Average cost per mile of operating a vehicle you own is about .56 per mile.
If you average 20 dollars per ride including this overage bonus, how many miles are the average trip ? I'm Just trying to calculate the profitability after factoring in all costs.
In addition , you need to be very careful with Insurance and uber. A normal car Insurance policy may not cover you in case of an accident. I would not want to be on the hook personally if I got into an accident and the occupants got injured while in my car. I recently got into an accident in my truck and the first thing geico asked was were you working. I wasn't working at the time and confirmed with a friend later that if I was using my truck for business at the time , my personal policy may not cover the damages.
A commercial insurance policy may be needed to cover this added liability.
If you average 20 dollars per ride including this overage bonus, how many miles are the average trip ? I'm Just trying to calculate the profitability after factoring in all costs.
In addition , you need to be very careful with Insurance and uber. A normal car Insurance policy may not cover you in case of an accident. I would not want to be on the hook personally if I got into an accident and the occupants got injured while in my car. I recently got into an accident in my truck and the first thing geico asked was were you working. I wasn't working at the time and confirmed with a friend later that if I was using my truck for business at the time , my personal policy may not cover the damages.
A commercial insurance policy may be needed to cover this added liability.