#Canada #Uber #technology #leadership #finance #passengers #Intact #ride-sharing policy #auto insurance #The Insurance Bureau of Canada

Uber and Intact head towards partnership—How will this change your riding experience?

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|Sep 29|magazine9 min read

Whether or not you’ve taken an Uber ride, you’ve most likely heard of the famous company that originated in San Francisco. Now available internationally, the company is planning to make a deal with Intact Financial Corporation, creating the first auto insurance in Canada that will be specifically tailored to protect drivers, and by extension, passengers.

But will this new proposal change your ride-sharing experience?

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Each company recently released its own separate press release, with Uber saying, “This plan will be the first of its kind designed exclusively for the ride-sharing industry in Canada.”

Intact executive Louis Gagnon added, “With the growing popularity of the sharing and on-demand economy, we are adapting our product range to offer innovative solutions to meet the changing needs of consumers.”

While particular details regarding the partnerships have yet to be revealed, the question remains: how (or will) this change the way you ride?

As of now, it doesn’t seem that anything will change when you order an Uber. Of course, this could change once the deal becomes finalized and details are officially released.

Intact is currently awaiting approval from provincial insurance regulators for its plan before going public. The company’s intention is to offer insurance under the company’s two main brands: Intact Insurance and belairdirect.

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It’s believed that this partnership is taking place in hopes of filling a gap in the industry that currently leaves both passengers and ride-sharing drivers vulnerable. Though Uber has stated that drivers are covered by a commercial policy for up to $5 million worth of bodily injuries and property damage, commercial drivers are still legally required to have their own insurance to cover various claims.

It’s not a stretch to wonder if the price for taking an Uber will increase once the insurance policy goes into effect. However, we won’t know until the deal is officially signed, sealed and delivered.  

Regardless or not if fares increase, it would seem that this new plan is a way to offer full protection for all parties involved in this riding experience. And shouldn’t safety, despite price, be a top priority?

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[SOURCE: CBC News

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