Month: August 2014

Lyft and Uber X are driving services that take the place of taxis. Instead of dealing with a taxi company, private, screened drivers use their own vehicles and work through a mobile app to pick up customers. If you’re interested in becoming a driver for one of these companies, you may be wondering whether or not you need commercial insurance to do so. The answer is that it depends on the service.

You do not need commercial insurance for Lyft. They require drivers to have in-state insurance that meets the state’s minimum coverage requirements. Lyft provides additional coverage for drivers that provides additional liability insurance, collision insurance, and under and uninsured coverage. This insurance is provided as part of the Lyft service, so you don’t have to pay any additional fees for this coverage package to apply to your car.

Uber X has three tiers of driver service. Two of these require you to hold commercial insurance: UberBLACK and UberX Livery. The other driving tier, the basic UberX service, only requires personal auto insurance. Unlike Lyft, The Uber service also provides an additional $1 million in commercial vehicle coverage when you are performing work for Uber, regardless of which service tier you’re driving for.

You may feel more comfortable choosing commercial auto insurance even if you don’t require it for the service, however, especially if you drive for more than one taxi and rideshare service. This type of coverage is not necessary for the basic tiers in either of these services, so you don’t need it to get started and make extra money driving.

People often get group life insurance through their employers or various associations. Group life insurance is often a good supplement to individual insurance. If you’re searching for individual insurance in Ball Ground, GA, get to know the difference between group life and individual life insurance.

Source

If you get insurance through your employer, you have group insurance. If you purchased insurance yourself, you have individual insurance. With group insurance, your employer shops for and negotiates insurance premiums. The employer also determines how much of the premiums you pay. For example, some employers pay the full amount of the premiums. Other employers might ask you to pay a certain percent of the premium. You also can get group insurance if you’re a member of some credit unions or association such as the AARP.

Underwriting

The underwriting process for group life and individual life is also different. With group coverage, underwriters determine risk level based on the risks of the group as a whole. The industry refers to this process as the experience approach. Conversely, when you apply for individual life insurance, underwriters factor in your personal lifestyle and health habits to determine your risk level. If you have a high-risk level, you’ll likely pay higher premiums.

Paying Premiums

If you have a group plan, your employer or association provides you with several plans from which to choose. By the time they offer these plans to you, they’ve already negotiated the premiums. They pay the insurer directly, but you pay your employer or association for your share of the premiums. If it’s an employer-sponsored plan, the employers often deduct premium payments from their employees’ paycheck. For individual policies, you need to research the plans yourself. You also need to pay the insurer directly. You can go to your employer for clarification if you have group coverage. However, with individual coverage, you need to become familiar with your coverage and benefits.

You never want to run the risk of not having enough insurance to protect you or your family’s future. Call us so that our experienced Canton or local life insurance agent can guide you on selecting appropriate insurance coverage.