential and current ride sharing drivers have been waiting for - how much profit?



## RideSharingTest (Aug 23, 2016)

Hi Uber drivers,

Like many of you, I have wondered if ride sharing is worth getting into.

1. Does the profit for each trip (and overall) outweigh the costs? If so by how much?
2. How much estimated profit per trip?
3. How much estimated profit per hour?
4. What are the usually not considered expenses?
and more!

This thread will attempt to answer all of these questions and more.

To answer these questions, I created a spreadsheet to calculate all the upfront, future and usually not considered expenses. Yes, there are future and usually not considered expenses. While this spreadsheet fits my location and scenario, it may not fit yours. It is important to make your own spreadsheet calculating these things. At the very least write them all down with a pencil and paper and figure it out that way.

It is very important to calculate these upfront, future and usually not considered expenses before you get into ride sharing to see if it is for you. It is also important to calculate these expenses if you are currently doing ride sharing so that you are not spending more then you are making. It will also give you a more accurate "snapshot" of what you are actually making instead of just looking at what the app said you made. While it is exciting to start ride sharing and see the money come in, what you see coming in is not the true estimate of what you will actually earn overall.

See the attached spreadsheet I made. I attached it to this forum. I realize it is very small and hard to read so if any of you know how to make it bigger for easy viewing that advice would be much appreciated. Perhaps you should view the spreadsheet on a PC. You could save the picture onto your PC and then enlarge it by zooming in that way. Please view the spreadsheet now.

https://docs.google.com/spreadsheets/d/1KbWvlScSheL84_mrvDiQLCyu_hErthsY6P2MlVYUF-E/edit?usp=sharing

*Some important takeaways from this spreadsheet:*

1. There are "usually not considered" expenses involved with driving for a ride sharing company. See the spreadsheet for a list of them. While it is exciting to start ride sharing and see the money come in, realize that eventually you will have to pay for maintenance, "wearable" items on your vehicle and have other expenses. These are costs that you will not see upfront but you will see over time with ride sharing. It is imperative to calculate these costs and subtract them from the amount you have made. What you see coming in is not the true estimate of what you will actually earn overall.

2. Regular personal auto insurance will not cover you for ride sharing! You will have to speak to an insurance company and get "commercial ride sharing coverage" to cover you and your vehicle. This coverage is almost always significantly more expensive then regular coverage. Ride sharing companies do offer insurance but this insurance does not cover you or your vehicle. This insurance only covers your passengers and everything except you and your vehicle! You can drive around without this extra insurance coverage but it is a HUGE risk! If you get into an accident without this extra coverage, your insurance company will not cover you. Not only will you be without a vehicle, you will now be without a ride sharing job because you no longer will have a vehicle! You will also have no vehicle to get you to a different job should one arise. You could have your vehicle impounded. You could lose your license. You could go to jail. You will be much worse off then you started. You will be stuck. Drive at your own risk without coverage! In fact, do yourself (and every driver around you) a favor and get the upgraded insurance! Do not drive without this upgraded insurance!

3. Ride sharing does not take out taxes when paying you. You will have to pay taxes on everything you made at the end of the year. You could choose to break the law and not file taxes but you will eventually be caught, ordered to pay all back taxes and you will also incur heavy fines, so, pay your taxes on every penny you made from ride sharing at the end of the year. This is a pretty substantial expense at the end of the year so be mindful of this. While it is exciting to start ride sharing and see the money come in, realize that eventually you will have to pay taxes at the end of the year and that what you see coming in is not the true estimate of what you will actually earn overall.

4. You probably will need more data for your smartphone from your cellphone company if you run close to your data limits now. Ride sharing apps usually use 1-2 more GBs then usually.

5. The numbers in the spreadsheet above do not include wait times, just action times. It is important to know that you may spend a good amount of your time waiting for a customer. Your wait times factor into your hourly pay estimate so be sure to keep track of your wait times as well as each trip to calculate what you are earning hourly. You may end up making a lot less then what the above spreadsheet says if you calculate in wait times.

