Ridesharing companies, like Uber and Lyft, are a hot topic in the insurance industry right now. These companies provide transportation to customers that locate a nearby driver using an app on their smartphone. The driver uses their personal vehicle to transport the customer to their destination. This has caused confusion over when the drivers personal insurance would be responsible and what exactly would be covered.
With the gaining popularity of these ridesharing companies, it is important for you to know that personal auto insurance is not market for individuals who are actively driving for a Transportation Networking Company (TNC). There are potential rating issues and more importantly, coverage is excluded for this type of exposure.
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