If the Americans Can Do It, Why Can’t We? MPP Hudak Calls on Finance Minister to Clear Way for Ridesharing Insurance
QUEEN’S PARK – Today Niagara West-Glanbrook MPP Tim Hudak called on Finance Minister Sousa to act now to develop affordable, comprehensive insurance specific to ridesharing services like Uber.
Hudak said all we need now is the political will to make affordable ridesharing insurance a reality. His Private Member’s Bill – Opportunity in the Sharing Economy Act – that creates provincial legislation around ridesharing, home sharing and parking sharing is currently before the Finance Committee awaiting hearings.
“The political uncertainty surrounding ridesharing is helpful to no one,” said Hudak.
Major insurers in the United States have already developed new products to cover companies and drivers that offer ridesharing services and it is time for Ontario to do the same. By modernizing our auto insurance laws, we can empower people to make some more money by using their car and give consumers a new transportation choice at the touch of a smartphone screen, while covered by insurance in case of an accident.
“The Minister needs to direct the Financial Services Commission of Ontario to act now,” said Hudak. “There are over a million rides per month and growing in Ontario. If the Americans can do it, why can’t we? Let’s ensure adequate coverage for everyone from the moment they sign onto a ridesharing app until the passenger is dropped off.”
“The standard auto insurance policy was not designed to cover vehicles used to carry paying passengers,” said Ryan Stein, Director of Policy at the Insurance Bureau of Canada. “The insurance industry has put forward a proposal that provides a framework for insurers operating in Ontario to develop new products to meet the needs of consumers who want to use their vehicle as part of a transportation network company (TNC).”