Drivers using their cars for ride-sharing services such as UberX could be forced to declare it to authorities and be charged higher insurance premiums under options being considered to regulate the emerging industry.

Having legalised services such as UberX and Lyft, the NSW government is set to shake up the compulsory third party (CTP) insurance scheme to create a level playing field with taxis and hire cars.

Minister for Better Regulation Victor Dominello will on Thursday unveil six options being considered.

They include: creating a new CTP class for ride-share vehicles; bringing them into the same class as taxis and hire cars; and deregulating the area to allow insurers to determine premiums based on risk.