I drive for Uber. I retired from corporate life 18 months ago at age 60. I wanted something I could do at will as financial backup. Here are some key issues:
1. Flexibility. This is the most attractive thing about it. You only have to take one rider per month to stay active. Otherwise your work schedule is entirely up to you. In my case, I hit it hard in the winter to build up a cash stash for emergencies or fun. In summer, I prefer golf and yard work so, not so much. Last week, I worked four hours. I drove for three this morning only because my daughter had to be downtown for a few hours. No other job that I'm aware of can give you this incredible flexibility.
2. Pay. The pay is poor and you may in fact just end up liquidating the equity in your vehicle. Let's face the fact upfront that this is the easiest job in all creation so, don't expect to be compensated like your ex-CEO. I don't worry about the hourly compensation (I'm retired, I've got plenty of time). Instead, I measure my productivity in $/mile driven, including deadhead miles. Remember that you will get a $0.54/mile business expense deduction when you do your taxes. So, if your $/mi metric doesn't exceed .54, you won't be paying any income tax on these earnings. Bottom line--this is not a full time work opportunity. It may work for you (as it does me) if you have other sources of income and just want a little extra cushion in life. When folks get to badmouthing it too much, I point to the 65" 4K flat screen and blu-ray I recently purchased with Uber profits.
3. Insurance. You simply must cover this base. 99% of Uber drivers probably are not. No personal auto policy will cover it. Uber is liability only so, if you kill somebody, they'll take Uber's $1,000,000 then come after any assets you have like your house, your 401K, your hot rods etc., etc. I found a business policy that cost me an additional $200/yr. I can haul people or I can haul firewood commercially and I'm covered. Period.
Of course there's more to it but I'll do my best to answer whatever questions you have. Also, I drive day shift only so I've avoided most of the drunk stories and no one has puked in my vehicle. My passengers are 99.9% nice, normal people on their way to work, school, the airport or a ballgame. In short, it works for me. YMMV.
