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Insurance for ridesharing will cost thousands

June 16, 2017 06:22 AM

Many of you are counting down the days until you can use ridesharing in Upstate New York, but there might be a problem. We found out most insurance companies in our state are refusing to cover Uber and Lyft drivers.

We called nine companies and they all said they would not cover ridesharing drivers.

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Hundreds of people like Rochester resident Maurice Walker are waiting for a chance to earn extra money with Lyft and Uber, but insurance coverage could get in the way.

"I haven't had that discussion but as long as you’re carrying ample insurance, comprehensive, liability, you should be all set,” Walker said.

Gordon Quinton, President of Quinton Insurance says the rules are a little more complex.

“A lot of the insurance companies are basically sending us out notices saying they're still excluding any Uber or Lyft or any coverage like that on your personal auto policy,” Quinton said.

When asked about their own insurance policy Lyft directed us to their website. We found a picture explaining the coverage the company offers, but at the bottom in small print it says Lyft's policy isn't available in New York State.

Quinton says there's another option but it's not a cheap one.

“What we're seeing more is that anyone who wants to participate, right now their only option is to get a commercial policy similar to a taxi or delivery company and the cost on that could be anywhere from $5,000 to $10,000 a year,” Quinton said.

He says as data rolls in showing insurance companies that covering ridesharing can be profitable he expects a change.

“As this evolves, as this becomes more global, I think all insurance companies will jump on board but right now it's just in those infancy stages,” Quinton said.

We also found out some banks will refuse an auto loan to anyone who plans to drive for a ridesharing company.

Uber and Lyft are set to hit our local streets June 29th.

Credits

Kaci Jones

Copyright 2017 - WHEC-TV, LLC A Hubbard Broadcasting Company

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