The sharing economy has seen a rapid growth over the last several years with an increase in technology allowing people to have more flexibility into how they commute and seek accommodations.
Whether it’s using your car to pick up passengers on platforms such as Uber or Lyft, renting a car for a short period to get chores done, or renting your home to guests for a short period, the sharing economy provides no shortage of options.
It’s important to ensure you are properly covered with insurance for whatever method you choose and we are well versed in all three: ride share, car share and home share. We understand that sharing economy options offer a great opportunity to either make a few extra dollars, or to save money with affordable options to get around and want to help make sure you are properly covered when doing so.
Sharing Economy Insurance Coverage You Can Count On
Sharing economy encompasses people offering to rent their assets to others on an app or online platform. The apps have modified how people do business and are a constantly changing atmosphere – from software updates to regulations – in order to keep up with consumer and legislative demands.
The apps and platforms collect personal information from both the renter or driver along with the passenger and often incorporate a rating system to maintain consumer trust.
This means car owners can list themselves as drivers to help people get around to their desired destination, offer their car for rent or a chance for home owners to list their property for rent. Consumers get the opportunity to choose from a plethora of options, such as what kind of car they want to ride or drive in, how luxurious it is and how many bedrooms they want to have in their home share. The options are endless.
It’s good to be prepared if you are looking to rent your car, house or participate in car share with the right insurance coverage. Insurance policies for the sharing economy will look to provide coverage for elements such as third-party liability, family protection coverage, standard accident benefits, physical damage and much more.
We will work with you to better understand your situation and the coverages you will need to keep the possessions you’ve worked hard to earn protected.
Whether you are looking for a quick ride to a restaurant or looking to earn money from renting your property short-term, NFP can assist in making sure you have the right insurance coverage.