Right now ride sharing is in the news. It’s something that is in the process of upsetting some of the more established industries, like taxis. Yet, it is also offering new opportunities to people who never imagined themselves as drivers.
That’s right; regular folk are now seeing their cars as an asset – a way that they can make money.
But you can’t just hop into your vehicle and expect everything just to work out fine. There’s still a bit of thought and planning to be done before you can really make it work for you. Here are some of the things that you need to know about ride-sharing.
It Won’t Replace Your Day Job
Don’t think that ride-sharing is something that can replace your day job. Most of the drivers you’ll find through ride-sharing sites have other jobs. In fact, only something like 20 percent of drivers works more than 40 hours per week.
Most drivers, therefore, see car sharing as a way to supplement their income. And that’s why most drivers in the car-sharing business earn less than £8,000 per year. It’s not enough to live on. But it is enough to make a difference when you need it.
Target Peak Hours
But there are some distinct benefits to driving part-time. One benefit is that you can target the times of day when driving services are in the highest demand. Most of the day, things are pretty slow, especially in the middle of the day. But come evening, demand for taxis skyrockets. As a rideshare driver, you can take advantage of this by working the evening rush hour shift. For most people, this will dovetail nicely with their day job, and provide a better return for each hour worked.
The other benefit is that you work for more than one rideshare company. Working for two or three increases the pool of available customers and gets you more regular work.
Sign Up For More Than One Company
If you stick with just one ride-sharing company, you risk not being able to get a constant stream of work. But having a second and a third company means that, as mentioned, you have a backup plan. Remember, not all drivers can qualify for every business. Some companies require that drivers use newer cars than others. So many people with older cars might find themselves with a problem.
Get Insurance For Ride-Sharing
When ride-sharing first came on the scene, a lot of drivers just continued to use their regular insurance. They took the view that it was no different from giving their friends a lift. But the insurance companies themselves took a different perspective. Their view was that the car was being used for commercial activities and, therefore, needed business insurance.
But ride-sharing is rarely comparable to business use, especially when the vehicle is only being used part-time. That’s why some companies are now offering specific ride-sharing insurance. Right now, these aren’t all that easy to find. But they will become increasingly common as the market expands.
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