Uber, one of the most lucrative businesses worldwide, has an impressive market size and operates in more than 69 countries. Ever since Uber emerged in the rideshare industry, traveling to any destination across the globe has become very convenient. Not just faster travel opportunities, Uber has also given people access to travel at affordable rates. It has helped people without cars travel in comfort.
The growth of Uber and the rising demand for paid cab rides is making the business more profitable; however, it is also causing many road accidents. The rising number of fatal accidents in Uber cabs is worrying because the company is facing a lot of trouble compensating for the damages.
So, if you ever encounter an accident while taking an Uber ride, know that you can always claim compensation. But before that, you must know about Uber accident compensation amounts and how much the company is liable to pay for the damages.
Uber's Auto Insurance Policy
Uber is one of the fastest-growing companies with a reputation for offering its drivers and passengers insurance coverage. The auto insurance policy is the commercial insurance offered by the company to provide accident coverage to its passengers.
Auto insurance aims at offering collision and damage coverage when a passenger who hires a cab through the application suffers injuries from an accident. It is applicable as soon as you are online and begins with the ride. This insurance also concerns other vehicles and pedestrians in case of accidents, not just the driver and the passengers.
There is one criterion for obtaining auto insurance from Uber in case of accidents and damage: the person has to stay online. Personal insurance coverage is not applicable if the accident occurs when the passenger is offline or the driver application is off.
Every year, Uber spends millions compensating for injuries and accidents resulting from road accidents, and auto insurance offers the maximum compensation amount possible.
How Uber's Liability Insurance is Claimed
Uber is a multimillion-dollar business, and to maintain its goodwill globally, the company guarantees insurance coverage in case of accidents and injuries during the rides. There are different amounts of compensation for different types of damages, and you must have a clear understanding of them to claim the deserving amount in case of accidents.
Liability Coverage to Party for Injury
Usually, Uber offers compensation of up to USD 50,000 per injured party. This liability coverage is offered to help the person with their medical bills and physical damages. In rare cases, if there is a total body injury resulting from the accident, Uber can compensate up to USD 1,000,000.
Liability Coverage Per Accident
In most accident cases, Uber compensates up to USD 100,000, considering the bodily injuries caused by the crash.
Liability Coverage for Property Damage
Uber's liability coverage also concerns property damage. The company reportedly offers up to USD 25,000 per accident for property damage.
Third-party Insurance Coverage
Not just the driver and the passengers; Uber's liability insurance also covers third-parties. Third-party liability insurance usually covers the property damage and bodily injury caused to a person because of an accident. A third party is any other person who was not part of the rideshare, mostly a passenger on some other vehicle or a pedestrian.
Bottomline
There are numerous lawsuits against Uber globally, most of which are personal injury claims. As businesses develop worldwide, the chances of road accidents also increase due to the negligence of cab drivers. Compensating for losses is a great burden for the company, but, as a passenger, you always have the right to claim what you deserve.
