Lyft Weekly Guarantees – How does Lyft Weekly Guarantees work?
Lyft Weekly Guarantees Explained
Lyft drivers in certain cities across the United States can now expect to earn a weekly guarantee. Lyft defines a weekly guarantee as a targeted minimum amount that drivers are guaranteed to hit, every week, in gross revenue intake.
If drivers don’t reach their weekly guaranteed minimum, Lyft offers to reimburse drivers for whatever is leftover.
Where is Lyft weekly guarantees available?
Lyft’s weekly guarantees program is available in the following cities:
Austin (*specifically, in certain regions around Austin)
New York City
How does Lyft’s weekly guarantee system work?
To be approved and become eligible for Lyft’s Weekly Guarantees program, Lyft drivers must complete the following steps:
- Get approved to drive with Lyft in a qualifying city (*see list above).
- You must get approved to drive during a limited-time promo Weekly Guarantee Promotion (contact Lyft directly for more information)
- Click on either an appropriate application link in a Lyft ad for weekly guarantees, OR or use a Weekly Guarantee promo code (contact Lyft directly for more information).
- Become fully approved as an official Lyft driver within thirty days of beginning your application.
Maintaining your Weekly Guarantee Status
Once a driver has determined their eligibility for Weekly Guarantees, they must hit certain ‘targets’ in order to remain eligible for the program on a week-to-week basis. These targets can be defined broadly as:
- Maintaining a high acceptance rate
- Completing a certain number of hours of driving per week
- Completing a certain number of rides per week
How to maintain your Weekly Guarantee Status
The first week of your Weekly Guarantee status begins at 5.00am of the first business week after your approval (i.e., 5.00am Monday following your approval).
After a Lyft Driver enteres Weekly Guarantee Status, they must meet certain targets each week. The exact number of hours in driver mode (and completed rides; as well as the duration of the Weekly Guarantee program) is entirely city-specific. All relevant information will be sent to drivers who are accepted into the Weekly Guarantee Program.
As outlined above, the three major targets that Weekly Guarantee Lyft Drivers must continue to hit are:
- Maintaining a 90% acceptance rate per week — A driver’s acceptance rate will be shown on a driver’s app, every Tuesday under their weekly summary.
- Maintaining a certain number of hours in ‘driver mode’ per week — This is a per-week number of hours (not a ‘number of rides per hour’ system).
- Maintaining a certain number of completed rides — This varies by city, and Lyft Line rides count extra, insofar as every Lyft Line passenger counts as a ‘completed ride’ individually.
Getting Paid via Weekly Guarantee & Calculating Weekly Earnings
Each Weekly Guarantee period extends between 5.00 am Monday through 4:59 am the following Monday.
When Lyft calculates a driver’s weekly earnings, they will factor in:
- Pre-commission time and distance
- Prime Time driving income
Tolls (including Airport Tolls) are excluded, as is Lyft’s service fee.
If a driver’s weekly total earnings match or exceed Lyft’s Weekly Guarantee, then no reimbursement is made.
If a driver’s weekly earnings fall below Lyft’ Weekly Guarantee, Lyft will compensate drivers for the difference.