There should no longer any reason to rate these as Limousines.
While Uber is clearly taking on a large percentage of the risk, our carriers still fall into two groups; personal passenger policies that will not knowingly take an Uber driver, and commercial policies that want to write them as a limo and charge full price despite the lower exposure.
From the time the
person "Turns on the app", even before
they have a ride, they are on Uber's insurance. This by all measures results in
a person with a risk to their own insurance company LOWER than normal.<o:p></o:p>
ANY sources, in Illinois, for coverage in between Private Passenger and Public transportation?
Right now we write some as commercial, but others we lose because they simply go elsewhere and lie, they just list themselves as "Unemployed," something I refuse to be a party to for obvious reasons.
Uber’s insurance coverage for ridesharing in the U.S. includes
as of July 14, 2014:
$1 million of
liability coverage per incident. Uber holds a commercial insurance policy with $1 million of coverage
per incident. Drivers’ liability
to third parties is covered from the moment a driver accepts a trip to its
conclusion. This policy is expressly primary to any personal auto coverage
(However it will not take precedence over any commercial auto insurance for the
vehicle). We have provided a $1 million liability policy since commencing
ridesharing in early 2013.
$1 million of
uninsured/underinsured motorist bodily injury coverage per incident. In December 2013, we also added
uninsured/underinsured motorist coverage. In the event that another motorist
causes an accident with an uberX vehicle and doesn’t carry adequate insurance,
this policy covers bodily injury to all occupants of the rideshare vehicle.
This is important to ensure protection in a hit and run.
Contingent comprehensive and collision insurance. If a ridesharing driver holds personal
comprehensive and collision insurance this policy covers physical damage to
that vehicle that occurs during a trip up to the actual cash value of the
vehicle, for any reason, with a $1,000 deductible.<o:p></o:p>
<o:p> </o:p>
No fault coverage
(e.g., Personal Injury Protection) is provided in certain states at similar levels as limos or
taxis in those cities.<o:p></o:p>
<o:p> </o:p>
$50,000/$100,000/$25,000
of contingent coverage between trips.** During the time that a ridesharing partner is
available but between trips, most personal auto insurance will provide
coverage. However the driver is also backed by an additional policy that
covers driver liability for bodily injury up to $50,000/individual/accident
with a total of $100,000/accident and up to $25,000 for property damage. This
policy is contingent to a driver’s personal insurance policy, meaning it
will only pay if the personal auto insurance completely declines or pays zero.
This policy meets or exceeds the requirements for 3rd party liability insurance
in every state in the U.S.
As always, all UberBLACK, UberSUV, or UberTAXI rides
are provided by commercially licensed and insured partners and drivers. Those
transportation providers are covered by commercial insurance policies, in
accordance with local and state requirements. <o:p></o:p>
Larry Lubell
Urban Insurance
Agency, LLC 800 North Wells Chicago, Il.
60610 / 312-664-8088<o:p></o:p>