Ridesharing and insurance

Rideshare driving for services like Uber, DiDi and Ola can be a great way to earn extra cash in a way that works for you.

However, when it comes to insurance, things can get a little tricky. If you’re using your everyday car, is it covered by your regular car insurance? What about insurance from your rideshare company? Let’s dig in and tackle some questions you may have about ridesharing and insurance.

Can I be insured by my rideshare service?

Rideshare services, like Uber, may give you some level of cover, however this may not be a substitute for your own personal car insurance. To see what ridesharing companies will and won’t cover you for, best to read their company policy.  

GIO Car Insurance provides cover for your car even when it’s used for ridesharing services, as long as the car fits the relevant criteria and you meet the policy requirements. Using your car for rideshare services occurs when the owner of the car, or a driver listed on the policy, drives the car for a passenger for a fee.

You do need to let us know if you are using your car for ridesharing services, and this may, however, affect your car insurance premium.

Types of cover you may need for rideshare driving

Ridesharing companies may require drivers to take out these types of policies:

• Compulsory Third Party Insurance, which can cover you from any legal liability or personal injury claims made against you in the event of an accident. It’s compulsory for any vehicle on the road and is purchased from an insurer separately to your registration.
• Third Party Property Damage Insurance, which may cover damage to another person’s vehicle or property.

While these two forms of insurance may cover your bases for damage caused to another vehicle or person in an accident, what about damage to your car? Enter Comprehensive Car Insurance.

Comprehensive Car Insurance

If you’re using your car to earn cash, having your car off the road because of an accident can be a serious headache. Damage to your car can not only halt your rideshare career and that flexible cash stream, but can seriously interfere with your everyday needs.

Comprehensive Car Insurance, covers you for damage to your car, plus damage caused by your car. The damage to your car will either be the amount covered of your car or market value, if you have chosen the market value option. This will be listed on your Certificate of Insurance.

Get a Comprehensive Car Insurance Quote

How to include ridesharing in your cover

If you’re a new customer, simply tick the ‘rideshare’ box in the quote process. If you’re an existing customer, you can easily update your policy via your GIO Online Services Account. Simply select your car insurance policy, click ‘Update policy’ and then scroll down to ‘Car usage’. Remember that this may affect your premium. Alternatively, you can call us on 13 10 10.

Read more:

• What is the future of electric cars in Australia?
• What to do if you’ve had a car accident
• Car registration costs in Australia

Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Consider the Product Disclosure Statement before buying this insurance. The Target Market Determination is also available.
This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.