*Payment breakdown (keep in mind all these numbers do not include wait times or any tips- just travel times*
Uber pays SA drivers - $.90 per mile
Estimated vehicle expenses is - $.51 per mile (see spreadsheet for breakdown)
So then, estimated pre tax profit per mile is $.39 per mile

*Fuel Cost estimator (this fuel cost per mile is already calculated in the $.51 per mile vehicle expenses - see spreadsheet)*
Average fuel mpg for my vehicle is - 22.5 miles per gallon
Average fuel cost for 1 gallon of gas - $2
So then, average fuel cost per mile driven - $.09 per gallon

*Trip and hourly wage calculator*
Average trip mileage for one trip is - 5 miles
Each mile traveled on average takes - 2 mins
Estimated trip duration is - 10 mins
One could make 6 trips like this per hour (does not include wait times)

Estimated profit made (pre tax and after estimated expenses taken out) for current trip mileage - $1.96
Estimated amount made per hour (pre tax and after estimated expenses taken out) - $11.80

Estimated tax percentage (Uber and Lyft do not take out taxes - will have to be filled at end of year otherwise steep fines - figure about 30%
Estimated tax on one trip - $.59
Estimated tax on hourly estimate - $3.54

*BOTTOM LINE*​*Take home profit/pay (includes all expenses and after taxes filled)*
Current estimated total profit after taxes and estimated expenses for one trip - $1.37
Current estimated hourly pay after taxes and estimated expenses - $8.26

*Some important things to keep in mind*
These calculations and this spreadsheet do not count wait times into its numbers nor does it account for tips. I just counted action time. This spread sheet does not calculate in vehicle depreciation. These calculations do not represent all drivers and all situations. There are many factors you personally may have that may alter you situation for better or for worse then the calculations that have been presented.

If you count wait times, traveling time to pickup your rider and idling times and depreciation of your vehicle, your estimated hourly pay may be significantly lower! You may be making well below minimum wage. Its important to do your own calculations with your scenerio so this does not happen to you.

*Some very important things to keep in mind - without tips - without accounting for wait times - *
1. Right now, at $.90 per mile paid by Uber, a person can average around $8.26/h without tips when all the expenses are included (see spreadsheet). This is about $1 an hour over SA minimum wage. If Uber decreased pay by just $.05 per mile (but everything else stayed the exact same), you would likely be working for less then minimum wage here in San Antonio ($.7.25) hour. Or:

2. Unless you have an incredibly fuel efficient vehicle, if gas goes up an additional $1.78 per gallon from the $2 per gallon it is now (with all other costs staying the same), you will likely be working for less then minimum wage.

Tips are optional and can be fairly random. You can have many top notch ratings and very little tips. Factors such as age of rider, location, distance, time of day, condition of vehicle, traffic, state of mind of passenger, surge pricing times etc. can all play into if you get tips. While tips are "a lot about you the driver", tips are NOT "all about you the driver". Please do not count on tips as a guaranteed thing.

That is about it! Hopefully this thread and spreadsheet will help you to understand things that you did not know about before. Also, hopefully it will help you in deciding if starting (or continuing) with ride sharing is right for you!

Cheers!


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## Xylphan (Aug 26, 2016)

You should create a google docs spreadsheet and link it in.

Uber/Lyft/ etc. count on people either a) not doing the math or b) can't do the math. I've done my own analysis and determined that the vast majority of drivers are making less than minimum wage, even with writing off expenses.

There was a time when it was worthwhile. I ran my calculations using the original parameters before Uber started slashing into the drivers, and even casuals could make a decent wage back then. Even after the first cut it was still reasonable. But the rest of the shenanigans that followed? Not so much, and there's no reason to believe that it's going to get any better given their history. It's not even worth it as a side gig for most people. You'd make more working a few weekend hours at your local supermarket.

That's not to say it can't be worthwhile to anyone. It can be if they hustle, happen to live in the right areas, work at the right times, etc. But that's going to be a small segment of the driver population. And, ironically, those drivers are not working where they want and when they want since it wouldn't make economic sense to work at any other times. Kind of defeats the whole "be your own boss" theme.


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## Gung-Ho (Jun 2, 2015)

RideSharingTest said:


> Hi Uber drivers!
> 
> Like many of you, I have wondered if ride sharing is worth getting into.
> 
> ...


Another well written infomercial by a "new" member for uber. How much are they paying you to post this?


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## RideSharingTest (Aug 23, 2016)

Gung-Ho said:


> Another well written infomercial by a "new" member for uber. How much are they paying you to post this?


Not being paid by anyone. Who would be paying me? Care to refute the math?

