No one ever makes a comment about the physical damage on these vehicles. Let’s say the Lyft driver has a vehicle that he bought with a loan from a bank or finance company. At the time he took the loan, he signed papers saying he would keep comprehensive and collision on the vehicle until the loan is released. When he is driving for Lfyt, his personal policy will not cover him; so who is going to pay the loan off if this driver is at fault in an accident and totals the vehicle? If Lfyt’s “primary” policy is just for liability, that policy won’t pay it. So that leaves the driver footing the entire bill or the bank having to eat the loss if the driver has nothing which most likely will be the case.
As I commented about Uber yesterday… questionnable insurance, questionnable background checks, etc. Taxi drivers are not getting rich. They pay in the South an average of $90/day to drive that cab, have to pay both sides of SSN & Medicare, the companies put them on 1099s, the cabbies have to be registered, clean criminal background, clean driving record, bring in the vehicles at least once a week for safety inspections (tires/brakes, etc.), have a clean cab and neat/clean & tidy attire. So the average person is going to save a couple of dollars and call Uber or Lyft? Personally I think the big money behind Uber and Lyft want to drive the cab companies out of business. They do not have an monopoly – go to any city and there will be a half dozen or more cab companies/black car services from which to choose.
No one ever makes a comment about the physical damage on these vehicles. Let’s say the Lyft driver has a vehicle that he bought with a loan from a bank or finance company. At the time he took the loan, he signed papers saying he would keep comprehensive and collision on the vehicle until the loan is released. When he is driving for Lfyt, his personal policy will not cover him; so who is going to pay the loan off if this driver is at fault in an accident and totals the vehicle? If Lfyt’s “primary” policy is just for liability, that policy won’t pay it. So that leaves the driver footing the entire bill or the bank having to eat the loss if the driver has nothing which most likely will be the case.
As I commented about Uber yesterday… questionnable insurance, questionnable background checks, etc. Taxi drivers are not getting rich. They pay in the South an average of $90/day to drive that cab, have to pay both sides of SSN & Medicare, the companies put them on 1099s, the cabbies have to be registered, clean criminal background, clean driving record, bring in the vehicles at least once a week for safety inspections (tires/brakes, etc.), have a clean cab and neat/clean & tidy attire. So the average person is going to save a couple of dollars and call Uber or Lyft? Personally I think the big money behind Uber and Lyft want to drive the cab companies out of business. They do not have an monopoly – go to any city and there will be a half dozen or more cab companies/black car services from which to choose.