@Lars Re: No thanks
First, you can put pretty much anything in to a contract. Your lawyer would have to argue that you can't sign your rights away so easily otherwise you just did exactly that.
In terms of insurance... its a bit murky.
On the one hand... if you have a chauffeur's license and have the proper insurance for the car to carry passengers (commercial), you will be covered.
If you have a normal drivers license and you have regular car insurance, your insurance company my refuse to pay for the accident.
This is why Uber carries additional insurance and charges passengers per ride a $1.00 fee.
What hasn't been made clear is if the additional insurance will actually pay out. In the past, the clause from Uber is that it pays out after your personal insurance carrier does. If your insurance company says no way... then Uber's insurance won't pay out either and the driver (you) are on the hook for everything.