Auto Insurance For Rideshare Drivers: What You Need To Know
Driving for ride-hailing services like Uber and Bolt in Lagos, Nigeria, requires understanding and securing appropriate auto insurance coverage. Here’s what you need to know:
1. Personal Auto Insurance:
Regardless of your ride-hailing activities, Nigerian law mandates that all vehicles carry at least third-party liability insurance. This basic coverage addresses damages to other vehicles or property in the event of an accident.
2. Commercial Vehicle Insurance:
Given the commercial nature of ride-hailing, it’s advisable to obtain commercial vehicle insurance. This specialized coverage offers broader protection, including:
- Comprehensive Coverage: Protects against damages to your vehicle from accidents, fire, theft, or vandalism.
- Third-Party Liability: Covers injuries or damages you may cause to passengers or other road users during your ride-hailing operations.
3. Insurance Provided by Ride-Hailing Platforms:
Ride-hailing companies often provide certain insurance coverages during specific periods:
- Offline (App Off): When you’re not logged into the ride-hailing app, your personal auto insurance is the primary coverage.
- Online (App On, Waiting for Ride): Once you’re logged in and awaiting a ride request, the platform’s third-party liability insurance typically provides coverage.
- Trip Period (Ride Accepted to Ride Completion): During an active trip, the platform’s comprehensive commercial insurance usually covers both you and your passengers.
It’s essential to verify the specifics of the coverage provided by the platform you work with, as details can vary.
4. Vehicle Requirements for Ride-Hailing in Lagos:
To operate legally and ensure safety, your vehicle must meet certain standards:
- Vehicle Inspection: Obtain a roadworthiness certificate from authorized inspection centers.
- Vehicle Documentation: Ensure all necessary documents, including proof of insurance, are up-to-date and accessible.
5. Additional Considerations:
- Supplemental Coverage: Depending on your needs, consider purchasing additional coverage, such as comprehensive or collision insurance, to fill any gaps between personal and platform-provided insurance.
- Stay Informed: Regularly review and update your insurance policies to adapt to changes in your driving patterns or platform requirements.
