PiP is perfect vehicle for my new side job

Good discussion. I'll address a few points raised. Yes, I am one of the older people on this forum, 71 years currently on the odometer. I wasn't suggesting that anyone lie to their insurance company, but the Lyft policy is "excess" and only pays after the driver's personal insurance has paid or denied the claim. The case in SF involved a child killed in a crosswalk. I don't think it has gone to court yet. The multi-million dollar awards I was suggesting in my "what if" scenario were just that- possibilities. I carry a high limit policy on my cars, along with an even higher limit personal liability policy if an award or settlement exceeds the auto policy limits. Even if you don't have a million dollar net worth, you are risking whatever you do have in the way of current assets and future earnings. There apparently is some question as to the liability for these companies in the first place, because, as has been pointed out, they are in the business of connecting people in sort of a "supply and demand" situation, and all they are doing is designing an application and letting people use it for a fee. Personally, I think a judge or jury would reject that argument. I would if I was on a jury hearing a damages case as a result of a serious accident.
Again personally, I am risk-averse by nature. But I realize you have to take a certain amount of risk in life. As for the rewards, there's more to it for me. The money is nice, but I'm also helping out some people who started out as clients but are now good friends whose company I enjoy. They are also at an age where they either no longer drive, or limit their driving to daytime in their own neighborhoods. So while I could survive without the extra income, I do also benefit from intangibles like the satisfaction of helping people and friendship. Somewhere I read how a driver liked the opportunity to meet interesting people in his ridesharing, so I can certainly understand that. But if I were working for Lyft or Uber or any of the other similar outfits, I would want a whole lot more insurance coverage than it sounds like their drivers have, whether it would be commercial livery insurance on my part or a better plan from them. I don't mean to rain on anyone's parade. If you enjoy it and feel it is worth it to you to use your car for this purpose, by all means go for it. I wish you nothing but the best.

 

Yes, that is exactly what the concern was with regards to track days; that you could be dropped before the event.
looks like my insurance co is going to drop me - Subaru Impreza WRX STI Forums: IWSTI.com
Another from my local chapter: Insurance Coverage at track days?


Most of those loopholes that allowed some people to be covered for on-track incidents have now been closed, so the point is moot, but there was evidence that merely an inquiry could trigger a drop in coverage. Heck, some insurance companies have tracked people online and dropped coverage for cars they have found photos of on-track.

In any case, the insurance issue makes these services way too sketchy for me to be able to comprehend how they are worthwhile. You make less money than you can make for any other number of odd jobs, while shouldering most of the (potentially life-altering) liability. An accident could bankrupt you (even if you have little now, future wages could be garnished, etc), you could lose your car insurance, then have to fight Uber's/Lyft's to cover you. Sounds like a terrible deal for the drivers.

 

Nobody in my life would call me particularly risk-averse. I travel all over the world, often in dangerous places, have never shied away from dangerous sports, etc. That said, one must always assess the situation and weigh the potential positives and negatives. Personally, I also take risks only when I feel like I can largely be responsible for the outcome. If I feel the situation is out of my control, the calculus quickly tips towards the negative.

Plane travel is statistically extremely safe and has a huge net benefit of letting me see the world and earn a great living for my family. Driving accidents are relatively frequent in comparison, and often not your own fault. That removes some of the control aspect. The alternative is that I could find a LOT of other jobs that pay a similar amount, but without the liability. Driving my personal car as a taxi has little to no positive side except for that money I could earn in other ways, yet has huge potential negatives. That's why I can't see how it's worth it.

You should also remember that Lyft is only purchasing insurance. They have little influence on how that insurance company chooses to handle any particular case. Insurance is only viable by maximizing premiums and minimizing payouts. There is no question they would attempt to find any possible loophole to deny you coverage.

 

Zhenya, thanks for the link.
The inquiry, in that first link did not lead to the probably dropping of the person's insurance. According to what they said, the activity of taking their car to the track did.
Again, inquire with your insurance company, if they indicate they will drop you or not cover you if you partake in such activity you should find a new insurance company.
Are you saying you should hide the activity from you insurance company and then have to deal with the consequences when you file a claim that is denied??

I would far rather find out in advance so I can be sure I am covered appropriately.

 

There is nothing about these services that guarantees their long-term viability. They are still in their start-up phase. The insurance question, among many others, is still far from settled. Again, it's not Lyft that will necessarily give you a hard time; it's their insurance that they are merely purchasing like anyone else. Businesses, even very big ones, have relatively little pull when it comes to their insurance coverage.

 

Not when it concerns the extremely murky areas of liability and multiple layers of insurance. No way.

 

Uber (IIRC) has a supposed market cap of ~18B. Let's say one of their drivers was in an accident and got sued for $10M, lost in court and there were no odd circumstances (such as alcohol or drug use, proven intentional bad driving, etc.) and the insurance company did not or would not pay. I think they would probably drop the insurance company and/or pay themselves, if needed. Then get a new policy, as required and be very public about it. If not, the "market" would instantly punish them (in valuation) in advance of them losing lots of drivers and riders.
That's how the "market" works.

Mike

 

That may be so, however I choose not to leave my own future to the hands of some corporation that I can only hope would have my best interests in mind. That's way way down there on the risk assessment scale.

Here's a recent thread from an Uber driver who had a minor accident when the passenger opened the door into another car. Uber Car Insurance Troubles : uberdrivers

And another, again, within the last month. Being dropped after a no- fault accident.
My first UberX insurance claim : uberdrivers

And an Uber/Lyft driver speaking some sense.
Signing up for UberX but insurance question .... : uberdrivers

In short, you are required to file any claims with YOUR insurance first. Likely they will deny the claim, and drop your coverage. Now you can use Uber's policy, but you are on your own as far as securing new primary insurance for yourself (and at what cost??)

I will say I think these services are a great example of technology upsetting an industry and improving it for the customer. At this point however, they are clearly getting off the ground on the backs of their employees. They need to sort this issue out, because even if it never becomes an issue for you personally, it is guaranteed to be an ongoing problem for the company when a single fender bender means the end of that driver's career.

 

Reminded me of this article, which I still laugh at every time.

Uber Cab Confessions

 

I don't think anyone here is asking you to become a driver, are they?
I wouldn't become one either. But that doesn't mean I'm going to try and stop everyone else from doing it by suggesting scenarios (in general) that aren't "likely." For some people it might be the perfect job. For others a perfect way to get extra cash while in between jobs. For others a perfect waste of time.
Racing cars is dangerous, wastes fuel and probably encourages fans to also drive wastefully, IMO, but I'm not going to expend a lot of effort trying to stop it. (Car safety research, for example, is a good by-product)

Mike

 

Spent some time today reading the blogs and forums about Uber and, to a lesser extent, Lyft, after seeing a FOX Business News report in which the anchor did a stint in L.A. as a driver for one of them. It seems to me that in the larger cities it is hard to make much money as there are too many drivers and the companies are lowering rates to be competitive. The drivers posting seem to be weighing in more on the negative side. So markabele, and anyone else partnering up with any of the ride sharing companies, I'm wondering how things are going for you? Are you able to make a net after expenses that exceeds minimum wage? That's one of the main complaints I saw, along with too many drivers. Those two things would probably go hand-in-hand. There were also posts about customers having a condescending attitude (mainly with Uber) and slamming doors, leaving trash, and otherwise disrespecting cars. It's been a few weeks since the last discussion on this thread, so I'm just looking for an update- not trying to put anybody down or start an argument.

 

Hmm.... No replies. Are the members here who work with these outfits all out ride sharing and not checking in on PriusChat?

 

they're probably just worn out.