Thinking About Ridesharing to Earn Extra Income? Here is What You Need to Know

People have been sharing rides for years with employee carpools, trips home from college and the like. However, a new form of collaborative vehicle usage—known as “ridesharing” has been growing over the past several years. Technology has enabled the growth of this trend, building the anonymous ability to share cars and rides with little or no advance notice via social media and businesses such as Lyft, Uber, and Sidecar which act as intermediaries between prospective drivers and passengers.

The idea of earning extra income through ridesharing networks is gaining popularity in many places—and especially among the college crowd looking to make money while carrying a passenger in an otherwise empty car. While this may seem like an innocuous way to earn a little extra cash, it does have serious implications as far as insurance liability is concerned. For example, if your college-age student is involved in an accident when using their vehicle (or someone else’s) for ridesharing, who is responsible for any damages or injuries that result from it?

Ridesharing in city traffic

As ridesharing continues to grow across the United States, it is important to be aware of how this practice may influence your insurance choices. We’ve put together a resource that offers an overview of the insurance issues related to ridesharing—take a moment to read it and pass it along to any potential ridesharing individuals you may know.

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