What this spreadsheet will show is that, according to the math, for many many drivers, it is not worth driving for Uber and Lyft. The math shows that if a driver ends up driving for Uber an Lyft for a reasonable amount of time and they calculate in all the expenses, they end up paying more into ride sharing expenses then they get out of it. That Uber and Lyft create a loss for the driver. That the driver pays more into the vehicle and services then they get paid by Uber and Lyft. It sure is nice seeing that dollar amount roll in every trip and every day on the apps but this amount is not the whole story. Don't let this seemingly lucrative amount lure you into thinking its all profit. It is not.

This may not apply to everyone but it applies to a whole bunch of people. Is anyone here (or that you know) taking a loss in the long run by driving for a ride sharing company? Enter your data into the spreadsheet to find out.


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## RideSharingTest (Aug 23, 2016)

Xylphan said:


> You should create a google docs spreadsheet and link it in.
> 
> Uber/Lyft/ etc. count on people either a) not doing the math or b) can't do the math. I've done my own analysis and determined that the vast majority of drivers are making less than minimum wage, even with writing off expenses.
> 
> ...


Great idea. Just created the original spreadsheet I created on Google Docs (instead of Microsoft Excel). Its free for all to use. Here it is:

https://docs.google.com/spreadsheets/d/1KbWvlScSheL84_mrvDiQLCyu_hErthsY6P2MlVYUF-E/edit?usp=sharing

I am keeping the document as "view only" so people do not write cuss words and other obscene things. You can copy all the data/cells in the document and create your own spreadsheet for editing though. Feel free to do this to see if ride sharing is for you.

Please let me know if my math is off, if I am missing anything or any other area I can improve. A well informed ride sharing driver is a happy driver.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> Not being paid by anyone. Who would be paying me? Care to refute the math?
> 
> What this spreadsheet will show is that, according to the math, for many many drivers, it is not worth driving for Uber and Lyft. The math shows that if a driver ends up driving for Uber an Lyft for a reasonable amount of time and they calculate in all the expenses, they end up paying more into ride sharing expenses then they get out of it. That Uber and Lyft create a loss for the driver. That the driver pays more into the vehicle and services then they get paid by Uber and Lyft. It sure is nice seeing that dollar amount roll in every trip and every day on the apps but this amount is not the whole story. Don't let this seemingly lucrative amount lure you into thinking its all profit. It is not.
> 
> This may not apply to everyone but it applies to a whole bunch of people. Is anyone here (or that you know) taking a loss in the long run by driving for a ride sharing company? Enter your data into the spreadsheet to find out.


your spreadsheet is laughable. Your "expense" per mile for insurance is ridiculous. It is zero or minimal, remember, this is "ride share" not for pro companies with drivers we are talking about. So yes, I refute your math. Also, people drive prius and camrys for low fuel cost, 20mpg sucks for rideshare, unless you are driving mercedes, and getting at least select rates. Honestly, did not bother to look any closer, your inclusion of insurance made me laugh.


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> your spreadsheet is laughable. Your "expense" per mile for insurance is ridiculous. It is zero or minimal, remember, this is "ride share" not for pro companies with drivers we are talking about. So yes, I refute your math. Also, people drive prius and camrys for low fuel cost, 20mpg sucks for rideshare, unless you are driving mercedes, and getting at least select rates. Honestly, did not bother to look any closer, your inclusion of insurance made me laugh.


Insurance ride sharing coverage to protect oneself and their vehicle is one of the biggest (if not the biggest) out of pocket upfront expenses a ride share driver has.

The expense per mile for insurance was to get a "weight of this cost" (actual insurance costs) for new drivers and for those who drive 500 miles per month or less. Otherwise, if you do not calculate this cost in as a cost per mile, but just as an upfront cost, the driver is essentially driving for free until that upfront cost is paid for. Basically, if ride sharing insurance costs $200 extra per month, then the driver is essentially driving for free until he makes $200 to pay for this cost. If you continue to calculate it as a cost per mile expense, the cost per mile will be less if you drive over 500 miles per month. More if you drive less. Otherwise you can just figure you are driving for free until you pay for your monthly insurance costs and then you could eliminate this section and calculate.

Yes, all drivers should get this specialized insurance. Yes, most drivers will pay a lot more for this specialized insurance. No, regular insurance will not cover you and your vehicle while you are actually engaged in ride sharing but will only cover passengers and other vehicles (everything except you and your bread and butter, your vehicle). You have to get ride sharing coverage to protect you and your vehicle. Am I taking it you do not encourage getting ride share coverage for Uber and Lyft drivers?

