What does that mean for you? Plain and simple...YOU HAVE NO COVERAGE if you are relying on your Personal Auto policy for the gaps between points when the TNC coverage kicks in. What's worse...your entire policy could be increased, coverage reduced, or cancelled immediately by your carrier if they find out that the car is used commercially. Depending on the language in the policy, coverage can be completely voided once you take on this extra gig. If a provision like this exists, it doesn't matter if you have a claim on non-commercial time, the insurance carrier now has a legitimate reason to deny coverage. How would they know?
There are several ways that insurance companies track this activity. First, you get a TNC sticker that is trackable through various databases. Second, if you file a claim with the TNC guess what they do first? You guessed it...they verify insurance coverage through YOUR carrier. If you do even five minutes of research on the internet on this topic you will find countless examples. Coverage from many of the TNC covers your passengers but often leaves you exposed.
So what's a ride share driver to do? Visit any forum and they will tell your that there are options...be wary though, those options have yet to be solidified IN THIS STATE. Nevada is somewhat of a cowboy state in that we do almost everything differently than every other state. In addition, the insurance industry in general is cautious and tentative about creating new products to answer a growing need. Add to that horrific personal and commercial loss ratios and you will see that it will be slow entry to market for the insurance carriers that write here. We would estimate first quarter 2016 at the very earliest though realistically it will be much later than that.
Now of course you are probably reading this thinking that I am just trying to sell you coverage and keep you from moving into the future. Honestly, our office, like many other independent agents in the state, love the idea of these types of services and would LOVE to be able to provide you with proper coverage to address your unique needs. This would all help us sleep better at night. The bottom line, it simply doesn't currently exist. Don't take my work for it? Read this blog from one of your own.