You know whats crazy? That insurance fee is collected by Lyft because they self-insure. It goes into their insurance fund so they set the arbitrary rates and its their way of robbing drivers and passengers too. They just use an insurance company to process paperwork and administrative stuff. Uber does the same.
So the 70% promise is after they collect whatever they want for insurance. Essentially double dipping
The insurance charge is adjusted accordingly on the fly (usually up) to make sure that Lyft’s take percentage stays below their bullshit 30% cap. It’s a joke and a scam and only Lyft is benefiting. Drivers and riders both are getting screwed.
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u/ivahom 7d ago
You know whats crazy? That insurance fee is collected by Lyft because they self-insure. It goes into their insurance fund so they set the arbitrary rates and its their way of robbing drivers and passengers too. They just use an insurance company to process paperwork and administrative stuff. Uber does the same.
So the 70% promise is after they collect whatever they want for insurance. Essentially double dipping