Insurance Rideshare Coverage Agreement Helps Protect the Public

Over the next few years the sharing economy will continue to flourish and insurers will develop financially sound, innovative products to support new market opportunities. Yesterday afternoon PCI joined some auto insurers, some national trade associations and Uber in announcing model legislation to address the insurance gaps in coverage to help ensure safe transportation options that protect drivers, passengers and the public.

As we have already seen in states that adopted insurance coverage parameters, such as California and Colorado, the insurance market adapts and offers new solutions for various market segments.

Auto insurers, national trade associations and Uber are coming together to help eliminate consumer confusion, provide a framework for safe transportation options, and support continued marketplace innovation. 

The TNC Insurance Compromise Model Bill will help bring clarity and consistency to TNC insurance laws, and will enhance consumer choice, increase entrepreneurial activity, and bring greater stability and confidence to the transportation network industry.

It still may take some time for the insurance market to refine state specific ridesharing solutions. Insurers will continue to work closely with the transportation network companies, insurance regulators, and the NAIC to help ensure the public understands their insurance coverage, the differences between transportation network companies, taxis and limos and how the public is covered when an accident occurs.

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PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $183 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.

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Quick facts

California, Colorado, D.C. and Virginia already have closed closed the TNC insurance coverage gaps
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Several insurers already offer hybrid polices that provide coverage options for rideshare drivers
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Nearly half the states raised concerns regarding the insurance coverage gaps for commercial ridesharing
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The agreement should help eliminate consumer confusion, provide a framework for safe transportation options, and support continued marketplace innovation
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Quotes

The TNC insurance model legislation addresses the insurance gaps in coverage to help ensure safe transportation options that protect drivers, passengers and the public.
Paul Blume, senior vice president of State Government Relations for the Property Casualty Insurers Association of America