Uber Ridesharing – Insurance for Uber Ride Sharing in Calgary
Uber Ridesharing, is becoming very popular as a convenient form of transportation as well as a popular job opportunity for people that own and operate their own vehicle.
Uber drivers are happy to know that drivers and passengers in Calgary can now find an exclusive insurance option for ridesharing in the province of Alberta. The new ridesharing policy, approved in Alberta on July 1, 2016, offers protection to everyone using Uber and similar ridesharing platforms in a simple and seamless coverage.
What is Ridesharing Insurance?
While ridesharing insurance is not included in any standard or personal insurance policies, it is specifically designed for part-time drivers who carry paying passengers in their own vehicles.
This insurance covers 3 periods of the ride sharing process:
- When the driver is logged in the app and is waiting for a passenger to be allocated.
- When the driver is on route to pick up the passenger.
- When the driver is transporting passengers from pick-up to drop-off point
Coverage for Drivers and Passengers
Ridesharing coverage applies to all Uber drivers and their passengers irrespective of their personal insurance plan. However, it is recommended for drivers to inform their personal insurance company about their new ridesharing policy.
The premium is calculated based on one’s driving record, the route taken frequently and the number of hours spent per week in ride sharing. For drivers who spend only a few hours in the week on ridesharing, a customized coverage can be obtained with a low-cost premium.
What Does this Coverage Include?
- Third-Party Liability – A $ 2 million liability coverage per incident in case of an accident; and it covers damages or injuries sustained by the other car’s driver and passengers.
- Statutory Accident Benefits – As per your Alberta Accident Benefit Coverage, you and your passengers’ injury costs are covered irrespective of who was at fault on the road.
- Uninsured / Unidentified Auto Coverage – If you get into an accident with a motorist or car that doesn’t have an insurance or the company is unable to identify the driver or vehicle, your policy will cover the costs of bodily injuries for yourself and your passengers. This protection is extremely important in the case of hit and run accidents.
- Loss / Damage to your Vehicle – This covers the duration from the time you accept a trip till its completion, and can be claimed for any kind of loss or damage to your vehicle. However, a deductible may apply in this case.
- Coverage Between Trips – In case the driver is logged on but hasn’t accepted a trip request yet, the ridesharing policy offers $ 1 million third party liability in cases where the driver’s insurer denies coverage.
Uber drivers must talk to their insurance brokers to get covered under the Uber ridesharing policy to implement these specific insurance converges when operating their vehicle for ridesharing services to protect themselves and their passengers.
Contact Beneficial Insurance Solutions for Uber ridesharing insurance coverage.