5 ms·

Lyft has a $1M insurance policy to cover their drivers. Here's an incident: http://www.cnet.com/news/after-fatal-lyft-crash-insurance-questions-arise/ http://ww

Lyft has a $1M insurance policy to cover their drivers. Here's an incident: http://www.cnet.com/news/after-fatal-lyft-crash-insurance-questions-arise/ http://www.cnet.com/news/after-fatal-lyft-crash-insurance-qu...

Igglyboo 12y ago
How the hell can they afford that?
- jeffasinger 12y ago
  For one, it has a $2,500 deductible. It is also only active during a Lyft ride.
- prostoalex 12y ago
  My liability portion is $250,000 each person / $500,000 each accident and State Farm only wants $30 a month for it.
  - joezydeco 12y ago
    That's a commercial rider on your personal policy?
    - prostoalex 12y ago
      I see what you're saying, no, that's just the personal policy.
    - judk 12y ago
      "Commercial" is only expensive because higher mileage is higher risk. If you aren't doing a lot of miles per year, it won't be more expensive. Lyft's insurer probably has some mileage math worked into the premium. Or Lyft self insures and knows exactly how much mileage they are covering.
      - kenrikm 12y ago
        IIRC from what I've seen Lyft issues an on the spot insurance policy for each individual ride.
genwin 12y ago
That's a nice chunk but insufficient nowadays. (The 24-year old in that article might've been able to make several $million in his remaining career.) The Lyft driver could still end up on the hook.
- travisp 12y ago
  It's certainly possible, but it's unlikely. The Lyft driver's own assets are likely small, and most lawyers suing the driver would rather settle for an amount within the $1 million insurance policy, rather than risk getting nothing by going to court to try to get more than the insurance policy. Even many doctors don't have malpractice insurance above $1 million (depending on speciality and state) -- most policies are $100K-$300K/claim, $1MM-$3MM/all claims (http://jop.ascopubs.org/content/3/5/274.full http://jop.ascopubs.org/content/3/5/274.full). So Lyft is providing more liability insurance than many doctors carry. If you're demanding absolute 0% risk for the Lyft driver financially, this would not cut it, but very little anywhere is absolutely no risk.
bluthru 12y ago
So about 3 days in an American hospital?

Igglyboo 12y ago

How the hell can they afford that?

jeffasinger 12y ago
For one, it has a $2,500 deductible. It is also only active during a Lyft ride.
prostoalex 12y ago
My liability portion is $250,000 each person / $500,000 each accident and State Farm only wants $30 a month for it.
- joezydeco 12y ago
  That's a commercial rider on your personal policy?
  - prostoalex 12y ago
    I see what you're saying, no, that's just the personal policy.
  - judk 12y ago
    "Commercial" is only expensive because higher mileage is higher risk. If you aren't doing a lot of miles per year, it won't be more expensive. Lyft's insurer probably has some mileage math worked into the premium. Or Lyft self insures and knows exactly how much mileage they are covering.
    - kenrikm 12y ago
      IIRC from what I've seen Lyft issues an on the spot insurance policy for each individual ride.

genwin 12y ago

That's a nice chunk but insufficient nowadays. (The 24-year old in that article might've been able to make several $million in his remaining career.) The Lyft driver could still end up on the hook.

travisp 12y ago
It's certainly possible, but it's unlikely. The Lyft driver's own assets are likely small, and most lawyers suing the driver would rather settle for an amount within the $1 million insurance policy, rather than risk getting nothing by going to court to try to get more than the insurance policy. Even many doctors don't have malpractice insurance above $1 million (depending on speciality and state) -- most policies are $100K-$300K/claim, $1MM-$3MM/all claims (http://jop.ascopubs.org/content/3/5/274.full http://jop.ascopubs.org/content/3/5/274.full). So Lyft is providing more liability insurance than many doctors carry. If you're demanding absolute 0% risk for the Lyft driver financially, this would not cut it, but very little anywhere is absolutely no risk.

bluthru 12y ago

So about 3 days in an American hospital?