Today, rideshare services have become quite a popular component of the modern economy. With countless services available, joining the transport network company industry has never been easier. Whether driving for a rideshare company is your full-time job or just a side hustle that you do during your free time, it will be worth it in the long run. Here are a few things that every prospective rideshare driver must know.
Understand that every rideshare company is different
Every rideshare company has unique rules and regulations, such as years of driving experience and driving record requirements. For example, Lyft needs drivers to be not less than 21 years old and have a license for not less than one year. On the other hand, Uber drivers who are under 23 years must have driving experience of at least 3 years. The vehicle requirements will also differ depending on the company. Make sure that you compare different ridesharing companies before you make a decision.
You should take the time to learn the specific protocols for your city. This is important because every city will have different regulations on how rideshare businesses operate and where they can pick up their fares. In addition, every state will have unique background check requirements and driving restrictions. Take time to learn the different regulations in your specific city to avoid being on the wrong side of the law.
Paying and filing taxes
If you are a new rideshare driver, you should remember that you need to pay taxes on your income, even if it is just a side job. It is essential for you to keep track of all your driving miles and expenses, for example, insurance, gas, car repairs, taxes, and depreciation for you to get the right proper tax deductions. For more information, check out RideshareGuide.net.
You can work for multiple ridesharing companies
Today, many rideshare drivers opt to work for several services. This way, if the rides are slow on one ridesharing app, you will always have a backup way of getting a ride. This can be a great way of ensuring that you have a steady income, especially if driving is your fulltime job. However, if you plan on working for multiple companies, you should understand and satisfy the driver and vehicle requirements to suit both services.
Vehicle Registration and Insurance
When you start riding for ridesharing companies, your customary vehicle policy will not cover you. This is why rideshare drivers need to register or rewrite their existing personal vehicle insurance as commercial vehicle policies. Even though some ridesharing companies like Uber will offer insurance, new drivers need to know that this indemnity is not regulated and the coverage amount will depend on several factors. If you plan on being a rideshare driver, you should know that a commercial auto policy is a necessity. You do not want to face a million dollar lawsuit when you only have the insurance cover that is offered by your ridesharing company.
Driving for the best rideshare company can be a great way for you to make extra income. This is important especially if you have a vehicle and the time to drive for ridesharing services. Just like any new job, it is important for you to research extensively before you start working. Make sure that you follow the aforementioned tips and guidelines to make the most out of your time.