Intact Financial, one of Canada’s largest auto insurance providers is working with Uber Canada to create customized insurance options for their ridesharing service.
Drama over Uber’s insurance policies for their ridesharing service was recently brought to light. This issue materialized following reports that Uber drivers were using their personal vehicles and insurance for commercial gain.
Intact will ensure products created will be in line with regulatory requirements and plans to market under Intact and Belairdirect. Louis Gagnon, President of Service & Distribution at Intact Financial commented,
"With the growing popularity of the sharing and on-demand economy, we are adapting our product range to offer innovative solutions to meet the changing needs of consumers." (Source: http://www.ctvnews.ca/business/auto-insurance-provider-working-with-uber-on-ridesharing-options-1.2552333#_gus&_gucid=&_gup=twitter&_gsc=OpRZlqJ)
Uber, which provides an alternate to conventional taxi services, allows their riders to request a ride via their mobile app. This has caused issues within the taxi community, resulting in this particular insurance issue being brought to light.
Ian Black, General Manager of Uber Canada released a statement commenting on this new relationship;
"Uber is excited to be working with Intact Financial, the leading Canadian provider of auto insurance, to develop an innovative insurance plan specifically tailored for ridesharing in Canada. Every month there are over a million Uber rides completed across Canada and that number is growing every day." (Source: as above)
At this time Intact Financial said it is too early for them to provide details about the products they are constructing. The Insurance Bureau of Canada has suggested that Uber drivers contact their insurance providers to verify they are insured for commercial use.
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