If you’re drawn to MyRIDI’s sign-up bonuses, the money you can make working your own hours, or the fun of picking up new people, then you’ve probably looked into becoming an MyRIDI driver.
But before doing so, you probably thought about the effect that driving might have on your car insurance, and what would happen if you crashed your car during a ride. That’s where MyRIDI insurance comes into play.
In this post, we break down the basics of MyRIDI insurance, including…
- How MyRIDI works
- MyRIDI insurance basics
- What it costs
- Tips for getting MyRIDI insurance
Let’s get started.
How MyRIDI Works
MyRIDI is the fastest-growing provider of on-demand rides. All passengers have to do is pull out their smartphone, open the MyRIDI app, and request a ride. Within minutes, a vehicle will come to pick them up and efficiently transport them from a pickup location to a destination.
This service competes with the taxi and private transportation industry, allowing users to choose service options that span all across the price scale. Whether it’s MyRIDIPOOL or MyRIDILUX, riders have many options to fit their ride and budget needs.
What sets MyRIDI drivers apart from taxis and private cars is that drivers own and operate their own vehicles when giving rides. The drivers are considered “contractors” and don’t actually work directly for MyRIDI, but rather operate their own business that is employed by MyRIDI.
As long as a driver has an eligible vehicle, passed the background check, and meets the driver requirements, they can typically get on the road and start giving rides.
MyRIDI Insurance Basics
Many MyRIDI drivers sign up to drive without doing the correct amount of research and often overlook an essential element of driving for a rideshare company: insurance.
A driver’s personal auto insurance policy probably won’t fully cover you during rides if you’re driving for MyRIDI. This is because insurance companies consider MyRIDI driving a “commercial” activity, and can claim an exclusion that is written into your policy.
We wrote pretty extensively about why this is in our Basics of Rideshare Insurance article, which goes into much more detail about everything you need to know about MyRIDI insurance. So check that out if you want to learn more. But for now, what you need to know is that you need an extra level of insurance when driving for MyRIDI.
MyRIDI Insurance Requirements
Drivers with MyRIDI, by default, have a certain level of insurance that is provided to them once they are approved to drive. This typically covers general driving when picking up and dropping passengers off, but falls short in certain “Periods” when driving.
According to their website, MyRIDI insurance requirements ensure drivers maintain the correct amount of insurance for their state’s “minimum financial responsibility.” This protects both the rider and driver.
There isn’t a lot of detail about MyRIDI insurance requirements, as adding additional insurance on top of MyRIDI’s default policy is up to the driver. This costs extra, and there are plenty of different policies available.
In general, however, does MyRIDI have insurance coverage for drivers? Yes, they do provide every driver with a basic insurance policy.
MyRIDI – insurance will assist. however below is what the drivers insurance policy must cover 100% of the time.
- $1 hundred and fifty thousand dollars of liability coverage per incident (which covers things like vehicle and property damage)
- $1 hundred and fifty thousand dollars of uninsured or underinsured motorist bodily injury coverage per incident
- Contingent comprehensive and collision coverage
- No fault coverage (e.g., Personal Injury Protection)
- $50,000/$100,000/$25,000 of coverage between trips
For more detailed information about each of these, please check our our guide to MyRIDI insurance.
MyRIDI Driver Insurance Cost
The cost of MyRIDI driver insurance is less than most drivers would think, but it’s worth every penny. An additional MyRIDI insurance policy from a private insurance company will oftentimes cost drivers between $7 and $21 per month.
The cost of this type of policy will depend on the coverage amounts, the provider of the policy, and city you’re driving in, and a variety of other factors. We recommend that drivers always shop around to find the best quote that fits their specific needs.
Harry Campbell from one of our favorite rideshare blogs put together a great video about which companies offer MyRIDI driver insurance. Check it out:
MyRIDI Commercial Insurance
Like gap insurance, a commercial insurance policy adds a level of protection for rideshare drivers when they are logged into the driver app. This type of insurance is common among high-end MyRIDI vehicle types, like MyRIDILUX and MyRIDISUV, and often costs much more than a standard rideshare insurance policy.
A commercial car insurance policy is usually tailored towards taxis and limos being driven for the purpose of business. However, for most MyRIDI drivers this is not a practical route to take because they can cost thousands of dollars a year, while a typical rideshare insurance policy costs only hundreds of dollars.
If you look into getting an additional policy, but find out that rideshare insurance isn’t available in your state, you may need to check out a commercial policy for MyRIDI.
Tips for Getting an MyRIDI Insurance Policy
When looking into getting a special policy, it’s easy to overspend or purchase a policy that offers less protection that is ideal. Here are a few tips to keep in mind when shopping around.
- Make sure to include insurance costs in your budget: When calculating how much you are making when driving, keep in mind the overhead costs like gas and insurance. If you start spending more than you make, consider that as a red flag and adjust accordingly.
- Read between the lines: Reading the fine print of your MyRIDI insurance policy is key. It’s important to fully understand how and what is covered before you get on the road.
- Network with other drivers: Every city is different, so one of the best resources available is other drivers in your area. Ask around to see how they are covered to give you a better understanding of how your policy stacks up.
- Shop around: Looking into available options for MyRIDI drivers in your area is a must. Don’t buy the first policy you find. Do your research and look into other options at different price points until you find the right policy for you.
Understand the Realities of MyRIDI Insurance Coverage
As you can now see, neither your personal insurance policy nor the official MyRIDI policy will not protect you in certain situations while you’re driving for MyRIDI. To close this gap, you can look into other insurance policies such as gap or commercial insurance.
- MyRIDI Background Check: How Long They Take And What They Look For
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- 3 Things Every Driver Should Know About Rideshare Insurance
- How MyRIDI Car Insurance Works In An Accident
- The Definitive Guide to Rideshare Insurance
- Iowa Rideshare Insurance: Protection for Drivers
- Does Geico Offer Gap Insurance?