Ridesharing has grown in popularity over the last few years for several reasons, but especially because it is so easy and affordable to use. Becoming a rideshare driver is an excellent way to make extra money, and for some, it can become their full-time income with enough dedication. If you want to maximize your earnings, you should learn how to save money on your expenses as a rideshare driver.
Since being a rideshare driver requires you to have additional insurance, aside from your personal coverage, saving money on insurance can have a large impact on your operating costs.
Write Off Premiums On Your Taxes
The first thing that you will want to do is print out your statements. It is important to organize a folder of expenses related to your work to make it easy to file taxes. To get the right amount to write off, you need to calculate the percentage that you drive your car as a rideshare driver and as a personal driver.
Take the rideshare percentage, multiply that by your monthly premium, and then multiply that by 12, which will give you the amount that you pay for car insurance related to rideshare driving.
Move to a Different ZIP Code
Where you live can play a huge role in how much you pay for car insurance. Sometimes all you need to do is move to another ZIP code, but this is not a decision that you should make based on savings alone. If you were planning to relocate anyways, you can use this as an opportunity to save some money.
Use a GPS with Real-Time Traffic
How much you drive is another noteworthy factor on your insurance premiums. Inefficient driving will cause you to clock more miles each time you get on the road, but a GPS with real-time traffic can fix that. Also, it will help you in pleasing your customers as they will get to their destinations faster.
Stop Driving Between Pickups
As soon as you drop a customer off, you may feel inclined to continue driving until you can get your next one. But, this leads to an unnecessary amount of driving. The best thing to do is find a parking place, put on some music or read a book, and then wait until you find a pickup that you want.
Being a rideshare driver is a great way to make extra money, meet new people, and get to know your city inside out. Using just a few of these tips to save money on auto insurance will help you maximize your profits.