Wednesday, 9 September 2015

Intact Insurance working on policy for ride-share drivers

UBER Drivers can soon get their own special insurance from one Canadian insurance company.
Intact Insurance announced this morning it is drafting a commercial policy for Uber drivers but didn’t reveal many details.
Insurance companies can reject a claim if the vehicle involved is not only for personal use, but can also generate income, like in a ride-sharing situation.
Celyste Power with the Insurance Bureau of Canada wouldn’t comment on the plan Intact is developing but says it is a sign of things to come.
“The shared economy is something quite new but as technological advances continue at a rapid pace Canada’s insurance industry remains ready to adapt and sees opportunities to meet the needs of consumers and I think that is what we saw here today,” explains Power. “It shows the value of a strong, competitive insurance market.”
Power says she expects other related policies will pop up with other companies.
“Other insurance companies are looking at this and making sure their clients are properly insured,” explains Power. “I can’t speak to their products or their capabilities but it is safe to say that a lot of companies are looking at the shared economy and how to make it work for their industry and for consumers.”
Power suggests drivers can likely get coverage from their insurer right now.
“Drivers of course can also speak to their insurance representatives about finding coverage through commercial policies, it is an open market and it is adapting to the changes to technology and changes to the shared economy,” explains Power.
The province said in July that UBER drivers did not have proper insurance and companies could reject a claim if it is filed.
The city’s new policies call on ride sharing drivers to properly insure themselves with some sort of commercial coverage.
A spokesman for Intact refused further comment until the new product is ready
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