He was calculating net income figures and ignoring tax. And then for other situations, I’d expect a tax professional to understand that spending a dollar you’d already be spending anyway in a tax advantaged way does benefit the person.
Did I say “You are automatically let go.”
No. I said “You can be let go.” Please improve your reading comprehension skills and be informed before calling someone totally wrong:
Also notice I said “something like 4.8”, so I apologize for the .10 error. But given you don’t even understand the rating system in the least bit, I don’t feel quite as bad.
- [quote] What is the minimum driver rating you need to maintain to access our App?
- Because we are always focused on customer service, the minimum average rating needed to keep your Uber account in good standing is 4.7 out of 5 stars
- http://driveubersd.com/faq.html
- [/quote]
LOL you are just embarrasing yourself kid. you also forgot to argue that you can be let go if you have a 4.8 rating and you committed vehicular manslaughter.
you can’t even read your own research you dug up. 4.7 is “good standing”, it says nothing to your comment of people getting “let go”
Uber approved driver > Top2 MBA > CFA ???
^ Respect.
And itera, get a black car like the BSD you claim to be! Uber is a glorified taxi.
I’ve never been in an Uber taxi but they seem to have made a splash in London. The best bit of it all is that London cabbies are up in arms protesting about Uber for taking their customers when frankly, they deserve to lose them.
London has to be the only place in the world where your hail a black cab and instead of getting into it, the bawbag rolls down the window and asks you where you’re going and unless you’re going in the same direction as him, he won’t take you. and I’m not talking about asking to go to Morden at 4am - one does not just simply ride a taxi into Morden - it’s for short journeys as well.
^ bob you should try it, i’ll give you my promotional code… haha. It’s pretty handy for getting around. There are 3 tiers UberX (cheap Prius), Exec (E-Class), and UberLux (BSD S-Class). I normally get Exec unless it’s a short distance. No messing around with cash, they charge your card automatically and it’s pretty easy to expense if necessary.
+1000
Ok cool, I didn’t realise that there were tiers. I’ve always found paying for taxis to be really awkward for some reason, probably because I’ve never got any cash on me, so putting it on card is a bonus.
Last couple of time I’ve been in London and needing a cab after the pub I’ve used Hailo but I’ll definitely give Uber a go next time. beats sitting in one of those minicab offices.
one question i have is “does standard car insurance cover the needs of a makeshift taxi?”. are you covered in the event of a major accident if you are conducting business with your car but are not approved to do so? does your insurance cover your passengers’ property like taxi insurance does? what if you get jacked by a passenger? are you covered or are they considered a guest of the car and thus you are liable? say your liability insurance coverage is only $1M and you have 4 people in the car all of which die due to your negligence and you end up being on the hook for millions. are you bankrupted?
i would imagine insurance risk is a major hidden cost relative to medallion cabs.
Are you talking about insurance for Uber drivers or just random guys doing unlicensed taxi work? I would be shocked if Uber did not insure their drivers. If it’s just some random guy driving around picking up passengers, then yes, lack of insurance would be a significant liability.
I would not spend time arguing about 4.7 vs. 4.0. The point is that Uber drivers must maintain a relatively good rating or they can be dropped.
I also would not lend too much credence to numbers quoted off the top of some student’s head. I’m sure there is some statistical data available if we really cared about Uber driver earnings.
Also, who are we kidding? Most students on the high finance track are not going to spend time driving Uber taxis. Either these kids are from entitled backgrounds and do not need the money, or they are the type that studies 100% of the time and only has time for homework and real internships.
i found this. uber covers their drivers with an additional $1M in liabliity coverage above and beyond the individual’s policy but it doesn’t detail any further about coverage. i wouldn’t be suprised if Uber drivers are actually taking on extreme risk doing what they’re doing as i’m pretty certain they don’t have the same coverage as medallion cabs. since the rules of ridesharing and insurance are pretty murky and precedents aren’t really available, i’m sure in the coming years we’ll see some lawsuits against Uber drivers in unique circumstances.
the way i read it is that Uber drivers are personally responsible for damage, theft or loss of their riders’ property and are probably grossly underinsured when it comes to liability coverage. they are responsible for damage caused by passengers as well. plenty of hidden costs in the Uber arrangement.
If I were starting a Uber-like service, I would look up the standard insurance coverage for normal taxis in that area and model my own coverage on that. Given the restricted supply of taxi licenses in most places, I would not be surprised if it was possible to be profitable, even while offering full commercial vehicle insurance. This is speculative, of course, but my general impression is that the taxi industry is not really that efficient, and this gave rise to Uber in the first place. There is probably a significant economic buffer that Uber can use to mitigate insurance or other costs.
Edit: The Uber website does say that they offer commercial grade insurance, not personal insurance:
“your livery or taxi transportation provider carries a commercial insurance policy in at least the minimum amount required by local regulations.”
i was confused by this statement b/c they go on to say that the Uber driver also has personal insurance. i read the quote above as saying they have a commercial policy so as to comply with local regulations (which i’m sure only detail a required minimum liability coverage) but not to protect the drivers. policies for cab drivers have riders to protect the driver. i could be wrong but i assume protections for the driver are not legislated and thus Uber drivers don’t have protections beyond the minimum legislated liability coverage.
But why would you assume then that non-Uber services (i.e. taxis and other hired cars) have more than the minimum liability coverage? Why would you assume that Uber drivers do not have the same agreements and coverage as taxi drivers?
It seems that your knee jerk reaction is to assume that Uber does not cover insurance, is more sketchy, more dangerous, etc. compared to normal taxis. This is a normal reaction of people who are unfamiliar with a new thing.
My reaction is opposite: because people are unfamiliar with Uber, Uber probably takes great care to make sure that the company and drivers are not exposed to more liability than normal taxi drivers.
I don’t have any facts, but by intuition, I would actually disagree. If anything, I’d guess Uber would shift burden of insurance to individual drivers and wouldn’t care about greater liability
Remember also there is a greater level of security in Uber, because you enter in your information + Credit card before entering the Uber car. So it’s not like a stranger entering a typical cab, and he can anonymous rob the driver. In uber your credit card and info is linked in already. ( I know we can debate all day about people entering fake credit cards and robbing Uber drivers, so let’s skip that shall we?)
I used Uber twice when I was in Huntington Beach, CA and honestly i can’t complain about the service. Drivers showed up in less than 5 minutes, were courteous, the cars were clean and the convos were pleasant.
itera does that really happen? I thought they verify cards once you add it to your account? or is it different over there? Normally in the UK cards are immediately verified and a fake would throw up error messages.
yes you are right. when I said before you enter the car, I didn’t mean seconds before. When your account is created, they instantly know your smart phone number, credit card, personal info etc.
way more then a yellow cabbie knowing nothing about you.