Although it would be illegal to drive without any insurance, the numbers would be different if one doesn't plan on getting/using insurance. It would also be incredibly foolish (see the OP that explains why). The numbers would be different if a person drives enough (basically for free) until the insurance costs are paid for. How many miles per month do you drive on average?


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## drexl_s (May 20, 2016)

RideSharingTest said:


> The expense per mile for insurance was to get a "weight of this cost" (actual insurance costs) while driving for new drivers and for those who drive 500 miles per month or less. Otherwise, if you do not calculate this cost in as a cost per mile, but just as an upfront cost, the driver is essentially driving for free until that upfront cost is paid for. Basically, if ride sharing insurance costs $200 extra per month, then the driver is essentially driving for free until he makes $200 to pay for this cost.
> 
> Yes, all drivers should get this specialized insurance. Yes, most drivers will pay a lot more for this specialized insurance. No, regular insurance will not cover you and your vehicle while you are actually engaged in ride sharing. You have to get ride sharing coverage. Am I taking it you do not encourage getting ride share coverage for Uber and Lyft drivers?
> 
> Although it would be illegal to drive without any insurance, the numbers would be different if one doesn't plan on getting/using insurance. It would also be incredibly foolish (see the OP that explains why). The numbers would be different if a person drives enough (basically for free) until the insurance costs are paid for. How many miles per month do you drive on average?


What are you talking about? I am fully insured, called Mercury, gave me ride share coverage for $60 per six months. That's it. I am 100% covered. That $60, to drive 25,000 miles in six months, comes out to $0.002 per mile. 0.2 Cents. You have 36 cents!!! $9,000 per six months???? Seriously, explain that. Unless, you are claiming one week driving, and 500 miles for the $100 coverage; hard for me to see you the cost in the pic. So the coverage of $100 is per week? or longer? Your cost per mile is completely wrong here.


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> What are you talking about? I am fully insured, called Mercury, gave me ride share coverage for $60 per six months. That's it. I am 100% covered. That $60, to drive 25,000 miles in six months, comes out to $0.002 per mile. 0.2 Cents. You have 36 cents!!! $9,000 per six months???? Seriously, explain that. Unless, you are claiming one week driving, and 500 miles for the $100 coverage; hard for me to see you the cost in the pic. So the coverage of $100 is per week? or longer? Your cost per mile is completely wrong here.


That's actually a really good rate! Way better then any I have found. I have too look into that. Are you sure its good and full coverage from a reputable company? I have never heard of Mercury insurance before. Are they a national company or local to where you live?


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## drexl_s (May 20, 2016)

RideSharingTest said:


> That's actually a really good rate! Way better then any I have found. I have too look into that. Are you sure its good and full coverage from a reputable company? I have never heard of Mercury insurance before. Are they a national company or local to where you live?


I think Mercury is in CA only, not sure. But your insurance, i think your "miles" to calculate the insurance cost, is way too low. No one would pay over $100 just to drive 500 miles. I need to look into your shared sheet on google, so i can see it clearly.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> That's actually a really good rate! Way better then any I have found. I have too look into that. Are you sure its good and full coverage from a reputable company? I have never heard of Mercury insurance before. Are they a national company or local to where you live?


Ok, just opened it. $182 for 6 months. You must be driving a more expensive vehicle. The cost is to get your similar coverage to when you are not ridesharing. So question to you, why in the world would you use 500 miles? If the rate is for 6 months, you need to use how many miles you think you would drive (including dead miles) for the 6 months? Can't be just 500, I mean, yeah, of course you will go broke and lose money. You did not even mention business taxes like we have to pay in SFO, and put those over 500 miles; lol out of buiness. San Jose is $150 and SF is $91.


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> I think Mercury is in CA only, not sure. But your insurance, i think your "miles" to calculate the insurance cost, is way too low. No one would pay over $100 just to drive 500 miles. I need to look into your shared sheet on google, so i can see it clearly.


