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Transportation Network Companies

Transportation Network Companies

TNC/Ridesharing has become a popular trend over the past year. However, many consumers have unanswered questions when it comes to ridesharing and insurance.

What is a “TNC”?
TNC stands for “Transportation Network Company”. TNC’s are the companies that offer a ridesharing service. Companies such as Uber and Lyft are examples of popular “TNCs”.

What is “Ridesharing”?
Ridesharing is the use of a personal, non-commercial, privately owned vehicle to provide pre-arranged transportation to others. Passengers request a ride though the Transportation Networks app.

What is a “TNC Driver”?
A TNC Driver is someone who uses their personal, non-commercial vehicle to provide rides for others.

Who must provide insurance for the TNC Driver?
New York State law requires that a TNC provide primary insurance coverage for their drivers through a group policy. TNC drivers are able to obtain their own insurance but must meet the same insurance requirements as the TNC is required to provide.

What are the required minimum limits of insurance?
Bodily Injury Liability: $75,000/$150,000
Property Damage: $25,000
Uninsured Motorist: $25,000/$50,000
Personal Injury Protection $50,000

Will the TNC Driver’s personal automobile policy provide physical damage coverage?
No! The TNC driver’s personal automobile policy will only provide physical damage coverage if an insurer provides the coverage for a TNC drivers vehicle through an endorsement.

Is there an age and licensing requirements to become a TNC driver?
Yes, New York State law requires that TNC drivers must be at least 19 years old and hold a valid and current New York State driver’s license issued by the New York State DMV.

Are there any requirements to become a TNC driver?
Yes, the New York State DMV requires that the TNC conduct a criminal history background check along with a review of the applicant’s driving record. TNC’s must also verify that the applicants vehicles are properly registered and inspected.

If you are a TNC driver or are thinking of becoming one and have questions regarding your insurance, please give us a call at (516) 249-5200 and one of our automobile specialist will be happy to assist you.

 

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Hands-free driving is about to have a new meaning!

Hands-free driving is about to have a new meaning!

Hands free driving is about to get a new meaning. One of the first self-driving cars will debut in Pittsburg, Pennsylvania next week. And the company debuting this vehicle is Uber. This past February, the ride-sharing company announced that they would be partnering with Carnegie Mellon University to open its Uber Advanced Technologies Center in Pittsburgh. It is preparing to launch autonomous vehicles in to its fleet by 2020.

“Self-driving cars have the potential to save millions of lives and improve quality of life for people around the world,” Uber said in a blog post on its site, citing a statistic that 94% of car accidents that result in the loss of live involve human error.

Uber`s rival Lyft, is also trying to get in on all of this action. Lyft has released a statement this month that they are currently in the same process. “Executives at Lyft and Uber have said one of the top hurdles to their success is navigating a patchwork of regulations that govern the use and liabilities of autonomous vehicles. Federal regulators are working to help companies figure out how to meet safety standards when designing cars.” This project is still in the early stages for both Lyft and Uber. With all the pros and cons to this, it’s interesting to see what will happen.