Uber announced earlier this month that they are working with Intact Insurance to develop a new car insurance plan for ridesharing in Canada. Uber, who maintains that their Canadian rides are covered by $5 million in liability insurance, believes that this insurance plan will be the first of its kind in Canada.
Insurance coverage and licensing has been a source of contention between the insurance industry, regulators, cab drivers and Uber since they began offering their service on Canadian streets in 2012. Their website states that current insurance coverage of drivers will remain in place until the new rideshare insurance product is released. The current insurance is said to be a commercial policy that protects Uber passengers, pedestrians, other drivers and the community up to damages of $5M.
There is no word on when this product will be launched, but Intact Financial Corporation has indicated that it will be available through insurance brokers via Intact Canada as well as their direct brand. Louis Gagnon, President, Service & Distribution of Intact Financial Corporation stated "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".
As your Intact Insurance provider we will keep you posted on the details of this new insurance product as they become available.
You can find our more from the official press releases from Uber and Intact Financial Corporation: