What is Xchange Leasing?
Xchange leasing is a leasing option administered by Uber. It offers different leasing options that other leasing companies do. Xchange drivers, who participate for at least 30 days, are able to return their car with only two weeks notice and limited costs. it also allows for unlimited mileage and the option to lease a used car, which includes routine maintenance. Xchange allows you to get the car you need to drive for Uber with low car payments.
Do you need special insurance to lease a car through Xchange?
In order to lease a vehicle through Xchange, you will need to obtain rideshare insurance. The rideshare company that you are driving for only provides limited insurance coverage during the time your ridesharing app is on BUT HAVE NOT yet accepted a fare. This is known as Period 1. Your current personal auto insurance will provide coverage while your app is off, but once you turn it on and are waiting for a fare your insurance is no longer covering you. This is where rideshare insurance covers the gap. to lease a vehicle through Xchange, drivers are required to obtain a certain amount of liability limits on their rideshare insurance policy.
What are the limits Xchange requires?
For liability limits:
- Bodily Injury at $50,000 per person/ $100,000 per occurrence
- Property Damage at $30,000 per occurrence
- Uninsured Motorist Bodily Injury at either $25,000 per person/$50,000 per occurrence or $50,000/$100,000 per occurrence
- Comprehensive and Collision Deductibles at either $500 or $1,000
- Roadside assistance, rental care reimbursement, and medical expense are additional coverages that are optional for the driver
If you are interested in driving for Uber and leasing through Xchange, call one of our talented agents at John E. Peakes Insurance Agency today to get your rideshare coverage started! Call 1-800-800-5199 or visit us online at peakesins.wpengine.com