A Changing Uber

Uber, the transportation network company, is one of the fastest growing enterprises in recent history. What started as a personal limousine service for the founders and their friends in San Francisco has grown into a global icon. It is known to commuters, sitcoms (The Big Bang Theory for one) and, now, a few insurance companies too.

Uber is growing, changing and challenging the way we look at the traditional business model. Consequently, insurers are also on the move with their own developments to match a shifting Uber. They are implementing new policies and changing coverage to ensure everyone is covered for a safe peer to peer ride.

Aviva was the first to provide insurance coverage for ride-sharing when it introduced endorsement 6TN Permission to Carry Paying Passengers for a Transportation Network. Intact has now announced a new commercial automobile insurance policy specifically for Uber drivers while the driver is logged onto the Uber network.

Personal Insurance Policy Requirements

In short, this policy is for a driver who uses their vehicle for Uber and no other ride-sharing service. Now, Uber drivers are not always ride-sharing, that is to say, the car is also for their own personal use. So it is important to know that the Uber commercial policy does not apply when the driver is not logged onto the Uber network. In the latter case, their own personal car insurance kicks in.

A Few Key Notes

• Must have personal insurance policy
• Must declare to the insurer they are an Uber driver
• Limits and deductibles may differ between the Uber policy and their own insurance
• Additional coverage purchased under one policy, may not be available under the other
• Leased vehicles or those with car loans should review the terms and conditions of their leases or loans before participating in ride-sharing programs

A Few Fun Notes

UberPool

This service lets riders heading the same way share an Uber and save. CEO Travis Kalanick believes that UberPool “has the potential to be as affordable as taking a subway, or a bus, or other means of transportation.”

4.7 million

Estimate of miles saved in June 2015 from all UberPool rides in New York, San Francisco, Los Angeles, Austin, and Paris.

820

Metric tons of carbon dioxide saved from those shared rides.

1.95 million

Number of cars in New York.

50

Percentage of New York taxi trips that would be saved if users were willing to wait up to five minutes to be paired with another passenger.

365,000

Number of UberPool cars that could serve the same number of people and trips that those 1.95 million private cars do.