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Thursday, 15 September 2016

The Ultimate Rideshare and Uber Insurance Guide


Ridesharing has literally taken the world by storm, and Alberta is not far behind in immersing its proud cities with companies such as Uber and TappCar. The freedom and flexibility to use your own vehicle and work the hours you want to, is precisely what makes these companies so appealing to many Albertans looking to earn extra income. Although Calgary has yet to approve Uber, the Alberta based ridesharing company, TappCar, is in full operation. You may have noticed their cars around Edmonton and Calgary. Nevertheless, before you take the leap and join the growing ridesharing trend, be sure to contact your insurance representative to ensure you have the right coverage or you could get stuck with a large bill for an uninsured claim.

If you have already contacted Uber or TappCar, you may be thinking “but they told me I have insurance under their commercial policy.” That may be correct, however, you still need to advise your broker or agent as you will need to add what’s called an endorsement (amendment to the policy used to add or delete coverage), or something similar, otherwise, you could have gaps in your coverage. We have compiled a list of the most frequently asked questions we have receive at our brokerage. Let us know if you have any questions that are not on the list!


Why do I need rideshare insurance?

Rideshare insurance is an add-on coverage that will insure rideshare drivers and their passengers in the event of an accident.


What does rideshare insurance cover?

Rideshare insurance coverage varies greatly between insurance companies, but typically it would cover you for claims arising out of driving your vehicle under the rideshare clock, subject to your policy limitations and exclusions. If you want to know what those limitations and exclusions are, be sure to ask your broker. The language used in insurance documents requires that you have a PhD in legal speak, so we always encourage you to ask a representative if you’re uncertain about anything.

Is rideshare insurance expensive?

Simple answer, no, it really shouldn’t be. If you find you’re getting outrageously expensive quotes for add-on coverage, definitely shop around!


Do you need a separate policy for rideshare insurance?

You do not. So long as you fit the insurance requirements for both the company you are driving with, and your personal insurance policy regulations, then you should be fine. Right now, every insurance company is treating rideshare coverage differently. Some are adding what’s called an endorsement to your policy (basically an add-on coverage), while others re-rate how you're using your vehicle. 

What happens if I don’t let my broker know that I am using my vehicle for rideshare?

Well, that could be really bad for you…Any time you change how you’re using your vehicle, you need to notify your insurance provider as it changes the nature of your policy contract. Insurance is based on insuring you for risks. For example, did you know that the North West of Calgary has a higher risk for hail storms than the South parts of Calgary? Changing how frequently you use your vehicle also changes your risk factors. Here’s an example of this: Say you were using your vehicle occasionally on the weekends, but now you commute 20k every single day. You have now changed the risk factors on your vehicle. You’re driving your vehicle a lot more, which increases your chances of getting into an accident.


This principle works the same way for rideshare. Putting paying passengers in your vehicle and driving them to different locations increases your risk for getting into an accident. Not only that, but your claims could have a much larger payout due to the liability exposure from your paying passengers in the event of injury or damaged property. Not letting your insurance provider know that you’re using your vehicle for rideshare purposes could most likely result in a claim being rejected. That’s a lot of money you could be on the hook for!

Want to know more about Uber and rideshare insurance? Feel free to ask us questions anytime. Just go on Twitter or on our Facebook page and use the #AskSharp and we will get back to you with a response!


19 comments:

  1. Hello!

    Thank you for the article. I have a question for you ... What is the main advantage of rideshare insurance (most significant)? Thanks.

    ReplyDelete
  2. Hi Marina, thanks for the message. The main advantage of rideshare insurance is that it covers both you and your paying passengers in the event of an accident. Typically, personal auto insurance policies do not cover commercial risks such as using your vehicle as a taxi. By adding rideshare coverage to your current auto-policy, it basically extends coverage for using your vehicle in that manner. Not having this coverage while using your vehicle for rideshare purposes could result in restrictions or no coverage at all in the event of a claim. Hope this helps!

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