Rideshare Insurance
Get the right cover from top insurance companies
Or speak to a broker 0800 374 691
WE WORK WITH TRUSTED A-RATED INSURANCE COMPANIES
Rideshare Insurance
Your go-to Rideshare Insurance Professionals
There’s never been a more exciting time to enter the rideshare industry in New Zealand. But with the boom in services such as Uber, Ola, Lyft, Zoomy, and DiDi, there’s one thing you can’t afford to overlook: rideshare insurance. At Gerrards Insurance Brokers, we help drivers like you get the best deal and cover with their rideshare insurance. Contact us now to get a quote, or read on for a comprehensive guide to understanding and navigating rideshare insurance in New Zealand.
Why Do Rideshare Drivers Need Insurance?
Just like any other driver, rideshare drivers are not exempt from the risks of the road. You might be a skilled driver with an excellent record, but there are always variables you can’t control. Other drivers, bad weather, or mechanical issues can lead to incidents that cost money or put your source of income at risk.
Essential Rideshare Insurance Covers
Business Vehicle Insurance
Protects vehicles used for rideshare driving. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.
Best For
- Repair costs
- Third party damages
- Injuries
Loss of use
Coverage that helps when your vehicle is unusable due to an accident. It covers the cost of a temporary replacement vehicle, so you can still get around while your car is being repaired.
Best For
- Temporary vehicle
- Reimbursement expenses
- Accident downtime
Rideshare Driving Business Claims Examples
To understand the significance of these covers, consider the following examples.
Crashing into someone else's car
Whilst on the way to pickup a passenger, you get distracted trying to find an address and go through a red light hitting another car. This causes significant damage to your vehicle and the third parties vehicle. Your commercial vehicle insurance can cover the repair costs. Loss of use can cover the costs of hiring another vehicle for Rideshare driving whilst yours is getting repaired.
Scrape into building whilst reversing
While reversing, you scrape a building, damaging your vehicle’s bumper. Again, your commercial vehicle insurance can step in.
Car backed into by third party
Whilst you are waiting outside a house on a customer, a third-party backs into your parked vehicle. Your commercial vehicle insurance can take care of the damage.
Car is stolen
Your car gets stolen. It’s a nightmare scenario, but your commercial vehicle insurance can cover you.
Severe Damage from a sudden flooding
Water damages your car during a freak storm. This is where comprehensive cover pays off.
What to Watch Out For With Rideshare Insurance
These are some of the common Rideshare Insurance mistakes to be aware of:
Personal Insurance Policies
A standard personal policy won’t cover your vehicle while driving for a rideshare company.
Neglecting Loss of Use Cover
Without this, you’re left without a replacement vehicle if yours needs repairs.
Inadequate Sum Insured
Underestimating the value of your vehicle can lead to a shortfall if you need to replace it.
Unawareness of Excess
You should know how much you’ll need to contribute if you make a claim.
Failure to Declare Previous Claims or Accidents
Not only will this void your current claim, but it can also lead to your insurance being cancelled and potentially not being able to get insurance again.
Not checking for policy exclusions
Some policies may exclude certain scenarios or types of damage.
Not reviewing your policy regularly
Your needs can change, so your policy should be regularly reviewed to ensure it’s still the right fit.
How Much Does Rideshare Insurance Cost?
The cost varies significantly, ranging from $1,000 a year for an older car to between $2,000 and $3,000 for a newer more expensive vehicle in a higher risk location. Key factors that influence the cost include:
The sum insured of the your rideshare vehicle
Higher valued and newer cars generally attract higher premiums.
Your location
Insurance companies know which areas have higher accident rates. For instance if you are driving in Auckland, you are more likely to be involved in accident than if you were driving in Christchurch.
Who is being covered
Your age, driving experience, and claim history impact the cost of Rideshare Insurance.
Level and type of cover required
Comprehensive cover with Loss of Use will cost more than comprehensive insurance on it’s own.
Claiming on Your Rideshare Insurance
With Gerrards Insurance Brokers, we have claims experts who handle your claim on your behalf, making the process stress-free.
How to Buy Rideshare Insurance?
Navigating the insurance landscape can be challenging, but you don’t have to do it alone. Talk to us at Gerrards Insurance Brokers. We’ll guide you through the process, ensuring you get the right cover and the best deal.
Conclusion
Rideshare insurance is a critical part of your business toolkit. It protects you, your vehicle, and your income against unforeseen incidents. Remember, every driver’s situation is unique, and at Gerrards Insurance Brokers, we are committed to helping you find the policy that fits your needs. Let’s make sure you’re covered, so you can focus on delivering excellent service to your riders.