This is very possible that I am using too low of a mileage amount for the insurance cost amount. I am not sure what other ride share drivers average per month for just ride sharing miles. That's why I created this poll: https://uberpeople.net/threads/how-...o-you-drive-for-a-ride-sharing-company.99240/

When I get this data I can then re-update the spreadsheet for more accurate data.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> This is very possible that I am using too low of a mileage amount for the insurance cost amount. I am not sure what other ride share drivers average per month for just ride sharing miles. That's why I created this poll: https://uberpeople.net/threads/how-...o-you-drive-for-a-ride-sharing-company.99240/
> 
> When I get this data I can then re-update the spreadsheet for more accurate data.


so $180 is per month? I think the 500 per week is good start, so do 2500 miles per month, and confirm the $180 if per month or 6 months.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> This is very possible that I am using too low of a mileage amount for the insurance cost amount. I am not sure what other ride share drivers average per month for just ride sharing miles. That's why I created this poll: https://uberpeople.net/threads/how-...o-you-drive-for-a-ride-sharing-company.99240/
> 
> When I get this data I can then re-update the spreadsheet for more accurate data.


Also, if you are doing average, your fuel cost is way too high, I bet average is around 25 for non hybrid and maybe 35 for hybrid; i see a lot of prius out there...your 20mpg; no that would have to be a select car, not an uberx; and i think we are talking uberx only


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## drexl_s (May 20, 2016)

drexl_s said:


> so $180 is per month? I think the 500 per week is good start, so do 2500 miles per month, and confirm the $180 if per month or 6 months.


Think average speed driving about 25mph and parttime being 20 hours; 500 miles in a week


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> Ok, just opened it. $182 for 6 months. You must be driving a more expensive vehicle. The cost is to get your similar coverage to when you are not ridesharing. So question to you, why in the world would you use 500 miles? If the rate is for 6 months, you need to use how many miles you think you would drive (including dead miles) for the 6 months? Can't be just 500, I mean, yeah, of course you will go broke and lose money. You did not even mention business taxes like we have to pay in SFO, and put those over 500 miles; lol out of buiness. San Jose is $150 and SF is $91.


When I called around to All-State, State Farm, Gieco, Farmers, Progressive and USAA the cheapest company I found for full ride sharing coverage on a 2015 Mazda 6 Grand Touring was Geico. USAA doesn't cover ride share.

Geico quoted me at $2,846.00 for 12 months (or $237.16 per month average). This is $182.94 per month MORE then the regular personal auto insurance coverage (hence why I just used $182.94 per month in the spreadsheet instead of the $237.16). I was looking at how much more ride share coverage is in addition to a regular personal policy, not the total cost of a personal policy and ride share coverage together. Again, Gieco was the cheapest national, well established auto insurance company I found. I have a clean driving record.

Yes, 500 mile per month may be too low for the average ride share driver. I'll update the mileage most ride share drivers drive when I get the data from this poll: https://uberpeople.net/threads/how-...o-you-drive-for-a-ride-sharing-company.99240/

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## drexl_s (May 20, 2016)

Holy smokes, call someone else... that is insane. Call insurance for "GAP" coverage. But, even with your $186 (which is way too high), your insurance over 2500 miles should be only 7.4 cents per mile.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> When I called around to All-State, State Farm, Gieco, Farmers, Progressive and USAA the cheapest company I found for full ride sharing coverage on a 2015 Mazda 6 Grand Touring was Geico. USAA doesn't cover ride share.
> 
> Geico quoted me at $2,846.00 for 12 months (or $237.16 per month average). This is $182.94 per month MORE then the regular personal auto insurance coverage (hence why I just used $182.94 per month in the spreadsheet instead of the $237.16). I was looking at how much more ride share coverage is in addition to a regular personal policy, not the total cost of a personal policy and ride share coverage together. Again, Gieco was the cheapest national, well established auto insurance company I found. I have a clean driving record.
> 
> ...


at that kind of cost. Honestly, I would go online, and sit in a parking spot until i get a ping. I would not leave garage without a ping, park car with passenger and not end trip until they closed door. and sit sit sit until new ping. there is no way anyone should pay that much for gap coverage!


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> Holy smokes, call someone else... that is insane. Call insurance for "GAP" coverage. But, even with your $186 (which is way too high), your insurance over 2500 miles should be only 7.4 cents per mile.


Haven't found a reputable local company that offers full ride share coverage.

USAA (my current insurance) only offers "gap" coverage which means they will only cover me while using the vehicle for personal use and while "waiting for a customer". The moment I pick up the customer the coverage stops. This is how most personal auto insurance policies and "Gap policies" work I believe.

Basically without full ride sharing coverage, my brand new baby would not be covered. Sure the ride share passenger would be covered and so would everything else except me and my vehicle by Uber and Lyfts insurance, but I would be SOL if I got injured or if my car got damaged or heaven forbid totaled without ride share coverage. Its not worth the risk driving without full ride sharing coverage. I appreciate my car and my health too much to just risk it.


