There is an exponential increase in Uber drivers in the past 5 years. This rise, coupled with cheap car rental and cheap motor insurance is changing the motor landscape. What does this mean for the Industries affected? The Private Hire Era is here and it will continue to boom for the time being. Taxi drivers, however, are feeling the pinch. According to the Straits Times, within the Private Hire Motor Industry, Taxi rides dropped from a massive 53% in 2013 to 20% in 2017 , with Uber rising and taking that 33%. As the saying goes, “If you can’t beat em, join em.”. Taxi drivers are turning to their phones for more work. The ease of access of the Uber app and plethora of other functions such as seeing when your driver’s estimated time of arrival and the estimated duration of the trip provides user with the data that they want.
To join or not to Join?
Will such a boom last and more importantly, is it a good time to join Uber? Despite the steady increase in usage and increase in users, experts predict that this growth will be short lived. With the improvements in the public transport sector, it will be difficult for Uber and Grab to compete with the low cost of trains and buses. The introduction of more bus services and new train lines, albeit the breakdowns, has made travelling on public transport more convenient and quicker.
However, if you already own a car and are able to commit about 3 hours a day, it’s a safe bet to join Uber. Most of the income is coming not from general rides but from the incentives that Uber and Grab provide. There are various incentives, such as driver referral rewards and cash rewards for Uber driver who sign up with Uber with their own car. Uber gives but Uber takes too. Uber will deduct fees of 20% to 30% off of your fares. This must be considered when calculating your overall net income. You can find more about the Uber fees on their website. Consider the cost of maintaining your vehicle, fuel consumption, motor insurance and Uber insurance. An estimated of 6 hours of work at $14/hr is all one need to cover expenses. This is dependent on the costs of maintaining your vehicle and the costs of motor insurance and uber insurance.
Motor Insurance Coverage
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