Friday, May 09, 2014

Need a lyft? (P&C Tricks Update)

Almost 3 years ago, we posted on the inherent risk problems of car- and ride-sharing services:

"Seeing a business opportunity in millions of cars that sit idle at office parking lots or on weekends, several start-up companies have introduced "peer-to-peer" car-sharing services ... Likewise, renting out your car to someone you've never met (and will probably never even see!) is a dramatic change in the nature of your insurance policy's risk."

Well, the folks in the Cornhusker State are catching up with IB:

"The Nebraska Departments of Insurance and Motor Vehicles are urging caution before people sign up for Internet services that connect drivers, riders and vehicle owners for car-sharing and ride-sharing."

They point out many of the same risks that we noted in '11, but also offer suggestions on how to address them. Here's a few:

• Review carefully any type of agreement involving car-sharing or ride-sharing.

• Before deciding to rely on insurance that is provided by others, that they are sure to get a copy of the policy and ask an insurance professional to make certain it covers all of their exposures.

Read the rest at the link (especially if you're considering this as a way to supplement your income).

[Hat Tip: FoIB Bill M]
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