You as a rideshare driver, face unique risks and challenges that traditional auto insurance policies may not fully address. Which may lead to gaps in coverage causing significant financial and legal headaches. Understanding the needs of rideshare drivers like you, VOOM Insurance has crafted a comprehensive car insurance solution designed to mitigate said risks. But the first step to protecting yourself is understanding rideshare insurance and how a VOOM policy differentiates from a traditional policy with an endorsement.
Why Rideshare Insurance?
Firstly, engaging in ridesharing activities opens you up to potential liabilities that many personal auto policies do not cover, so an insurer could cancel or non-renew your policy if they find out. However, that is not the case with VOOM. We only insure Rideshare Drivers and we have built our policies specifically to include the coverages needed for those working on TNC platforms. Thus, ensuring that there are no gaps in coverage between the periods. commercial and personal policies. (i.e. while en route to a passenger and while waiting for a passenger, and when the app is off.)
You have heard about a Rideshare Endorsement, but what is it?
An endorsement is an extension / addition of certain coverages on a personal auto insurance policy for those using their personal vehicle for business purposes for periods that the app is “on" while a driver is waiting for a ride request.
Is an endorsement needed for a Car Insurance Policy with VOOM?
No, an endorsement is not needed with VOOM. Unlike most insurance companies which require you to pay for additional coverage, VOOM's rideshare insurance covers you by default for both personal driving (period 0) and also when the app is on while not in an active ride (period 1) so our rideshare endorsement is already "built in". This way you are covered as with a typical auto insurance policy as well as when you are not looking for a passenger. If an accident occurs while you're waiting to receive a ride request, your VOOM auto insurance policy can protect you if you're liable for injuries or damages as well as pay to repair or replace your own damaged vehicle.
It is important to note, that during period 1, VOOM offers excess liability on top of the liability coverage provided by the rideshare platform, as well as physical damage, UM/UIM, medical payment according to your VOOM policy limits.
For periods 2/3, You'll be covered by the rideshare platform, and in the case of a comp/collision damage VOOM policy provides a deductible gap coverage to reduce your out of pocket expenses and reimburse you for the difference between the platform deductible ($2,500). to your comp/coll deducible in case such coverage was chosen when buying a policy.
Does an endorsement or a VOOM policy cover businesses or fleets?
If you drive a taxi, limousine, Uber Black or any other vehicle used by a business to transport people for a fare, you generally need a commercial auto policy or livery insurance. This would not be covered by your VOOM Rideshare Insurance policy and you would need to find the proper coverage with another insurance provider.
