Most people think Uber when they get started on the topic of ride-sharing, it is the biggest name in this space as they control most of the market. If you’re a ride-share driver or considering a job in ride-sharing, you’ve probably already signed up to drive with Uber. This can be a lucrative position for part-time and full-time drivers alike. But most of us drivers are always looking for ways to earn even more money, and driving for both Lyft and Uber is one of the best ways to do so. You can get up to $500 as a sign up bonus when you use a new driver promo code to get started at Uber, and when you start driving for Lyft you can get up to $400 (Boston only) as a bonus when you use a Lyft driver promo code to sign up. Get your referral code here. For Lyft, the typical ride requirement for the bonus is 50 rides (varies by city) in the first 30 days, making it worthwhile to sign up for Lyft even if you just complete the 50 trips. Another sign up bonus tactic that many people are not aware of is signing up for Lyft first, then completing an Uber application. If you have previously driven for another company before you sign up for Uber you are eligible for a $500 sign up bonus, which is a nice add on to the typical bonus of between ($100 and $300 – varies by city).
Beyond capitalizing on the sign up bonuses from both companies, you can increase your earnings by running both the Uber and Lyft app simultaneously. This is not a tactic you should use until you’ve acquired some experience as a ride-share driver, switching in between apps can make for dangerous driving if you are not familiar with the Uber and Lyft apps. When done properly, this will allow you to accept more rides (with access to more potential passengers) and choose between surge prices (whichever is higher). As a driver for both Uber and Lyft in the greater Seattle area, I have seen Uber take a large share of the market, about 80 percent of my rides are with Uber. But the occasional Lyft ride when no one is requesting on the Uber app makes running both worthwhile. Also, Uber tends to have a higher surge price, and the ceiling is also higher on surge prices. While this means that you will normally be well off driving for Uber alone, there are a few times a week when I notice higher surge pricing on the Uber app. One of the possible explanations is that passengers are manipulating the apps as much as drivers, and when Uber is surging, they then switch to Lyft for a ride and drive up the price. But with less Lyft drivers in most areas, Lyft is less equipped to handle the surge, resulting in a higher surge rate for Lyft drivers over a larger duration of time.
Ultimately, the combination of more sign up bonuses, more ride requests, and increases in surge pricing make driving for both Lyft and Uber a lucrative proposition.