The wait is over. Uber insurance is available in NC! Uber and Lyft drivers in Charlotte and other surrounding cities in NC have waited patiently for a solution to the coverage gap for ridesharing insurance, also referred to as transportation network insurance.
As of 12/19/2016, we can now offer a personal insurance policy with an endorsement that can be added to it that will cover drivers who sometimes use their own personal vehicles to drive for Uber or Lyft. Insurance carriers on all personal lines auto insurance policies exclude coverage while driving for a transportation network. If you were driving for one of these companies up to this point, you were likely driving around without insurance for part of your trip.
Uber has taken the stance where they would cover a claim only while you had a passenger that you were transporting or when the Uber app matched you with your passenger you were to pick up. Your personal lines insurance policy would cover you only while you were using the vehicle for personal use. This left a gap in coverage while you were sitting with the app on waiting for a fare.
*The app is turned on and you are waiting to be matched with a passenger.
*Match is made and you are on the way to pick up the passenger.
*Passenger is in your vehicle.
No coverage Gaps on endorsed policies. Uber still covers you during the times stated above. Your endorsed policy will cover you while the app is on and you are waiting to be matched with the passenger.
Transportation networks are brand new, and we will without a doubt see changes in the future as the industry grows and changes. This sort of hybrid policy is a step in the right direction. Up to this point, drivers only had 2 choices.
- Purchase a true livery or taxi cab policy that was rated much higher than a personal auto policy due to a much higher exposure. You would also need to find a company that would allow you to add an endorsement to your policy that would allow you to use the policy for personal use as well.
- Take a chance and drive uninsured.
With a more affordable policy available in NC, there is no excuse for transportation network drivers driving for Uber, Lyft, or various other companies to drive without the proper coverage.
Anyone who has ridden in a vehicle for one of these ridesourcing companies cannot deny the ease of use of the app and, in most cases, the low fare cost. With so many users opting for Uber and Lyft over taxi cabs these days, we know that this form of transportation is here to stay.
If you have any questions or would like a quote on Uber insurance or Lyft insurance, please give us a call at 704-494-9495. There is no reason to have a gap in insurance coverage any longer. YOU MUST PURCHASE A POLICY WITH THIS ENDORSEMENT ADDED TO BE COVERED.
We will continue to update you on this exciting change with future articles regarding this subject.