Is Working in the Rideshare Industry Still a Financially Viable Choice in 2020?

  • Tyron Jones, Car Insurance Expert at n/a

  • 07.01.2020 05:45 pm
  • Insurance , rideshare

The gig economy is stronger than ever, and it’s important for anyone to recognize the benefits of working a side job that brings some extra money to the table. Sure, it’s often not something that can completely substitute your regular income, and it requires some luck to get things right in most cases. But if you play your cards right and know what you’re doing, this can definitely be a viable choice.

Ridesharing is one of the most prominent parts of this economy, and many people have been actively exploring it as a potential source of income lately. And while it has its problems, it’s definitely one of the more attractive fields to look at right now, all things considered. The most pressing question for most people is whether this industry will remain viable in 2020 – and there are many indications that this will indeed be the case.

Changing Prospects

There were lots of obstacles on the horizon for those who wanted to participate in the ridesharing industry, and legislation was largely against the idea in many areas as well. But this has been changing a lot, and we’re currently seeing various developments on this front which have been enabling people to work in this sector more and more. The public’s opinion on the matter has been changing as well. Some used to see ridesharing as an inadequate option, but that’s no longer the case, and it’s becoming more and more accepted all around. There is likely more to come in this regard, but the good thing is that we’re at least seeing the right kinds of changes.

The Rise of AI

The advance of artificial intelligence has been another major factor in the development of the ridesharing industry, and it’s not clear what its implications are exactly. Many people have been predicting that AI is going to take over the market by storm and that it would make drivers in general obsolete, but that doesn’t seem to be the case yet. If anything, AI has been a good complement to the skills of the average driver, and has enabled more people to participate in the field without any problems. And we’re likely going to see even more of that in the long run, as this technology is going through rapid developments right now.

Legislative Changes

As we mentioned above, legislation has been another major factor in this whole thing, and even though we’ve seen various changes on that horizon, it looks like much more has to happen before the situation will be truly adequate for those who want to operate in the ridesharing industry. There have been various barriers to overcome in this area, and looking back on the progress we’ve made, it’s clear that we’ve already gone through some of the most challenging obstacles in this regard. The rest comes down to persistence and continuing to push forward, and it’s very clear at this point that many people are determined to do that.

Personal Concerns

A major concern for some when it comes to ridesharing is their own personal safety. After all, you’re exposing yourself to a huge potential risk by letting all sorts of random strangers ride along with you, and the same goes for getting into the car of another person. There have been some incidents of that type, too, and they have driven even more attention to the situation. But in general, it doesn’t seem like this is grounds for any serious concern right now. Most of the problems on that front seem to be getting blown out of proportion, and many people agree that ridesharing is actually one of the safer modes of transportation right now, as long as all necessary precautions have been taken. And it looks like there has been growing attention to the importance of those precautions as well, which means that personal concerns in this sector are likely going to keep dying down in the coming years. Hopefully people are going to wake up to the benefits of ridesharing and the way that they outweigh everything else right now.

More Overhead Than Expected

It hasn’t become any cheaper to be a rideshare driver. People usually underestimate the costs of running and maintaining a car. For example, gas prices can sometime fluctuate a lot depending on where you’re driving. Also, while some insurance coverage is included, you may need to get additional rideshare coverage to be on the safe side. Then there’s car maintenance and repairs. Oh, and don’t forget about parking and toll fees. As you can see this starts to add up and eat into profits.

Your Mileage May Vary

In any case, it’s also important to note that everyone is going to see different results from this, and you shouldn’t expect your experience to be exactly the same as everyone else’s. There are many factors that come into play in the outcome of your venture in this market, and it’s important to keep all of them in check. However, not all of those factors are under your control, and in some cases you’ll have to deal with some rather uncomfortable circumstances which may make it very difficult to do see any good results from this.

Beyond 2020 and into the Future

With all that in mind, what does the future hold? 2020 is definitely still a viable year for participating in the ridesharing market, but it’s hard to make any predictions beyond that, even though many people have been trying to. We have various hints to consider though. As we mentioned above, legislative changes are largely in favor of the developments on this market, and it looks like things are going to continue moving in that direction in the future as well. More and more people are going to keep pushing for their freedom to participate in ridesharing, and this is going to open the eyes of lawmakers too.

At the same time, there are also lots of obstacles still to overcome, and many people seem to be underestimating the challenges that lie ahead. Worry not though – as long as you’re determined and motivated to progress in this field, there are lots of opportunities ahead of you. It’s just up to you to actually take advantage of them and use them to their full potential. And this is going to come with time. For now, just make sure that ridesharing is a viable market in your own local region, and pay attention to its specific requirements around you before getting started.


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