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> at that kind of cost. Honestly, I would go online, and sit in a parking spot until i get a ping. I would not leave garage without a ping, park car with passenger and not end trip until they closed door. and sit sit sit until new ping. there is no way anyone should pay that much for gap coverage!


Gap coverage is only an additional $10 per month from USAA. They don't offer full ride share coverage though. So as soon as I pick up the customer until I drop them off I am toast/not covered. That's why I need Geico or someone else to offer me full ride share coverage, not just Gap coverage.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> Gap coverage is only $10 additional dollars from USAA. They don't offer full ride share coverage though. So as soon as I pick up the customer I am toast/not covered. That's why I need Geico or someone else to offer me full ride share coverage.


You are covered by Uber as soon as the pax goes into your car. You are covered as soon as you accept actually. Unless, there is some weird rule in Texas, but you need to consider that you are covered by Uber except for the time you are online with no pax/accepted ride.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> Gap coverage is only $10 additional dollars from USAA. They don't offer full ride share coverage though. So as soon as I pick up the customer I am toast/not covered. That's why I need Geico or someone else to offer me full ride share coverage.


your cost in your spreadsheet went from 36 cents to 0 cents.


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> You are covered by Uber as soon as the pax goes into your car. You are covered as soon as you accept actually. Unless, there is some weird rule in Texas, but you need to consider that you are covered by Uber except for the time you are online with no pax/accepted ride.


From what I understand, Ubers insurance covers the passenger and everything else EXCEPT you (the driver) and your vehicle. So, if I get into an accident and total my vehicle and need expensive surgery but I do not have separate ride sharing insurance, I am paying for everything involved with me and my vehicle out of pocket. A new car, surgeries, hospital stays everything involving me and my vehicle will come out of my pocket. I don't have that kind of cash.

That is why people need ride share coverage. Perhaps someone could correct me if I am wrong.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> From what I understand, Ubers insurance covers the passenger and everything else EXCEPT you (the driver) and your vehicle. So, if I get into an accident and total my vehicle and need expensive surgery but I do not have separate ride sharing insurance, I am paying for everything involved with me and my vehicle out of pocket. A new car, surgeries, hospital stays everything involving me and my vehicle will come out of my pocket. I don't have that kind of cash.
> 
> That is why people need ride share coverage. Perhaps someone could correct me if I am wrong.


Full coverage, $1,000 deductible except when you are online. Then your coverage is liability only. The gap is to get your car covered when no passenger or request. Wait for others to confirm, but your insurance cost should be less than a penny per mile. I need to drive now...


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## RideSharingTest (Aug 23, 2016)

drexl_s said:


> Full coverage, $1,000 deductible except when you are online. Then your coverage is liability only. The gap is to get your car covered when no passenger or request. Wait for others to confirm, but your insurance cost should be less than a penny per mile. I need to drive now...


Right, Gap insurance would be to get the car covered when no passenger is present but like you said, when you are online (or have picked up a passenger), Uber's coverage is liability only. For additional coverage and protection, one would need to buy a separate ride sharing policy from an insurance company.

Liability coverage is just a bare minimum coverage. It is just to cover OTHER drivers regarding damage and injury and in case someone tries to sue you. Liability coverage is not to cover you regarding any injury or to cover any damage done to your vehicle while on the job.

So basically, because it is liability only, if you get any damage done to your vehicle (all the way up to it being totaled) or receive any injuries, Uber will not pay you a dime. This isn't good when you drive a new $30,000 vehicle.

Not to mention, a 1,000 deductible from Uber is insanely high.


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## drexl_s (May 20, 2016)

RideSharingTest said:


> Right, Gap insurance would be to get the car covered when no passenger is present but like you said, when you are online (or have picked up a passenger), Uber's coverage is liability only. For additional coverage and protection, one would need to buy a separate ride sharing policy from an insurance company.
> 
> Liability coverage is just a bare minimum coverage. It is just to cover OTHER drivers regarding damage and injury and in case someone tries to sue you. Liability coverage is not to cover you regarding any injury or to cover any damage done to your vehicle while on the job.
> 
> ...


No no, I meant you are full covered except for period 1.


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## tohunt4me (Nov 23, 2015)

Gung-Ho said:


> Another well written infomercial by a "new" member for uber. How much are they paying you to post this?


