Ride-share companies may have trouble with auto insurance gap

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Insurance gap could threaten the future of ride-share companies as they continue to juggle financial risks and liability issues Ride-share companies are becoming more popular and they are beginning to feel pressure to address the insurance gap problem they have. The insurance gap has the potential to threaten the future of ride-sharing and if companies cannot find an effective way to address the issue, they may find it difficult to continue operating in some states. The problem stems from the relative youth of the ride-share sector. Because ride-sharing is so…

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Auto insurance at Lyft to be put to the test following tragic accident

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A fatal crash in California will be the first to reveal the way in which the $1 million policy provides coverage. The ride share company, Lyft, which was first founded in 2012 and that has moved into 20 cities has been facing some controversy with regards to the auto insurance coverage that protects the company, its drivers, and their customers, and now it will be put to the test. Near Sacramento, California, there was a fatal accident on Halloween involving a Lyft driver. This represents the first time that the…

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Lyft’s auto insurance policy falls under more scrutiny

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Fatal accident puts more focus on ride share insurance coverage A fatal car accident in California may put ride share company Lyft’s auto insurance to the test. The company has been under heavy scrutiny recently regarding its insurance coverage. Some lawmakers have questioned whether Lyft’s coverage was adequate enough to cover accidents and any damage that would be caused by such events. Some had introduced new legislation that would hold ride share companies to higher insurance standards, and these companies had been heavily resistant to such legislative efforts in the…

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