You Might Not Be Covered In An Accident
Lyft does not cover drivers during all phases of driving, specifically period 1. You will need to get rideshare insurance to make sure you are covered during this period.
Set Aside Money For Taxes
Track all of your miles while driving. Lyft will help you with this in the driver dashboard, but it is smart to use another app like Stride to help with this.
It's better to approach Lyft as a side hustle as opposed to full time. This allows you to be picky about only driving during the highest paying times.
Fuel efficient and low maintenance vehicles will cut your expenses and save you money
Use this to earn money when you are normally commuting. This can also be used to increase your write offs as an independent contractor (all miles in this mode are deductible)
Make sure to use this when you sign up to boost earnings!
Changes to driver pay have made income less reliable on this platform. This is why it's best as a side hustle.
You have to start paying quarterly estimated taxes after your first year as an independent contractor.
You have the right to turn down rides on the Lyft platform. If a passenger is too drunk or rude you do not have to drive them. You also don't have to accept rides hat are bad for your business.