Replacement cost Uber insurance

Andy3131

Well-Known Member
So I analysed the new Intact fleet policy for Uber drivers and as an insurance underwriter (I do financial lines so nothing to do wirh car insurance) I can see a major gap there.

If you have a new car and you have the depreciation waver/replacement cost endorsement (#43) on it, the endorsement will not apply while you are Ubering as it is not part of the Intact fleet policy. This might be a huge issue.

If you have endorsement 43 on your car insurance this what may happen:


Accident when not Ubering: you get whathever it costs to replace your car by another car or the value you paid if total loss. Let's say 20k for a Toyota Corolla. If partial loss and the car can be repaired, you get brand new parts.

Accident when Ubering: You get the resale value of the car from Intact if total loss which means aprx. $12,000 for a 3 year old Corolla. If partial loss and car can be repaired: You get used parts with Intact.

From my understanding, the only way to avoid losing coverage of endorsement 43 if you have it is by buying it from Aviva with the ridesharing endorsement.
 

momo14

Active Member
This is exactly what i read it on intact.ca uber policy, your insurer has to agree that u can do uber or else u r in deep trouble. So now only 3 insurance company cover it, Intact, Novex and Beldirect.
 

ap1342

Active Member
Uber is $60b worth. Associating with them is gonna be lucrative. These 3 insurance companies gonna make it big in the not too distant future
 

Andy3131

Well-Known Member
  • Thread Starter Thread Starter
  • #7
Uber is $60b worth. Associating with them is gonna be lucrative. These 3 insurance companies gonna make it big in the not too distant future
Actually the 3 are all part of the Intact corporate structure so it is one company.
 

BurgerTiime

Well-Known Member
Uber will not tell you this. Drivers find out when it's too late. Spread the word. It's all a huge scam!
 

kclamwi

New Member
So Uber insurance has a $1000 deductible if Uber driver in an accident with $800 - $900 damage then Uber driver will be paying all?

Even our personal insurance that we purchased has a say $300 deductible?
 

Manhoos

Well-Known Member
So Uber insurance has a $1000 deductible if Uber driver in an accident with $800 - $900 damage then Uber driver will be paying all?

Even our personal insurance that we purchased has a say $300 deductible?
I don't think it is difficult to understand. When you have pax, Uber insurance will be in affect, mean $1000 deductible. Nothing to do with your personal insurance.

Your personal insurance is for personal usage only..
 

kclamwi

New Member
Is not hard to understand but the point is once we drive for uber our deductible become $1000.

How many of us think if there is anything happen during ubering and need to fix our car we need to pay $1000.

My personal insurance deductible is much less.


I don't think it is difficult to understand. When you have pax, Uber insurance will be in affect, mean $1000 deductible. Nothing to do with your personal insurance.

Your personal insurance is for personal usage only..
 

Actionjax

Well-Known Member
So the question is if you have this optional insurance that gives you full replacement cost on the vehicle yes you will not have that if the accident is caused while doing Uber. Also keep in mind that you might be able to ask to purchase additional coverage with intact against the Uber policy. It would be worth asking by quoting the policy number for the Uber insurance. They

For them it's extra money to them so it might be an option. I have never heard of an insurance company not willing to take more of your money.
 

Andy3131

Well-Known Member
  • Thread Starter Thread Starter
  • #13
So Uber insurance has a $1000 deductible if Uber driver in an accident with $800 - $900 damage then Uber driver will be paying all?

Even our personal insurance that we purchased has a say $300 deductible?
You are right.
 

ap1342

Active Member
Intact does not give you a 'vehicle rental coverage' when you're uberring and you get an accident and your car is undrivable.

You'll however get rental coverage under your personal use
 
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