Ontario’s financial regulator has released an infographic to its website warning about the insurance risks related to ride-sharing programs.
Ride-sharing services use an online app to connect passengers with drivers using their personal vehicles. The infographic, released in late March by the Financial Services Commission of Ontario (FSCO), noted that “the services may significantly impact your insurance coverage.”
The infographic noted that standard auto insurance policy excludes coverage when the vehicle is used to carry paying passengers or used as a taxi.
“You may not be protected against certain damages, losses and liabilities,” the infographic warns. “Know if you’re covered – ask your driver.”