State Insurance Commissioner approves new auto insurance policy for drivers California Insurance Commissioner Dave Jones has approved the state’s first official auto insurance policy designed specifically for Lyft and Uber drivers. The policy has been formed to address the problems associated with drive-share companies and the insurance coverage that they offer to their drivers. The insurance policy is coming from MetLife Auto & Home. The policy will provide individual coverage for Uber and Lyft workers, providing them with the protection they have may have been lacking in the past. Coverage…
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Canadian Uber drivers may need to check their auto insurance policies
Insurance Bureau of Canada wants Uber drivers to make sure they are properly insured The Insurance Bureau of Canada is advising drivers that work for ride-share company Uber to check their auto insurance policies. The agency suggests that drivers should ensure that their insurance policies provide coverage for their vehicles that are being used for commercial purposes. In most cases, however, conventional policies do not provide commercial coverage for most drivers, as these policies only provide coverage for vehicles being used for personal purposes. As such, they may be exposed…
Read MoreSelf-driving cars could lead to lower auto insurance premiums
Insurance premiums could fall significantly due to automated vehicles Self-driving cars could help save motorists money on auto insurance coverage, according to insurance startup Metromile. The company has released a new report that suggests that drivers could save as much as $1,000 a year on coverage due to automated vehicles. These cars could cost as little as $250 a year to insure, and they may serve as a disruptive force for the auto insurance industry in the coming years. Self-driving cars are not subjected to human error in the same…
Read MoreCalifornia law aims to address ride-share auto insurance
New law approved in California will have an impact on the ride-share market A new law in California will bring changes to the ride-share industry and how it makes use of auto insurance. Ride-share companies like Uber and Lyft have been at the heart of controversy concerning insurance coverage. These companies provide their drivers with coverage, but only when they are transporting a passenger, not when they are on the way to retrieve that passenger. As such, there may be significant coverage gaps that place drivers at risk because they…
Read MoreUberX generates auto insurance controversy in Canada
UberX has received criticism for the insurance coverage it provides its drivers Ride-share company UberX has generated some controversy in Canada concerning auto insurance. Toronto’s taxi industry has voiced concerns about the insurance coverage that UberX provides its drivers. Per the company’s policies, its drivers are not required to purchase commercial auto insurance. There are concerns that the company does not ensure that its drivers have liability coverage either, which could place drivers and their passengers in a risky position in the event of a major accident. All rides on…
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