My 3rd party is with nrma and set as private. I called them last week and they said it covers ride sharing. My comprehensive is with aami and I also called them and they said that officially they don't cover ride sharing, but if the 3rd party covers they also would cover any situation that could occur.
is your third party "property damage" or "fire and theft"?
and you said it was set as private, although they do have the tick box for "ride sharing", and seems like you have confirmed with them that even though its set as private they still cover you for uber, correct?
Sorry I am a bit confused. My comprehensive insurance is with NRMA and specifically covers ride-sharing. However, my CTP is set as Private. Do I need to amend my CTP to Business along with the Registration which I plan to in coming days? Can someone please confirm?
Registration of you car:
CTP, Compulsory Third Party, the "green slip", covers injury to third parties, actual people, not including you, compulsory with registration in NSW. Does not cover damage to property, covers people only.
You need to change your registration with RMS from private to business.
You need to tell your CTP insurer that you're using your car for business, Private Hire Services.
Insuring your car, you have two options:
1) Third Party Property, covers damages to property, not people, owned by third parties. Does not cover damage to your car.
or
2) Comprehensive, covers Third Party Property plus your car.
You need to tell your TPP and/or Comprehensive Insurer that you're using your car for business, Private Hire Services.
Some insurers will charge less for UberX cars than for full-time hire cars / taxis.
Because as an UberX driver you will be collecting GST, you need to register with ABR for an ABN and with the ATO for GST.
You then need to tell your TPP and/or Comprehensive insurer that you're using your car for GST purposes.
And remember that you need to do a quarterly BAS and remit all of the GST that you've collected. You can claim back GST, or a percentage or GST, that you've paid out on expenses for your business.
And, you have to declare income from UberXing on your Income Tax Return. You're allowed to claim expenses as deductions, or a percentage. These percentages are based on what part of your total Km in the year were business compared to private.
Registration of you car:
CTP, Compulsory Third Party, the "green slip", covers injury to third parties, actual people, not including you, compulsory with registration in NSW. Does not cover damage to property, covers people only.
You need to change your registration with RMS from private to business.
You need to tell your CTP insurer that you're using your car for business, Private Hire Services.
Insuring your car, you have two options:
1) Third Party Property, covers damages to property, not people, owned by third parties. Does not cover damage to your car.
or
2) Comprehensive, covers Third Party Property plus your car.
You need to tell your TPP and/or Comprehensive Insurer that you're using your car for business, Private Hire Services.
Some insurers will charge less for UberX cars than for full-time hire cars / taxis.
Because as an UberX driver you will be collecting GST, you need to register with ABR for an ABN and with the ATO for GST.
You then need to tell your TPP and/or Comprehensive insurer that you're using your car for GST purposes.
And remember that you need to do a quarterly BAS and remit all of the GST that you've collected. You can claim back GST, or a percentage or GST, that you've paid out on expenses for your business.
And, you have to declare income from UberXing on your Income Tax Return. You're allowed to claim expenses as deductions, or a percentage. These percentages are based on what part of your total Km in the year were business compared to private.
that just goes against what ricdam said and confirmed, he said that after calling nrma they said they would still cover him for ride sharing even though he is set as private.
also do you know what percentage of the insurance is claimable? that is one of the questions when getting a quote on NRMA website.
Yep ok got it now. I'm all registered ABN / GST. I'm keeping the logbook. I've set up my ledger of income / expenses. I've switched to NRMA comprehensive. I'm off to Service NSW to change rego to business and I'll ring CTP provider and get it switched to business. I think I'm all set. Thanks guys!!!
I'm the same. For my comprehensive policy, I told NRMA that I was doing UberX. They noted Uber on the policy and sent me an updated policy document. No increase in premium.
But they did say that if I'm using the car for GST purposes, which we all are because we collect GST in every fare, that has to be noted on the policy, and it becomes a business policy.
There are Three types of insurances:
1. Compulsory Third Party which covers personal injury to anyone excluding the Owner of the car. This does not cover Motor Vehicle damage to other cars as it only covers personal injury.
2. Third Party property which covers the cost of damage to other cars occasioned
3. Comprehensive which also covers damage to your cars.
However, in practice, when accidents happen, parties always try to shift the blame on the other party in which case Insurer might say that because you are at fault, they might not cover the accident. I have had numerous clients who were left to themselves because the Insurance did not believe their story. However, it is your choice whether you claim on your insurance policy. If you make a claim, you may have to pay an excess if you are at fault and may lose your no-claim bonus.
It is in these situations that you need membership with LAWBANK. If you do not have comprehensive or even a Third Party cover, we go to Court and fight for you. Under our cover, we cover all the legal work in defending your case as well as prosecuting a third party for your car damage in Courts should the unexpected happen. We will also act as your representative with your insurer where you have an insurer and manage the paperwork.
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