Lyft insurance…double dipping?
Ok so a while ago my parked car was hit by Pepsi and I learned they don’t have insurance. Instead they self insure and pay out of a ‘savings’ account, basically. The claim was managed by an insurance type person but the money they paid me was direct.
It got me thinking - Lyft must do the same thing. And this insurance bundled with fees and taxes seems dishonest. I think they’re double dipping. I end up paying upwards of $600/mo on top of “Lyfts fee”. Are local fees and taxes really that much or are we just getting slayed on a gargantuan self insured rate - which I imagine is just more profits for them unless we’re all crashing our cars all the time. I suspect their cuts is actually more like 40-50% but they hide it as ‘commercial insurance’. I call b.s.
Who else thinks Lyft is pocketing commercial insurance fees? Class action?