Originally posted by ExtraSlow
Masked, I imagine this would be a "last resort" kind of avenue, but have you heard of any insurers in Canada charging folks with insurance fraud if they try to make the "it's just me giving my buddy a ride" claim?
I really hope they can get the regulatory and insurance framework tidied up soon, I can see this service being really successful.
As long as someone has a driver's license they can always buy insurance from something called Facility (sold under the name of Nordic or RSA). It's stupid expensive though but sadly, where most cab companies are insured. As for the fraud angle, because we don't see much of the claims side I can't say for sure one way or the other but actually being charged with fraud isn't terribly common. The more common result would simply be a denial of claim.
Originally posted by jwslam
So Bandit: What's the cost for say, 15, beyonders to band together and get fleet coverage?
The idea of putting together a loosely connected "association" won't likely be feasible. Intact is leading the way right now saying they're working on a product / solution for Uber drivers. If & when they come to market with something I can only assume that most of the other companies will follow suit within a year. Having said that though, the cost of the coverage from Intact may very well be high enough that nobody buys it anyway and we're right back to where we started.
Originally posted by Tik-Tok
Makes me wonder what the numbers are for taxi caused accidents. Is the cost high because 1/2 of them drive like idiots, or because insurance companies are gouging?
The taxi cab class of operations has a brutally bad loss ratio, meaning the prices are stupid high because of tons of claims.
"Masked Bandit is a gateway drug for frugal spending." - Unknown303