Auto Insurance for Uber and Lyft Drivers in Myrtle Beach

April 1, 2024, by Brad Davis, CIC

 

Technology and transportation services are consistently changing and rideshare platforms like Uber and Lyft have quickly become an indispensable part of modern life. In bustling cities and tourist destinations, these services offer convenience, flexibility, and a source of income for so many drivers.

Myrtle Beach, with its vibrant tourism industry and constant influx of visitors, is no exception. Hundreds, if not thousands, of people jump in an Uber or Lyft everyday in Myrtle Beach and most don’t give much thought to it. However, for those considering becoming Uber or Lyft drivers in our coastal haven, understanding the intricacies of auto insurance is important.

 

 

The Basics of Rideshare Insurance

Rideshare companies typically provide insurance coverage for drivers while they are actively engaged in transporting passengers. This coverage often includes liability, collision, and comprehensive insurance. However, there are important nuances to consider, especially during different phases of the driving process.

First disclaimer: If you are a rideshare driver, or considering doing so, YOU should read the fine print and don’t rely solely on this.

Offline Mode: When drivers are offline or not actively working, their personal auto insurance applies. This is the same coverage they would have if they were driving for personal use.

Online Mode, No Passenger: Once a driver logs into the rideshare app but hasn’t yet accepted a ride request, the company’s contingent liability coverage usually kicks in. This will typically provide limited coverage for liability but not for damages to the driver’s vehicle.

Online Mode, Passenger Onboard: Once a driver accepts a ride request and is in route to pick up or drop off a passenger, the rideshare company’s commercial insurance coverage typically applies. This coverage should be more comprehensive and include liability, collision, and uninsured/underinsured motorist coverage.

 

 

Myrtle Beach Specific Considerations

Myrtle Beach has some unique characteristics, such as its heavy tourist traffic and seasonal fluctuations, and they can influence the insurance needs for rideshare drivers.

Myrtle Beach sees a significant increase in tourists, especially during the summer months. With more people on the road, the likelihood of accidents may increase. Having adequate insurance coverage is crucial to protect both drivers and passengers.

 

 

Finding the Right Insurance Coverage

Navigating auto insurance options for Uber and Lyft drivers in Myrtle Beach can be daunting, but there are steps drivers can take to ensure they are adequately protected:

Research Insurance Providers: Look for insurance companies that offer specialized rideshare insurance policies (or endorsements) tailored to drivers’ unique needs. Compare quotes and coverage options to find the best fit.

Understand Policy Terms: Pay close attention to the terms and conditions of the insurance policy, especially regarding coverage during different phases of driving for rideshare companies. READ THE POLICY.

Consult with an Insurance Agent: If uncertain about insurance needs or policy terms, seek guidance from an experienced insurance agent who can provide personalized advice based on individual circumstances.

Stay Informed: Keep up to date of any changes or updates to rideshare company policies and local regulations regarding insurance requirements for drivers.

 

IN SHORT – you don’t have to figure it all out by yourself. Find a local and experienced insurance agent that can help. We are licensed and have the knowledge to make this easier for you.

 

 

Perhaps the Biggest Takeaway – Let your insurance agent know!

Before you begin driving for a rideshare company, familiarize yourself with the contract of said company. Maybe the most important thing you should do is tell your insurance agent! It will make your coverage ineligible with some insurance carriers and/or it may increase your premium (but not by a ton).

This varies practically by each auto insurance company out there. Virtually every insurance company uses their own proprietary form (policy wording), and they vary from one to another. While there are many similarities between auto policies, rarely are policies from two different companies the same.

Most personal auto insurance policies have gaps in coverage (or exclusions) based on how you are using a rideshare platform, or depending on the stage (as shown above under The Basics of Rideshare Insurance) you are in. In addition, the rideshare industry will change and there will probably be more companies entering the market.

Don’t try to save a few bucks – tell your insurance agent that you are a rideshare driver.

 

Conclusion

Becoming a rideshare driver in Myrtle Beach can be a rewarding venture, offering opportunities to earn income while providing a valuable service to residents and visitors alike. However, ensuring adequate insurance coverage is essential for protecting both drivers and passengers on the road. By understanding the nuances of rideshare insurance and exploring available coverage options, drivers can navigate the roads of Myrtle Beach with confidence and peace of mind.

Final Disclaimer: This is not meant to explain every nuance or detail of rideshare insurance, or how a personal (or commercial) insurance policy compares or pairs with it. Read the rideshare agreement and your auto policy.

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We understand that every restaurant has unique risks and needs. Our team at Davis Insurance Associates takes the time to learn about your business so we can provide the best coverage options available. As an independent agency, we shop multiple carriers to find policies that offer great coverage at competitive prices.

After insuring several restaurants around Myrtle Beach and South Carolina, I thought there must be a better way. Restaurant owners are busy, and it was typical to have to speak to the owner or manager several times (about seven on average) just to get all the info needed to work up quotes. I created the form found in the below QR code to make it easier. The form takes about 10-15 minutes to complete, but that is way better than meeting and talking up to 10 times. Now don’t get me wrong. I still want to meet and even visit your restaurant, but this way is how to get it done quickly so I can respect your time and my time.

If you are reading this, I want to review your insurance and put together a proposal that I hope and think will provide better coverage (and hopefully at a lower premium). If you have 10-15 minutes to complete this form and provide me with your current insurance policies, I will work for about two full days to find you the right coverage. Included in that is speaking with the owner or manager to find out what pain points they may have revolving around insurance and what coverage is important to them. As mentioned, this should be tailored insurance for your restaurant!

The next step is easy, call us at 843-213-0000, or click below to start your insurance quote

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