I was chatting with a UberX driver yesterday in NYC and apparently his insurance is $7K a year (it's a Toyota Camry too, nothing super fancy).
That works out to ~$27 a day if you drive the car 5 days a week, every week of the year. Not a massive amount, but significant in the numbers we're talking about.
The demand for taxis is so high that a driver bluntly told me to give him my cell phone and setup GPS route, otherwise hes not going. And that was a good 2-burrow trip for $40. Bottom line; they don't need you -- you need them.