Ride-hailing services like Uber and Lyft have gone from a fringe innovation to a part of mainstream life in America. With the rise of the gig economy, many people are turning to these services to make extra cash alongside existing jobs. If you’re among the ranks of ride-hailing drivers, it’s imperative that you get your own insurance to cover potential incidents while you’re driving. Find out why below.

Coverage From Uber or Lyft

Drivers for Uber or Lyft must have third-party insurance. While Uber does provide supplemental coverage, this applies only when the app is on. When it's off, only your personal coverage applies. It’s a similar case for Lyft; whether your insurance covers you or not depends on what you were doing at the time of the accident.

Even if you have a personal auto policy, driving for these service providers could invalidate it. Personal policies have lists of exclusions, which often include driving for hire. Even if this exclusion isn't listed in your policy, it's smart to purchase supplemental insurance. Commercial auto coverage will cover you in a wider range of incidents.

The Cost of Not Having Insurance

Lawsuits can happen due to accidents, whether caused by you or another person. You don't want to be liable for someone else's auto damage or medical expenses. Healthcare bills can run into the hundreds of thousands of dollars and leave you in serious financial trouble. The costs of insurance are minimal in comparison.

Trust Hamilton-Martin Insurance Agency for your coverage needs in Louisville, KY. These professionals know that life is full of uncertainties, and they strive to give you the security you need. They will discuss your wishes with you and determine which policy suits your requirements, whether you need home or auto insurance. Visit their website for a full list of their services. To discuss your needs, call (502) 957-6500.