How many willing to pay $6000 yearly commercial insurance

Just wondering how many drivers are willing to $6000 yearly for commercial insurance.Possible $500 TNC license fee.I dont think they will be any magic product as the city wants the simliar insurance as the taxi & limo guys.Also what does this mean for the part timers i doubt they will be a magic product to accomondate them as the recomendations have stated

TNCs obtain insurance coverage at a similar level to taxicabs and limousines that is
sufficient to protect the drivers of and individuals using private vehicles-for-hire.

WHO'S IN /WHO'S OUT

 

Question, did you get those figures from somewhere or is this basically a hypothetical question type thread?

Djino

 

I'm expecting the price differential to be about a 50% premium for rideshare over regular personal with Uber covering the major liability situations. I don't think drivers will have commercial insurance but Ubers corporate policy will add additional coverage to satisfy regulators. Uber would not be as cheery as they are over all these developments if it were any other way. The majority of their drivers are part time and they count on a low barrier to entry as part of their core business model.

 

People need to stop posting garbage about commercial insurance. It's getting annoying!

 

IDK about others, but I made about $4500 with Uber so far since last November with close to 800 rides after all commissions and deductions, including maintenance and repair factor and gas.

I currently pay $2500 for insurance per year. Basically paying $6000 for commercial insurance leaves me with 1000$ income, so commercial insurance simply cannot justify it.

 

Dude: unless you're privy to some insider information at City Hall and Intact that the rest of us don't know about, everything you're saying is just wild speculation. At this point we don't even know if the insurance will be charged per logged in kilometer or a flat rate. And even then, how much.

You're not doing anyone on the forum any service with this constant wild ranting you're on. And you're not making yourself look too smart either.

 

Wow just $4500 since last November

 

800 rides and $4500 means you've made 5.625/hr. Hard to believe only $5.625, definitely an eye opener that we work for peanuts and deal with entitled passengers.

 

Yep. A rule of thumb for an Uber driver is that after all commissions and deductions on average your actual income is about 50% of the total fares you make. And I made about $9000 in fares since last November.

No, this is incorrect. You are confusing rides and hours. It is actually 2 rides per hour on average, not one. So I actually made about $11.25 per hour after deductions. That is exactly what I was talking about all over this forum. Yes, I consider this inadequate compensation for a job like this (extremely stressful and dangerous). However I was still doing it because of the two main reasons:

1) Flexibility: there is currently no other opportunity to work whenever you want.
2) I get a considerable tax return because of ubering (when all of the uber related expenses were written off for past year [a lot of operating and depreciation loss], I got more than $2000 tax refund for the past year, raising $11.25 per hour to about $30 per hour, which is more or less ok for this job.

 

I had commercial insurance for the last two years for my taxi it cost 6k .The 2mil liability type the city is recomending for uber aswell did you bother to even read the cities recomendations before your inorant statement. Well they are asking for insurance simliar to what the taxi & limo have.CITY RECOMEDATIONS BELOW

TNCs obtain insurance coverage at a SIMILIAR LEVEL to taxicabs and limousines that is
sufficient to protect the drivers of and individuals using private vehicles-for-hire.

Taxi & limo insurance is 6k a year and thats exactly what you will be paying.If not more. buddie i been at this for 4 years and got A Toronto taxi license.Dealt with the city in buying taxi plates.So i know more than yall rookies.So if you think your special and should not have to pay what the taxi drivers are paying for insurance.Get ready for a baptism of fire.Toronto is not gonna accept any b.s policy.Per trips basis are you serious go ask your current insurance provider if you can have pay insurance only on the weekend when you drive. See the repsonse.No companies even want to insure Uber neverless on per trip basis.Thats why insurance providers in the cab industry change all the time.They figure out after a year it not profitable.With one single fatality could end up costing 2million or serious bodly harm costing the same a indusrty riddled with fraud.Long story short city gives no special treatment,no per trip insurance(laughable) in my 4 years i have never heard such garbage rookie.Maybe you should get past a year in driving before giving your input.

 

I have 2 Mill liability already and have for over 4 years on my personal insurance. I also have a 6A endorsement. Same as you. I don't pay even close to that. Reason? IM NOT A TAXI!

Oh and by the way. I just passed my 1 Year mark doing Uber. And sit with a 4.9 rating. So I must be doing something right.

Being a Taxi driver does not give you better information than the rest of us and while the industry is in the middle of a transition you may want to start thinking about what can and not just what you have seen in the past.

 

Your not a taxi but the city recomendations is asking that you to maintain SIMILIAR insurance read the proposed recomendation you can read cant you for the last time

TNCs obtain insurance coverage at a SIMILIAR LEVEL to taxicabs and limousines that is
sufficient to protect the drivers of and individuals using private vehicles-for-hire

Let me translate because you seem not to know how to read you uber driver must get the same ass insurance as the taxi s,why because you are doing the exact same job as a taxi is doing.City of Toronto just took you uber to court,w/arguments that you uber are acting as a taxi brokerage.They losted but they still believe you uber are doing the same job as a taxi thats why they brought you to court.
Also i dont give a rats ass about my rating i started july 1st, had a surgery took time off ,practicing real estate broker and was still able to pull in more gross than half these nodalls pull yearly.Also if you only knew what ex taxi guys are making your eyes mught bulge out your head
Driver
Rating Trips Fares
4.74 - 1326- $13,230.22
trips aren accurate i cancel roughly 25% of the trips

 

With the recent news of Intact/Belair Direct Insurance working with Uber to develop a Rideshare Insurance product, will likely mean we will see some form of "Hybrid" insurance (Like a few insurance companies in the U.S.) that will not be as expensive as commercial insurance but will provide the coverage necessary to comply with any upcoming city Rideshare regulations.

So although you been been going on lately about Uber drivers needing to pay $6000+ for commercial insurance, that may not be the price of the new Rideshare Insurance products that will be released.

It would be my advice for you to personal hold off on your comments regarding this topic until we see news about what these upcoming products will look like and how much they will cost.

djino

 

I would suggest you wait and see. Because no one will pay it and we are no further ahead than where this all started. The City is not going to force anything to commercial. They only care about coverage.

 

I guess alls possible with da uber juggernaut,they have been able to steam role through the world in less than a decade.So it will be very interesting to see what happens tomorow at the council vote and rest of 2015.You could be right.I know alot of people are hoping you are.

 

I just made $8 an hour ( no tips ) delivering Veal Sandwiches for Uber to Bay st lawyers secretaries.

 

pehaps you did not see my video on the life & times of a uber eats drivers

 

Love it. Thx.o

 

Funniest thing ever.

 

This is how I am working around the Uber policy.

Liability:
Commercial -- James River (Uber only)
Personal -- Library Mutual (1077 USD/yr, 89.75 USD/mo.)

Coll/Comprehend/PIP
Commercial\
………………… Progressive (1446 USD/yr, 120.50 USD/mo.)
Personal . . . /

One needs the commercial collision, & PIP at the very least to cover your expenses as a driver.