Following the interesting conversation on insurance at the Shared Use Mobility Summit, Forbes magazine has written a good article about the potential risk to consumers that rent out their car (in peer-to-peer models) or drive cars that are shared (both round-trip and peer-to-peer models). As well as indentifying exposures that put the consumer at risk, the author also comments on recommended levels of liability insurance limits.
The CarSharing Association did a survey in summer 2013 that showed that some carsharing operators were offering only the state minimum for insurance coverage (as low as $30,000) while others were as much as offering $1 million in coverage.
The CSA encourages carsharing organizations to communicate to the consumer the risks of using carsharing services and the insurance coverage that reduces risk. The CSA intends to release a liability insurance guideline for carsharing operators to protect consumers and strengthen the carsharing industry’s reputation for providing a safe and practical alternative to private car ownership. Watch carsharing.org for updates.