# Exit strategy



## Ubercide (Apr 20, 2017)

Do you have an exit strategy for Uber or do you intend to keep driving indefinitely?


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## Grand (Feb 23, 2016)

My exit strategy is to continue driving indefinitely until just after I die.


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## Jack Malarkey (Jan 11, 2016)

Indefinitely.


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## CBear (Apr 17, 2017)

Mine is to start my own business. Save enough though uber to help make that a reality


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## Uber Doobie (Mar 21, 2017)

I will continue to Uber on until either . . My wife, my accountant, my shrink( in that order) tell me to stop . . .



Grand said:


> My exit strategy is to continue driving indefinitely until just after I die.


Ahh, so I guess you claim Furneral insurance as a Tax deduction


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## Ubercide (Apr 20, 2017)

CBear said:


> Mine is to start my own business. Save enough though uber to help make that a reality


That's a good objective. Having an end goal is important.


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## SydneyUber Chick (Feb 12, 2017)

I was only ever doing this until I got a new job after my redundancy. Depending on pay level of new job I may continue to drive to top up income or when I'm bored as long as I keep the Uber side financially non draining


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## Ubercide (Apr 20, 2017)

SydneyUber Chick said:


> I was only ever doing this until I got a new job after my redundancy. Depending on pay level of new job I may continue to drive to top up income or when I'm bored as long as I keep the Uber side financially non draining


I've been thinking about this and what the minimum amount of Uber you can do is before it doesn't make sense.

For example insurance is more expensive and the cost of doing GST and quarterly accounting doesn't go down when you do less Uber. I think you need to be making $200 a week at least to make it worthwhile to keep it active.


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## SydneyUber Chick (Feb 12, 2017)

Ubercide said:


> I've been thinking about this and what the minimum amount of Uber you can do is before it doesn't make sense.
> 
> For example insurance is more expensive and the cost of doing GST and quarterly accounting doesn't go down when you do less Uber. I think you need to be making $200 a week at least to make it worthwhile to keep it active.


I havent crunched the numbers for myself yes. Insurance only cost me $80 extra for the year over my normal policy (this may change when the new rules come into place), rego was an extra $130 for the year. Offset from that is the fact that I can claim (at the moment) 90% of the total for my insurance and rego as tax deductions. It's something I'll discuss with my accountant. It may be that due to the deductions and the effcet on my income tax I may not need to work much Uber to make it financially viable. Or maybe I will need to do a fair bit. Different people have different circumstances and i dont think there is one figure that will apply to everyone. eg some people are able to do their own quarterly BAS so that doesnt cost them anything other than time.


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## MrM (Jan 18, 2017)

SydneyUber Chick said:


> I havent crunched the numbers for myself yes. Insurance only cost me $80 extra for the year over my normal policy


That's an incredibly cheap additional cost. 
I was quoted an additional $140 with Allianz for ride share included but with no limit on hours. RACV who I'm currently with and have added on ride share for the couple of months remaining of my policy. For a new annual quote, the additional premium for ride share is $640. I'm on full NCB
Would you mind sharing who you're insurance company is?


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## SydneyUber Chick (Feb 12, 2017)

MrM said:


> That's an incredibly cheap additional cost.
> I was quoted an additional $140 with Allianz for ride share included but with no limit on hours. RACV who I'm currently with and have added on ride share for the couple of months remaining of my policy. For a new annual quote, the additional premium for ride share is $640. I'm on full NCB
> Would you mind sharing who you're insurance company is?


NRMA. I'm in NSW so quite probably different costs and options than Victoria


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## Ubercide (Apr 20, 2017)

MrM said:


> That's an incredibly cheap additional cost.
> I was quoted an additional $140 with Allianz for ride share included but with no limit on hours. RACV who I'm currently with and have added on ride share for the couple of months remaining of my policy. For a new annual quote, the additional premium for ride share is $640. I'm on full NCB
> Would you mind sharing who you're insurance company is?


I agree that is obsurdly cheap. My company is Allianz and I pay over $220/month for comprehensive car insurance for business use including ride sourcing.


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## SydneyUber Chick (Feb 12, 2017)

Ubercide said:


> I agree that is obsurdly cheap. My company is Allianz and I pay over $220/month for comprehensive car insurance for business use including ride sourcing.


you dont know what I am paying so how can you say its absurdly cheap? comprehensive insurance is based on a lot of things of which ridesharin is just one component, Have you compared how much Allianz would charge you without the ridesharing? My $80 was the difference between my non ridesharing policy and my ridesharing policy. With NRMA it doesnt add much to the premium.


