Need to get somewhere and trying to decide between using a traditional taxi service or one of the newer ride sharing services like Lyft or Uber? One of the things you might want to look at is what each offers in terms of their accident liability policies.
In many states, taxi drivers are required to have accident injury coverage in the $250,000 to $500,000 range. This may seem decent, but it often comes in far short of what most ride sharing companies are offering. Lyft, for instance, offers coverage up to one million dollars. This usually amounts to twice the coverage or more. Unlike many taxi services, ride sharing companies also offer uninsured motorist coverage as well. This means that if you are hit by an uninsured driver while in a Lyft or Uber car you will still receive that up to $1,000,000 coverage even if your driver was not at fault.
It is important to note that local and state laws regarding insurance coverage for taxi’s can vary significantly and that you should check to see what the coverage amounts are in your area. But, often times, the newer ride sharing services offer better accident protection in addition to their other advantages. For more on this subject, see this Huffington Post article.