Note: This post was updated on Aug. 24, 2016 to include updated information and resources.
Over the past few years, rideshare services, such as Uber and Lyft, have made their mark on cities across the nation and have grown to be a billion dollar industry. Since the inception of their popularity—largely during 2013 and 2014—one question has remained consistent: “How do rideshare services differ from taxi services and how are their drivers and passengers insured?”
Popularity and rising safety concerns have forced the insurance industry to rethink auto coverages for these evolving services and their unique needs. While rideshares are similar to traditional taxis, the insurance coverages, compensation and responsibilities have generally been quite different between the two transportation options.