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## Ubercide (Apr 20, 2017)

SydneyUber Chick said:


> you dont know what I am paying so how can you say its absurdly cheap? comprehensive insurance is based on a lot of things of which ridesharin is just one component, Have you compared how much Allianz would charge you without the ridesharing? My $80 was the difference between my non ridesharing policy and my ridesharing policy. With NRMA it doesnt add much to the premium.


Yes. I compare it between my privately owned car with comprehensive insurance vs a car under owned under my ABN for Uber with comprehensive insurance. Over $1000 difference per year.


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## SydneyUber Chick (Feb 12, 2017)

Ubercide said:


> Yes. I compare it between my privately owned car with comprehensive insurance vs a car under owned under my ABN for Uber with comprehensive insurance. Over $1000 difference per year.


same value on the cars? Same mileage expectations? Same NCB? If all those are the same and the difference is 1k per year I'd be looking at changing insurers.


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## Ubercide (Apr 20, 2017)

SydneyUber Chick said:


> same value on the cars? Same mileage expectations? Same NCB? If all those are the same and the difference is 1k per year I'd be looking at changing insurers.


I did change from Budget to Allianz because only NRMA and Allianz covered Uber when I took it out and Allianz was slightly more cover than NRMA.


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## SydneyUber Chick (Feb 12, 2017)

Ubercide said:


> I did change from Budget to Allianz because only NRMA and Allianz covered Uber when I took it out and Allianz was slightly more cover than NRMA.


ok so you chose the more expensive insurer. I chose the cheaper one. No point complaining about paying more when you chose a more expensive insurer


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## Ubercide (Apr 20, 2017)

SydneyUber Chick said:


> ok so you chose the more expensive insurer. I chose the cheaper one. No point complaining about paying more when you chose a more expensive insurer


The difference between NRMA and Allianz from memory was a few dollars a week.


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## SydneyUber Chick (Feb 12, 2017)

Ubercide said:


> The difference between NRMA and Allianz from memory was a few dollars a week.


whats your point? For whatever reason you decided to take the more expensive policy. For me NRMA was significantly cheaper so I chose to go with them. No doubt different driving records, different cars, different insurance history, different loyalty discounts, different insurance locations, garaging situations etc etc etc. Or do you think this is another conspiracy for other people to get financial benefits that you dont?


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## Ubercide (Apr 20, 2017)

SydneyUber Chick said:


> whats your point? For whatever reason you decided to take the more expensive policy. For me NRMA was significantly cheaper so I chose to go with them. No doubt different driving records, different cars, different insurance history, different loyalty discounts, different insurance locations, garaging situations etc etc etc. Or do you think this is another conspiracy for other people to get financial benefits that you dont?


My car is garaged and my driving record is immaculate except for the time an Uber passenger got me fined for refusing to wear a seatbelt.

I suspect it is because you are female. Insurance companies think you are safer.


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## SydneyUber Chick (Feb 12, 2017)

Ubercide said:


> My car is garaged and my driving record is immaculate except for the time an Uber passenger got me fined for refusing to wear a seatbelt.
> 
> I suspect it is because you are female. Insurance companies think you are safer.


as Ive said there are a LOT of factors that go into it. Gender is one. However as the gender is the same on both the private comprehensive policy and the ridesharing one it doesnt explain why your company charges a greater premium for ridesharing. You might be interested to know that you can also negotiate discounts on your insurance but that requires being able to discuss it calmly and logically (without the conspiracy theories) directly with the people that can make the changes.


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## MrM (Jan 18, 2017)

SydneyUber Chick said:


> My $80 was the difference between my non ridesharing policy and my ridesharing policy. With NRMA it doesnt add much to the premium.


That's how I did my comparison as well (Allianz vs RACV) the difference with Allianz was about $120, the difference with RACV about $600. There are differences in what is covered - so with Allianz it is ridesharing but only if using a platform like Uber or Lyft (which takes out the options of cash jobs or running your own business, whereas RACV does not have this restriction. Allianz does not place a restriction on time spent - so presumably it could be well in excess of 40 hours, RACV on the other hand restricts it to part time of which there's no clear definition but is less that 40 hours per week - so between 20 & 30 is acceptable. As always the devil is in the detail.


