A proposed policy from Intact Financial Corp. was approved by Ontario’s insurance regulator, making it possible for Uber drivers to have insurance coverage for their ride-sharing service in Ontario.
FSCO Approves Intact’s Uber CoverageAccording to an article featured in The Globe And Mail, Ontario has joined Alberta as the only two provinces in Canada that offer this specialized insurance coverage for Uber drivers. Last month, the Financial Services Commission of Ontario (FSCO) approved the coverage proposed by Intact. FSCO Chief Executive, Mr. Brian Mills explained;
“Going forward, I want to emphasize that the sharing economy in general, and the automobile insurance implications in particular, will continue to evolve and will require innovative solutions and responses by all stakeholders, including FSCO, that respond to technological advances. At the same time, I want to emphasize that approved solutions may also need to evolve and adapt as circumstances and legal requirements change. Therefore, any policy form or endorsement that I approve is also subject to ongoing review.” (Source: The Globe And Mail)
What does this new policy cover?Intact’s new ride-sharing policy, as outlined in The Globe And Mail article, “covers all Uber drivers, passengers and vehicle owners when Uber is in use, and when the app is off the vehicle owner’s personal auto-insurance policy applies.” Considering that Uber operates out of many cities throughout Ontario, and is gaining popularity, this new coverage option could not have come at a better time.
If you are an Uber driver and are interested in Intact’s new ride-sharing insurance coverage, please contact one of our offices today!
More About Youngs Insurance
SIMILAR POSTS>> Summer Safety Driving Tips
>> Summer Renovations & Your Home Insurance
Source: The Globe And Mail, http://www.theglobeandmail.com/report-on-business/uber-drivers-in-ontario-now-insured-automatically/article30798763/