Rideshare services such as Uber are growing in popularity in Australia, and many people are using their cars to earn themselves some cash.
However, using a private vehicle for hire and monetary reward is generally excluded from standard motor vehicle insurance policies. You might not be fully covered for damage to your vehicle by the rideshare employer either.
The good news is that insurers are expanding into insurance cover for ridesharing. The potentially not-so-good news is that if you haven’t checked your motor vehicle policy to find out what’s covered or told your insurer that you’re providing rides for income, your policy could be invalidated.
So, if you have been providing rideshare services or you are considering doing so, it’s absolutely crucial to let your broker or insurance provider know as soon as possible.