Uber in Calgary Thread

[jwslam]

Originally posted by Sugarphreak
An UberX driver without access to fleet insurance prices would likely have to pay about $23,000 a year for high-risk coverage, Comerford has previously estimated.

Jesus... that is expensive

So Bandit: What's the cost for say, 15, beyonders to band together and get fleet coverage?

[Tik-Tok]

Originally posted by Sugarphreak
An UberX driver without access to fleet insurance prices would likely have to pay about $23,000 a year for high-risk coverage, Comerford has previously estimated.

Jesus... that is expensive

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?

[snowcat]

I can't believe an app is causing this much upset

[Masked Bandit]

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.

[Tik-Tok]

Originally posted by Masked Bandit

The taxi cab class of operations has a brutally bad loss ratio, meaning the prices are stupid high because of tons of claims.

So the cab drivers are bitching about Ubers unfair prices, due to the high insurance costs of driving an actual taxi, which they themselves caused by being terrible drivers.

Can't a day go by where I don't facepalm?

[Masked Bandit]

Originally posted by Tik-Tok


So the cab drivers are bitching about Ubers unfair prices, due to the high insurance costs of driving an actual taxi, which they themselves caused by being terrible drivers.

Can't a day go by where I don't facepalm?

It's actually got more to do with the activity than the actual operators. If you're going to log 50,000 KM a year in a cab, that's more than double the amount of time on the road compared to a normal individual. Add into that a cabbie is driving all over the place and not just back and forth to the same five spots all year and it ends up being that there are simply more accidents per year, hence higher insurance costs.

It's the same reality that makes insurance companies not want to insure Uber drivers unless they are paying more. Per year, Uber drivers will simply be involved in more at-fault claims and that's just reality. More time on the road driving to places you maybe aren't familiar with will translate into more accidents, just like the cabbies.

[jwslam]

Originally posted by Masked Bandit
a cabbie is driving all over the lanes, it ends up being that there are simply more accidents per year, hence higher insurance costs.

FTFY

[pheoxs]

Originally posted by Masked Bandit


It's actually got more to do with the activity than the actual operators. If you're going to log 50,000 KM a year in a cab, that's more than double the amount of time on the road compared to a normal individual. Add into that a cabbie is driving all over the place and not just back and forth to the same five spots all year and it ends up being that there are simply more accidents per year, hence higher insurance costs.

It's the same reality that makes insurance companies not want to insure Uber drivers unless they are paying more. Per year, Uber drivers will simply be involved in more at-fault claims and that's just reality. More time on the road driving to places you maybe aren't familiar with will translate into more accidents, just like the cabbies.

While I understand that point, how does driving 2x or even 3x the amount in a year translate into a 10-25x insurance premium.

Going from ~1k personal coverage to 25k commercial coverage is ridiculous

[Mibz]

Originally posted by Masked Bandit
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.

Good.

[Masked Bandit]

Originally posted by pheoxs


While I understand that point, how does driving 2x or even 3x the amount in a year translate into a 10-25x insurance premium.

Going from ~1k personal coverage to 25k commercial coverage is ridiculous

I'm not sure where that $25,000 number came from, I'm guessing it would actually be $5,000 - $8,000 for PLPD (what most cabs have for coverage). The annual distance is one factor but driving regularly in unfamiliar areas are also a big factor.

[pheoxs]

Originally posted by Masked Bandit


I'm not sure where that $25,000 number came from, I'm guessing it would actually be $5,000 - $8,000 for PLPD (what most cabs have for coverage). The annual distance is one factor but driving regularly in unfamiliar areas are also a big factor.

Thats better I suppose but still a lot. I was using the # sugarphreak posted above.

Originally posted by Sugarphreak
An UberX driver without access to fleet insurance prices would likely have to pay about $23,000 a year for high-risk coverage, Comerford has previously estimated.

Jesus... that is expensive

[lilmira]

The way most taxis are driven, 25k is quite reasonable.

[rage2]

Originally posted by pheoxs
Thats better I suppose but still a lot.

It only feels a lot because driving/insurance is now a right and we've totally fucked the risk/premium system. That's what young drivers should be paying, except we're all subsidizing them now just because. I used to pay $7-8k PLPD in the early 90's.

[Masked Bandit]

Alright people, listen up!

I've gone through the process of building an actual quote for someone in Calgary, $1,000,000 PL/PD and $1,000,000 passenger hazard (coverage for paying passengers) and $50,000 in passenger property damage (think damaged luggage or something). Assuming the driver is over 25 and has 0 traffic tickets, the cost would be $6465 in year one. If you made it three years without hitting anything you would be down to $4017.

Adding on collision and or comprehensive would increase depending on the specific vehicle but it wouldn't be cheap.

[HiTempguy1]

Originally posted by pheoxs


While I understand that point, how does driving 2x or even 3x the amount in a year translate into a 10-25x insurance premium.

Going from ~1k personal coverage to 25k commercial coverage is ridiculous

You should see how much my commercial insurance quote was for hauling dangerous goods. Bodies are expensive if shit goes south

[Dave P]

Originally posted by HiTempguy1

Bodies are expensive if shit goes south

Actually survivors are far worse than bodies haha. Bodies are a one time payment haha.

[roopi]

Originally posted by rage2

It only feels a lot because driving/insurance is now a right and we've totally fucked the risk/premium system. That's what young drivers should be paying, except we're all subsidizing them now just because. I used to pay $7-8k PLPD in the early 90's.

I remember these days.

Originally posted by Masked Bandit
Alright people, listen up!

I've gone through the process of building an actual quote for someone in Calgary, $1,000,000 PL/PD and $1,000,000 passenger hazard (coverage for paying passengers) and $50,000 in passenger property damage (think damaged luggage or something). Assuming the driver is over 25 and has 0 traffic tickets, the cost would be $6465 in year one. If you made it three years without hitting anything you would be down to $4017.

Adding on collision and or comprehensive would increase depending on the specific vehicle but it wouldn't be cheap.

That doesn't seem to unreasonable. I'm sure there are people on beyond who currently pay in the 4-6k range for regular coverage.

[C_Dave45]

Yeah, not too keen on being an Uber driver:
Fuckin douchebag got mased, caught, charged, AND fired from his executive position at Taco Bell. Serves him right.
Loser.

[ercchry]

our cabs and sedan limos dont have any barriers... so i fail to see the difference

buuut since you have also chosen to not be a taxi or sedan limo driver... im not surprised on your choice of not wanting to drive for uber either

[C_Dave45]

Originally posted by ercchry
our cabs and sedan limos dont have any barriers... so i fail to see the difference

buuut since you have also chosen to not be a taxi or sedan limo driver... im not surprised on your choice of not wanting to drive for uber either

Correct, sir!
I could be talked into being a driver for a stripper or an escort though!