It's sums up as :

Make $8.25 an hour with a car they would not give you a Loan to buy a replacement on that wage !


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## tohunt4me (Nov 23, 2015)

tohunt4me said:


> It's sums up as :
> 
> Make $8.25 an hour with a car they would not give you a Loan to buy a replacement on that wage !


UNSUSTAINABLE !


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## shiftydrake (Dec 12, 2015)

Ok I'm sorry to say this again.............OP way too much to read so I didn't sorry if I am being an ***hole


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## Gung-Ho (Jun 2, 2015)

tohunt4me said:


> It's sums up as :
> 
> Make $8.25 an hour with a car they would not give you a Loan to buy a replacement on that wage !





RideSharingTest said:


> Not being paid by anyone. Who would be paying me? Care to refute the math?
> 
> What this spreadsheet will show is that, according to the math, for many many drivers, it is not worth driving for Uber and Lyft. The math shows that if a driver ends up driving for Uber an Lyft for a reasonable amount of time and they calculate in all the expenses, they end up paying more into ride sharing expenses then they get out of it. That Uber and Lyft create a loss for the driver. That the driver pays more into the vehicle and services then they get paid by Uber and Lyft. It sure is nice seeing that dollar amount roll in every trip and every day on the apps but this amount is not the whole story. Don't let this seemingly lucrative amount lure you into thinking its all profit. It is not.
> 
> This may not apply to everyone but it applies to a whole bunch of people. Is anyone here (or that you know) taking a loss in the long run by driving for a ride sharing company? Enter your data into the spreadsheet to find out.


I confess I didn't read it thoroughly. It's not as glowing praise as I assumed. Mea culpa.


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## RideSharingTest (Aug 23, 2016)

Gung-Ho said:


> I confess I didn't read it thoroughly. It's not as glowing praise as I assumed. Mea culpa.


No, the original post in this thread it is NOT a glowing praise of Uber/Lyft or any ride sharing service.

The original post is an analytical analysis with numbers that shows that driving for either of these companies is NOT sustainable for the long haul for a large number of people if you factor in all the expenses (depreciation, wait times etc.). Its a cost breakdown of the costs drivers are likely to see both upfront and over the long haul that they might not know about. While it be profitable for some, each persons scenario is different (Uber pays people different amounts based on their location, people have different types of vehicles etc.) so it is important to put your numbers relevant to your situation into the spreadsheet. If there is anything I am missing, please let me know about it so I can change the spreadsheet.

People, if you are not going to even read the original post (or at least look at the attached spreadsheet), why comment on this thread?


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## Gung-Ho (Jun 2, 2015)

RideSharingTest said:


> No, the original post in this thread it is NOT a glowing praise of Uber/Lyft or any ride sharing service.
> 
> The original post is an analytical analysis with numbers that shows that driving for either of these companies is NOT sustainable for the long haul for a large number of people if you factor in all the expenses (depreciation, wait times etc.). Its a cost breakdown of the costs drivers are likely to see both upfront and over the long haul that they might not know about. While it be profitable for some, each persons scenario is different (Uber pays people different amounts based on their location, people have different types of vehicles etc.) so it is important to put your numbers relevant to your situation into the spreadsheet. If there is anything I am missing, please let me know about it so I can change the spreadsheet.
> 
> People, if you are not going to even read the original post (or at least look at the attached spreadsheet), why comment on this thread?


SHADDUP!


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## BostonBarry (Aug 31, 2015)

My spreadsheet for profit and loss this far this year (last updated at beginning of August):

https://docs.google.com/spreadsheet...-UZlcBy-hAEZl9U-UXMCYc3dqw/edit?usp=drive_web

As you can see, my costs are SIGNIFICANTLY lower than yours despite driving a 2015 minivan that averages 16-24 mpg. As for the insurance discussion, it amazes me how many people believe the hype they read online or misinterpret. I can't speak to Uber's policy because I closed my account in February and haven't looked at it, but Lyft very clearly defines their policy on the help page (link) which I attached screenshots from.

https://help.lyft.com/hc/en-us/articles/213584308-Insurance-Policy


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## shiftydrake (Dec 12, 2015)

RideSharingTest said:


> People, if you are not going to even read the original post (or at least look at the attached spreadsheet), why comment on this thread?


I hear the same sort of question.....like "if you don't Uber why post anything?"......

One phrase.........."cuz it's fun"


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