Live Insurance News

Auto insurance legislation targeting ride-share companies has failed in Hawaii

March 31, 2016March 30, 2016 Logan B.

New legislation fails to pass committee New legislation in Hawaii that would require drivers working for transportation network companies like Uber and Lyft to have a higher level of auto insurance coverage has been struck down by the House Consumer Protection and Commerce Committee. The legislation would have introduced more regulation to the transportation network company industry, which is growing quite rapidly throughout the United States. Both Uber and Lyft have been targeted by such legislation before, with lawmakers in some states showing concern over potential insurance gaps. Legislation would…

New legislation in Florida aims to close ride-share auto insurance gap

February 26, 2016February 24, 2016 S.Vagus

Senator Simmons introduces new insurance legislation to address ride-share concerns in Florida New auto insurance legislation concerning ride-share companies, such as Uber and Lyft, is making progress in Florida’s legislative process. The legislation, sponsored by Senator David Simmons, is heading for the state’s Senate, where lawmakers will determine its feasibility and whether or not it is a good fit for the state. According to Senator Simmons, the legislation is a work in progress and changes may be made to it in the future. Lawmakers are becoming increasingly concerns of potential…

California approves new auto insurance products for TNC industry

January 26, 2016January 24, 2016 Marc

New insurance products will be available for TNC drivers California officials have approved new auto insurance products that will affect the Transportation Network Company (TNC) space. Companies like Uber and Lyft have had a major impact on the insurance space, largely due to concerns that these companies are not providing adequate coverage for their drivers. Insurers are beginning to take note of the rising popularity of TNC and, in order to mitigate risks, have begun offering new insurance policies. State Farm is among these companies. State Farm is among several…

New law in Texas makes changes to auto insurance requirements

January 8, 2016January 7, 2016 S.Vagus

New law targets ride-share companies, requiring them to have more insurance coverage A new law in Texas will require drivers for both Lyft and Uber to have more auto insurance coverage. The law also applies to all Transportation Network Companies and is meant to address concerns regarding a gap in auto insurance for drivers. Previous to the law, drivers were required to have a minimum of $30,000 per person injured in an accident, $60,000 per accident, and $25,000 in property damage per accident. Typically, this degree of coverage was enough…

Legislation targets auto insurance and ride share services in Florida

December 9, 2015December 8, 2015 Marc

New legislation will place auto insurance requirements on ride share companies New legislation in Florida could affect the way ride-share companies receive auto insurance. Companies like Uber and Lyft, which providing transportation services with the aid of mobile apps, have been at the heart of debate concerning issues in the auto insurance sector. These companies typically meet the minimum requirements but are not technically required to do so because of the way they operate. The new legislation would codify existing standards, ensuring that companies like Uber and Lyft are required…