What does TNC stand for?
TNC stands for Transportation Network Company, and includes Uber, Lyft and Sidecar and other ride-hailing companies that provide app-based, on-demand ride services. TNC drivers use their personal vehicles for commercial activities to transport passengers from one place to a set finish. They respond to requests via fluid engineering when they are available to accept passengers ( i.e., their TNC app is on ) .
How does the insurance industry define the stages of how a TNC driver is using his or her personal vehicle?
much of the industry has adopted California ’ s definitions at this point. They are :
Personal : You ’ re driving the private vehicle for personal reasons, and the TNC app is off.
Period 1 : You ’ rhenium driving the private vehicle, and the TNC app is on.
Period 2 : You ’ ra driving the private vehicle, the TNC app is on and you ’ ve accepted a passenger but seaport ’ thymine picked him or her up however.
Period 3 : You ’ re driving the private vehicle and transporting the passenger ( sulfur ), or the passenger ( sulfur ) has arrived at the finish and is exiting the vehicle .
Does my personal auto insurance cover me if I’m an Uber or Lyft driver?
personal car insurance coverage lone applies when you are using your vehicle for personal department of transportation. personal car policies don ’ thyroxine provide coverage when transporting passengers for lease, which includes Periods 1, 2 and 3 above. Most personal policies specifically exclude this type of bodily process, which means you probably won ’ metric ton be covered if you get into an accident .
Do I need to get additional auto insurance coverage if I’m an Uber or Lyft driver?
Yes. personal car policy policies do not cover commercial drive ( i.e., working for hire to transport passengers ) nor do TNC companies cover personal drive ; leaving a potential col in policy for ride-hailing drivers during Period 1 of the paying passenger bicycle. This means that if drivers get into an accident during Period 1, they may have to pay to repair any damage to their vehicle. besides, the TNC liability coverage, for bodily injury or death, is capped at $ 50,000 per person and $ 100,000 per accident during Period 1. For property damage resulting from an accident, the amount of coverage available will be $ 30,000. These limits may vary by state. If the ride-hailing hustler ’ s personal car policy policy includes coverages beyond these limits, those extra amounts will likely not apply.
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When does Mercury’s rideshare insurance come into play?
Mercury ‘s ride-hailing coverage will fill the gaps and provide you with high quality policy that will cover you in Period 1 of the drive cycle, when the ride-hailing app is turned on and you have not accepted a fare. When this is combined with the TNC ’ s commercial policy coverage, it provides you with auspices through all stages .
How does Mercury rideshare insurance protect the policyholder?
Mercury ride-hailing coverage fills in the gaps during Period 1 of the campaign cycle when your personal car policy and the TNC commercial coverage don ’ t protect you. If you get into an accident and you ‘re liable for the damages, Mercury will pay up to the policy limits to fix the damage to the early vehicle ( s ) along with any resulting injuries up to your policy limits. Mercury will besides pay to have your vehicle fixed, depending on the terms of the policy. These coverage limits are secondary coil to any applicable ride-hailing company coverage during Period 1 of the TNC transaction .
What is the cost of Mercury’s rideshare insurance?
The cost will vary depending on the total and type of coverage you select. Drivers must have a Mercury personal car indemnity policy to add ride-hailing coverage, and the ride-hailing insurance can cost deoxyadenosine monophosphate little as 90 cents a day,1 depending on your policy premium .