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How Will Insurance Companies Keep Up With the Sharing Economy?

How Will Insurance Companies Keep Up With the Sharing Economy?

| Mar 8, 2016

If you can call a car to you whenever you need it, why would you go through the expense of buying a car? Millions of people are expected to give up car ownership over the coming years and instead start to use share car services, like Uber and Lyft. If people don’t own cars, then they are less likely to have something like the car insurance that is offered today.

Nowadays, technology is growing so rapidly that it is hard to determine which vehicles, computers, or start-up companies appear next. Recently, companies such as Uber and Lyft have almost completely wiped out taxi and cab services, companies such as Airbnb are making it more affordable for persons to find overnight housing, and self-driving cars are predicted to take over the roads in just a couple years. Because these new inventions create endless possibilities, many people forget to consider important safety provisions, such as insurances that may be necessary to protect the public.

What is Happening Now?
Currently, Americans have adopted what is often referred to as the “sharing economy.” In this type of economy, individuals are allowed to use their own assets to provide services and goods for other persons. For example, some homeowners are partaking in the Airbnb program, which allows homeowners to supply consumers with a place to sleep for a set price. While this seems like a good idea, these types of services can end negatively if homeowners do not have adequate types of insurance. Persons without liability coverage may find themselves in bad positions.
Of course, this type of dilemma is relevant for people partaking in driving services such an Uber and Lyft. When a driver is off the clock, they are required to be covered by personal insurance. When a passenger is in the vehicle, Uber’s insurance covers the passenger. However, an Uber driver is not covered while they are searching for the passenger. In addition, many insurance companies threaten to cancel a driver’s coverage if the driver attempts to file a claim while using their vehicle for commercial purposes.

How Can Insurance Policies Improve?

Because the sharing economy continues to evolve, insurance companies will have no other choice than to grow as well. Existing and new insurance companies will have to decide how they will cover the new gaps created by evolving technologies, inventions, and the ever-growing consumer industry. Insurance providers will have to decide how they will account for auto insurance when self-driving cars take over the roads. They must decide what type of coverage a person will actually receive and who should be held responsible for accidents when they do occur. As of now, insurance companies have only just begun their journey to keep up with America’ demanding economy.

To learn more about how insurance companies may decide to handle upcoming changes, read this article.

Call George Sink, P.A. Injury Lawyers if you are hurt in an auto accident, work injury, or even need help getting your Veterans’ benefits to 100%. Consultation is FREE and we are open 24/7. 888-612-7001.
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