How to Create a Financial Safety Net for Rideshare Drivers

Posted by: RideGuru Team Jul 23, 2020
Updated Jul 22, 2020


Kover Insurance

As the end of July is fast approaching, so comes the end of the additional $600 per week unemployment checks that many Americans are receiving. This social safety net was provided by the momentous CARES Act and helped take a step toward a bigger change in how we view the gig economy’s needs and job securities. For the first time, gig workers, contractors, and freelancers had the right to file for unemployment. But what happens once that option has left gig workers?

What is a Financial Safety Net?

Life can take us by surprise. Being sick a few days, hospital stays, vehicle repairs and accidents are just some of the things that can upset anyone’s life and income stream. But for gig workers, these events can be debilitating. When you can’t work, you don’t get paid and life doesn’t stop. There are bills to pay and mouths to feed. It’s estimated that 30% of gig economy workers do not have a rainy day fund in place. Unlike full time corporate jobs that offer multiple benefits and protections to their employees, gig workers appear to have been left behind. When you’ve joined the gig community, you'll enjoy the flexibility, independence, and variety of employment opportunities that you couldn't get at a nine to five job. The downside is, you usually have to get by without health insurance, retirement plans, sick days, and more. But that’s about to change.

Gig Workers Have Benefits

Fortunately the gig community is resourceful and new benefits are popping up every week that are specifically designed to help gig workers & contractors. Kover, Stride, Hurdlr, Metromile, and Acorns are just some of the exceptional companies helping bring stability and peace of mind to gig working men and women all over the country. With ⅓ of American adults employed in the gig economy, you can be sure that more gig centered perks and benefit plans will be coming. Unlike the corporate world, gig workers have the freedom to make their own benefits package and a smart gig worker can pick and choose the benefits that work best for them. You no longer have to feel at risk of losing everything just because you don’t have the securities a full-time employee would receive. As your own boss, you make the rules and now you get to have your benefits too.


5 Points of A Successful Financial Safety Net

When creating your financial safety net, you’ll want to have protection for your income, health, automobile, savings, and taxes. Setting up income protection for those days you can’t work will keep your income stream flowing. Choosing a good health insurance will keep your hospital and doctor visits to a low cost. Automobile insurance is a must for any driver to get back on the road affordably. And putting aside some cash for retirement while also utilizing a good tax company will help you save money now and for the future.

What Do You Need?

Why Do You Need It?

Our Recommendation.

Income Protection

What would happen if you couldn't work because you were sick or your car was in the shop? If you can't work, you don't get paid and that can be a huge deal for gig workers. That’s why having income protection is so important.

We recommend Kover for the best income protection in the gig economy. They’ll send you a check while you're out sick, in the hospital, or if your vehicle is out of commission from an accident or needs repairs. Kover even pays you if you get deactivated and offers legal assistance to get you back on the road.

Health Insurance

If uninsured, a trip to the doctor or hospital can mean thousands of dollars in bills. Having health insurance not only minimizes the cost of your visit, but also allows you to keep up with your health overtime. If you don’t feel well, see a doctor. No more waiting until things get worse.

Stride is a wonderful resource for the independent worker. They offer health, dental, vision, and life insurance with the gig community front and center. They are affordable and you’ll always know what to pay before any doctor visits.

Auto Insurance

Car insurance is so important for many gig workers. Whether you’re delivering food or groceries, or working a rideshare gig, your vehicle is your lifeline to your income. Without a car, you miss your pay so be sure your auto insurance is working for your best interests as a gig worker.

Metromile is a superb auto insurance option for any driver. From roadside assistance, to monitoring your car’s health, this auto insurance is intuitive and simple to use.


Would you like to retire someday? Everyone does, but for some, it seems impossible. That said, you’ll be amazed what small investments here and there can amount to over time.

If you don’t feel like you make enough to invest in future savings then you should meet the company Acorns. You will see your savings account grow steadily over time but still keep enough of your income to be stable. Acorns simplifies the whole savings process and takes your spare change to make it into a growth opportunity. 


As a gig worker, you are more than likely going to find some issues with taxes. Having someone to help you keep track of your expenses and earnings makes life a lot easier when tax time comes.

Hurdlr automatically tracks all of your mileage, expenses, income streams, and tax deductions in real-time. And with an average of over $5600 in tax deductions found per year, it’s a great tool for getting the most back. Also, if you plan on signing up with Kover, you automatically get Hurdlr Premium included in your membership.

Enjoy the Ride

The gig economy is growing and showing a bright future ahead. Be your own boss. Revel in all the freedoms this ever growing community offers. And now, find peace of mind with a well thought out financial safety net.

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