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Should You Become A Uber Driver

Most of us are aware that there’s a lot of controversy right now between the taxicab drivers and the Uber drivers. Normally most people don’t want to get involved when there is a feud between two businesses going on such as this. However, by the same token there are a lot of people that are out of work and are looking at the Uber as maybe being possibly a way of generating some income that they desperately need.

Having said that, there are lots that really don’t know what Uber is all about. There are a lot of benefits to becoming an Uber driver in that the hours are really flexible so an individual can choose to work through the peak times and it is estimated that they could make about $35 an hour in gross fares.

However, there are other cost factors that have to be considered in this such as the insurance for your vehicle and your gas and the repairs and mileage that’s going to be put on your vehicle.

If you are going to delve into this then it can take anywhere from three days to a week to get you set up, however there are background checks that will be conducted and you have to supply various documents.

You also have to have a proper vehicle that is going to be appropriate in order to be able to drive for Uber. It can’t be any older than 10 years and a must be a four-door vehicle. You also have to be 21 years of age or older and have a proper driver’s license Those with learners permits are not allowed in to the Uber program.

While there is a background check that has to be conducted, Uber will pick up the cost for this. How Uber makes their money is by taking a small amount of money that you generate from each trip. They have a specific fee structure that is used to determine what your payments would be. You get paid from Uber by direct deposit once a week.

You are responsible for carrying the personal auto insurance which is your main a coverage, however the Uber X platform does a backup some coverage for bodily injury and property damage to third parties.

Now in knowing what Uber basically has to offer and what the potential opportunities are for you here you also have to realize that you are going to be caught up into the controversy that is now existing between Uber and the taxi drivers. Nobody enjoys confrontations and just how much this will affect you will basically be determined by the area that you are thinking of servicing with the Uber. It may not be as big of a problem if you are in the outskirts of the city but if you are contemplating offering Uber services in the heart of the city then there is no doubt you are going to get caught up in this controversy.

 

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Sam Seidman, CPA, CA, LPA
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