Ridesharing tools for your insureds
Picture this: You are driving in downtown Boston, you pull over to park and a stranger tries to jump in your car. Relax - it may not be a carjacking, it may just be a confused consumer who mistakes you as their Uber or Lyft ride. That's actually happening.
Just in case you've been vacationing on Mars and haven't noticed, ridesharing services are exploding in popularity in the nation's major urban centers - and state legislators and insurance regulators are scrambling to warn and protect consumers about risks. (See: Uber, Lyft, Sidecar Toe-to-Toe With Insurers State-by-State)
Here are some useful tools for your clients that you should be bringing to their attention ASAP. The National Association of Insurance Commissioners (NAIC) has just issued two important consumer information sheets on about ridesharing services. One is aimed at consumers: Protect yourself as a ridesharing passenger, and the other designed for drivers: Ridesharing drivers may face insurance coverage gap.
The so-called Sharing Economy is here and it's growing at break-neck speed. As an agent, you need to be familiar with ridesharing issues and follow evolving state legislation and coverage products. We'll keep you posted on this topic and others related to the emerging "peer-to-peer" economy in future posts.
Meanwhile, here are a few resources specific to ride-sharing:
Getting a Grip on Ridesharing Coverage
What do ride sharing and car sharing mean for personal auto insurance?
It can be a daunting task to keep up with new entrants, which can vary by geography. Here are some of the big players: