Hello and welcome to lesson 2 of module 3. In this lesson we will take a look at the “perks” for both major ridesharing companies and how you can take advantage of them best.
Whether you finished the previous lesson or are just jumping in, make sure to review commonly used terms and phrases that may be used in this lesson.
What Perks Can Do For You
Ahh, perks. Just hearing that word makes peoples’ ears perk up (pun totally intended there.) But what is a perk in terms of ridesharing?
A rideshare perk is an extra service, discount or form of compensation that make spending your time contributing to a company or cause an even sweeter deal.
Unfortunately, rideshare driving for Lyft and Uber don’t offer normal company benefits such as health care, 401K, and other investment potentials. However, there is a plethora of other things you can get from joining forces with either platform.
That being said each company offers various discounts and incentives to reach pre determined levels of accomplishment. How do you get these perks exactly? You drive!
These bonuses usually are dished out to drivers who maintain a specific acceptance rate, specific monthly ride rate or driver rating score. Let’s get started!
Lyft Driver Incentives
Lyft follows a tier based incentive called the “Accelerate Program”. this essentially means that which rewards, if any are dished out are based on how involved the driver is in their work.
The more rides you complete each month, the more perks you will be eligible for. The program is divided up into three tiers:
This is the one that every driver starts out at. As a starting point it is fairly generous. Silver status qualifies you for a plethora of different awards, such as:
- Tax support – As a Lyft driver, you have the option to buy software from Intuit at a discounted price. This is great for people who find themselves yanking their hair out every tax season. Worry no more!
- Roadside assistance – Drivers also qualify for a discount on roadside assistance from Allstate, for when your car breaks down on the job or off.
- Cell phone discounts – A discount from Verizon for Lyft drivers means you can really save on your cell bill every month. Given that you need a smartphone in order to drive, this pushes the costs of being a rideshare driver down for you. Thanks Lyft!
- Retirement benefits – Though Lyft doesn’t offer a 401K, they do have a partnership with Honest Dollar. Honest Dollar is an investment company that offers packaged portfolios based on a profile you create after answering some questions. Their parent company is Goldman Sachs.
- Fuel rewards – This one is perhaps the most useful right out of the starting gate. Silver-tier Lyft drivers save $.03 per gallon on gas purchased from participating Shell stations. If you’re gonna fuel up to drive, you may as well save while doing so!
Gold tier is the mid-level of the Accelerate program. Drivers are automatically placed into this level when they give more than 20 rides per month with Lyft. This tier has all the rewards of the pervious one, but with some more added.
- Increased fuel rewards – This incentive bonus scales as you progress through higher tiers. Now you will save $.05 per gallon on gas purchased from participating Shell stations, instead of $.03. Cheaper gas, means more drives and more money.
- Maintenance discounts – This includes things like tires, fluids, tune-ups, and more.
- Rotating bonuses -Lyft offers thousands of discount from partnered business’. The list is huge and changes constantly. This includes discounts for things like gym memberships, movie tickets, food, retail purchases, and more.
This is the crème de la crème of Lyft’s reward program. It also takes a bit of dedication to reach. You have to give a minimum of 199 rides per month in order to qualify for this. However, if you’re driving for Lyft almost every day this should be easily attainable. Rewards from previous tiers stack. The extras in platinum tier include:
- Roadside assistance – Unlike the silver tier offer, you now can get roadside assistance absolutely free of charge. Lyft fronts the bill on all your emergency roadside needs.
- Further increased fuel rewards – Now you’re going to save $.07 per gallon from Shell! In the right circumstances this could make it even cheaper than Costco gas! Ride on and earn more money!
These reward tiers are tracked on a monthly basis. So keep your ride count high to maintain the incentives you want.
Uber Driver Rewards
Uber also has a rewards program that it’s drivers can qualify for. They describe their program as “A customized reward program for partners, designed to help you grow your business, reduce your operating costs, and stay healthy.”
The main difference is that they do not break rewards down based on an accomplishment tier. All active drivers with a 100% acceptance rate qualify for these perks.
The Uber Partner Fuel Card
- The Fuel Card has a daily and weekly credit limit and allows for the payment on credit of gas and convenience goods at gas stations.
- Each week the card balance is automatically deducted from a partner’s earnings.
- Statements are easily accessible directly from the partner dashboard.
- 15% off oil changes and tire rotations with Firestone, Valvoline, Auto-Zone, Meineke, Midas, Maaco, and Jiffy Lube. When you consider the high cost of auto maintenance and repairs, fifteen percent adds up.
- Partners save 1.5% on all fuel purchases made with the Fuel Card. Additionally, partners get extra savings at tens of thousands of sites across the country, resulting in savings as high as 15 cents a gallon or more.
Savings on phone plans
- Uber states on their website that they work with 3 cellular network companies (AT&T, Verizon, and Sprint) to save you between 15 and 18 percent on your phone bill; that’s a steep savings. What’s more is that apparently, that savings can be extended to your family.
Health insurance assitance
- In a more recent development, Uber is working with Stride Health in order to aid their drivers in picking out the best health insurance plan. At no extra cost!
- Uber has partnerships with H&R Block and Intuit, allowing their drivers to save on services from either company.
Uber also has location-based rewards that vary with a large number of different partners throughout the USA that you can track via the Uber website. These can include car washes, restaurants, coffee houses and more. For example in Los Angeles you can save at Gaucho Grill, Pub Nowhere, Sunset Car Wash, Napa Auto Parts, and lots of other places.
Compare And Contrast
As you can see, the perks for driving for either company are pretty good. The key difference is that Uber drivers do not have to maintain a high number of rides in order to use the above outlined benefits.
So if you drive more casually, Uber may be a better fit for you. Whereas with Lyft a more dedicated approach and consistent work ethic can benefit a driver more so than with Uber. Both of these options offer flexibility.
It’s good to know what kind of perks each company will offer you, so you can maximize what you make. Think about which company’s rewards apply most to your situation. You should be doing whatever will help you save more, and earn more!
Before moving on to the next lesson, review the above material. Answer the questions below in your head.
- What is a perk and how is it different form normal company benefits?
- How does Lyft determine which tier of incentives are available to drivers?
- How many tiers are there in Lyfts incentive program?
- What does Uber require for It’s Driver Reward Program?
- Does Uber have tiers for its reward program?