App companies such as Uber, Lyft, Gett and Via have soared in popularity on the streets of New York. When you drive for one of these companies, it’s important to understand your expenses. Insurance ranks high on the list of expenses you should budget for. At inshur we have 7 tips to keep in mind if you are a TLC driver in New York:
If you affiliate with a licensed Black Car base, your insurance expense will probably be lower. Luckily, most app companies like Uber and Lyft are registered at the TLC as Black Car Bases. Some For-Hire bases may be licensed as Livery/Car Service or Luxury Black Car – so it’s always a good idea to check your base. The inshur app checks your base automatically and provides information regarding any discounts or surcharges associated with your quote.
Choose the right vehicle
Hybrid vehicles save you money on gas, but did you know that they can also lower your insurance cost? Some carriers have discounts for driving a hybrid vehicle. And what about those gas guzzler SUVs? Well, on top of paying more for gas you could get surcharged for having a bigger car especially if it seats more people than a standard car. Get the inshur app to check your vehicle automatically and get recommendations today.
Check your DMV Motor Vehicle Report (Abstract)
Your driving record is a very important factor for determining the price of your TLC insurance, so make sure it is accurate. Review the violations, accidents and points listed on your Motor Vehicle Report (hopefully you don’t have any!). If you have any accidents listed that are not your fault, be sure to get a copy of a police report. Some carriers may forgive accidents if it can be shown that you weren’t at fault. Your can contact the DMV to get a copy of your motor vehicle report or just download the inshur app to automatically check your abstract and get advice on any potential issues.
Take a Driving Defense Course
Always get a Driving Defense Course certificate every three years. Not only is this a TLC requirement, but it can also save you 10% on your insurance. Courses can now be completed online or in a classroom. Some app companies, bases and even insurance companies can provide the class for free. Download the inshur app to check if your driving defense course discount is active and get other recommendations today.
Consider Collision Coverage
Check out our blog post here on whether it makes sense for you to purchase additional collision coverage so there are no surprises if there is an accident.
Be careful about letting others drive your vehicle
Always make sure you advise the insurance company of any additional drivers on your vehicle, if they get in to an accident the carrier may cancel your policy or try to disclaim for fraud. It may seem like a good idea to lease your vehicle to another TLC driver, but this comes at a cost. It will probably raise your premium with the insurance company. And no matter how good of a friend you think your driver may be, it is still your vehicle, not theirs. This means they may treat your car with less than desired care and any accidents that happen on your policy may adversely affect you at renewal time. So think carefully about letting someone else drive your car.
And finally – shop around
You may be surprised to see that you can get a better price or coverage with a different carrier. It is important to make sure you shop around for your insurance. But shopping for insurance is a pain, right? All those forms and documents you need to gather. At inshur we think it doesn’t have to be painful! Just download our app, get a quote in seconds and if you decide to purchase a policy or switch to us for servicing – the app will automatically shop for you at renewal time! This means you don’t need to go to different brokers, providing the same information over and over again.