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## CBear (Apr 17, 2017)

With me the comparative difference was about an extra $180 when I added on the rideshare policy to my nrma insurance. Not a lot really when it costs $1400 anyway


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## SydneyUber Chick (Feb 12, 2017)

CBear said:


> With me the comparative difference was about an extra $180 when I added on the rideshare policy to my nrma insurance. Not a lot really when it costs $1400 anyway


my police was less than 800 without it. Maybe its a % increase


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## CBear (Apr 17, 2017)

Yeah quite possibly. I also made a claim 4 years ago which is still effecting what I pay


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## UberDriverAU (Nov 4, 2015)

Ubercide said:


> I suspect it is because you are female. Insurance companies think you are safer


I'm with SGIO in WA (part of the same group as NRMA) and I pay an extra ~$60/year for the "ride share" policy. That would suggest gender isn't a significant factor. After GST credits and income tax deductions, I'm actually out of pocket _less_ now for insurance.


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## Jack Malarkey (Jan 11, 2016)

NRMA charged me only $450 for a year of comprehensive insurance with nothing additional for rideshare. The fact I've been a member for 40 years and also use them for CTP helped.


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## Jay1960 (Feb 22, 2017)

Uber Doobie said:


> I will continue to Uber on until either . . My wife, my accountant, my shrink( in that order) tell me to stop . . .


Better if they were one and the same person. Save you heaps



Jack Malarkey said:


> NRMA charged me only $450 for a year of comprehensive insurance with nothing additional for rideshare. The fact I've been a member for 40 years and also use them for CTP helped.


You make the perfect candidate for Uber Driver. Nice to see at least some on here enjoy their jobs. Canberra is a great place to Uber except is too darn cold !!!


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## Jack Malarkey (Jan 11, 2016)

Jay1960 said:


> Better if they were one and the same person. Save you heaps
> 
> You make the perfect candidate for Uber Driver. Nice to see at least some on here enjoy their jobs. Canberra is a great place to Uber except is too darn cold !!!


It was certainly very cold here today, Jay1960. Conventional wisdom has it that the really cold weather arrives in Canberra just after Anzac Day, and this year has proved the conventional wisdom to be spot on.

By the way, if I had followed the same naming convention as you have, the last four digits would, in my case, have been 1958.


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## Jay1960 (Feb 22, 2017)

Jack Malarkey said:


> It was certainly very cold here today, Jay1960. Conventional wisdom has it that the really cold weather arrives in Canberra just after Anzac Day, and this year has proved the conventional wisdom to be spot on.
> 
> By the way, if I had followed the same naming convention as you have, the last four digits would, in my case, have been 1958.


Ex Public Sector?
Retired early and enjoying Ubering as a hobby ?

Was there for 2 years. Couldnt wait to leave. Winter was too hard


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## Jack Malarkey (Jan 11, 2016)

Jay1960 said:


> Ex Public Sector?
> Retired early and enjoying Ubering as a hobby ?
> 
> Was there for 2 years. Couldnt wait to leave. Winter was too hard


Yes ex public sector (Australian Taxation Office and then (federal) Treasury). Yes, retired at 53 in 2012 after taking a voluntary redundancy.

I gain tremendous satisfaction from Ubering but regard it as something more than a hobby. I do love meeting people and conversing with them.

I was very fortunate that the ACT Government ensured rideshare was legal from the beginning as I wouldn't have been involved otherwise. I was in the right place at the right time.

I actually like the cold Canberra winters!


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## Tassie Uber (Apr 26, 2017)

Ubercide said:


> I've been thinking about this and what the minimum amount of Uber you can do is before it doesn't make sense.
> 
> For example insurance is more expensive and the cost of doing GST and quarterly accounting doesn't go down when you do less Uber. I think you need to be making $200 a week at least to make it worthwhile to keep it active.


I've found it really easy to do the BAS/tax, cost is zero


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## Uber Doobie (Mar 21, 2017)

Tassie Uber said:


> I've found it really easy to do the BAS/tax, cost is zero


Mmmm, did you have batteries in the calculator . . .


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## Uber97 (Apr 29, 2017)

Uber Doobie said:


> Mmmm, did you have batteries in the calculator . . .


Comments of the day!

Don't worry no battery needed, hybrid calculator, those runs from solar!


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