Earning extra income from ride-sharing applications such as Lyft is becoming increasingly popular. If you have the right vehicle and understand how to get the most from your new side income, this is a great opportunity to earn more. If you are considering taking up a job as a Lyft driver, here is everything you need to know.
Want to earn the most from your time spent driving? Understanding the peak times that riders request lifts can help you with getting the most from your time. Usually, late nights and early mornings are when riders need lifts, either from the end of a night out or a lift to work/college in the morning. If your other jobs can work around this, you are likely to get the most from the service. Not working peak times could see you earning less, meaning it may not be worthwhile, depending on how much you want to make.
Lyft works by paying per-minute on each trip. Depending on the current city you are driving or working in, this will give you a per-minute rate. You also get paid for the distance of your trip, dependent also on a per-mile rate. You may also earn tips, so it is good to understand how to earn the most tips. Tips usually come from a clean car or exceptional service. Finally, Lyft drivers may earn bonuses during busy hours or when you are driving in a busy location. This is because the fares will increase based on demand.
Whilst money might seem great at first, be sure to counter in any additional fees that will be coming out of your earnings to calculate your actual wage. This will help you to decide if driving for Lyft is worthwhile. Things to consider include insurance, gas, and general wear and tear of your car. Lyft is usually a job that most people do on the side to earn extra income.
Can Anyone Drive for Lyft?
Lyft performs background checks on all their drivers to ensure their customers are safe. This means you may not be able to drive if you have any recent convictions. You must agree to this background check before it is carried out. They will also check your driving license and your vehicle. Your vehicle must be up to their standards and safe for customers. Before choosing an area to work, you should know the area inside out.
Getting the Right Insurance
If you are driving for Lyft, you must inform your insurance company otherwise you may be in trouble if you get into a car accident. Lyft does not do this for you, this is a step that must be undertaken by each individual driver. You can expect your insurance rate to increase when using your vehicle for commercial reasons and this may be pricier if you live in a highly-populated area that has a higher car accident rate. If you don’t have the proper insurance, you are putting yourself at risk.
As a side hustle, Lyft can be great for those who can work peak times and have the vehicle to do so. Be sure to accurately calculate your earnings to see if becoming a Lyft driver is the right choice for you.