Some of the benefits enjoyed by uber drivers include driving around the cities, deciding their hours of travel, and meeting with many interesting people. However, like freelancers, uber drivers do not enjoy many benefits, such as some forms of insurance coverage. This means that uber drivers are on their own, especially in matters pertaining to insurance. So, things like health and life insurance are not provided. Also, auto insurance that uber drivers can claim to enjoy has some areas of grey coverage. Having said that, you need to know some of the insurance that Uber drivers should have without necessarily relying on their employers.
🧬 Life insurance
Life insurance will be not only beneficial to uber drivers but also to other individuals that might be relying on them for financial needs. This is essentially true as Uber drivers are contractors and do not get perks like salaried workers, such as loans for students. In a nutshell, they are hooked up for all plans and debts. Life insurance can intervene in clearing some of the debts that may help your loved ones from some financial problems such as missing out of college. The other crucial reason is that uber drives are on the road most of the time. It is believed that the more you are on the street, the higher probability of being involved in an accident. Due to these risks, it is important to make sure you are covered by life insurance as it will cover some of the bills if anything happens to you.
👨⚕️ Health insurance
Many people get life insurance through their employers. But when it comes to uber drivers, they are not privileged to access such insurance since they are contractors. Since it is legally required, uber drivers should go and get it. This should not only be done to save the penalty that is likely to be incurred but also to provide the safety worth of protecting you and your family from high medical bills. In fact, high medical bills are ranked among the top causes of the family to go bankrupt.
Moreover, health insurance is important to them as they are at risk of physical ailment and other forms of sickness. It is important to note that the problem incurred here is not associated with driving only. Instead, the health issues may emanate from auto accidents—for instance, problems related to an extended sitting period, such as heart disease.
🚗 Auto insurance
Uber insurance may seem like a no-brainer to some drivers, especially the ones with a personal car. When it comes to uber drivers, they experience some challenges in getting auto insurance. For instance, uber insurance is always issued by the specified companies, which put various offering insurance for uber drivers. Some of such strategies are giving insurance whenever the driver has the passenger in the car, and when having a uber app, but you don’t have a fare. Such type of insurance is described as coverage backup whenever the auto insurance of the driver declines the claim.
🐕🦺 Insurance for long-term disability
Disability insurance can literally be said to be the same as income insurance. The reason behind this is that disability insurance will keep bringing money in your account even if you cannot work. So, you are supposed to think twice if you think it is of no value. Remember that most disabilities result from illness, but not by being hurt while in the job, and anyone can have such a condition. Away from that, with long-term disability, emergency funds can help provide you with some financial support up to the time you will get back to work. Also, it can help you fill the income gaps when you are only working as a part-timer.
🤕 Insurance for personal injury
In many states, this personal insurance injury is included in the categories of auto insurance. Uber drivers are required to have this type of insurance as it capable of protecting them against income loss, medical expenses, and other costs that result from accidents. In fact, there is good news to those without personal injury insurance is that uber has recently started offering it. Therefore, uber drivers are required to utilize this opportunity to their advantage.