Wow! It’s hard to believe someone would just commence with operating this type of service without learning something so basic. My guess is that their investment in the venture consists of a desk and PC in someone’s basement. They surely didn’t invest in any competent legal advice!
Are you familiar with the insurance industy? The % of injury claims that settle above a 1 million dollars would proably be like .00000001 of all suits filed.
Wow, this is insane to think that people would really do this? If the owners Personal Ins carrier knew they were renting their cars out…oh man I can see the non-renewals coming.
I don’t believe it would matter if the car owner’s carrier was notified or not since, in my professional opinion, the private passenger auto coverage ends when the rental of the vehicle begins.
The term “rent” is not anywhere in the policy (I’m guessing, unless listed as unacceptable use). In Tx, business use is unacceptable in a personally insured’s vehicle unless listed otherwise in the policy. Usually, It’s a personal use endorsement attached to a commercial auto policy. In MY professional opinion, each car owner should start by getting their own Commercial Auto policy with hired/nonowned auto endorsements, each renter needs a non-owned auto policy, and RelayRides needs to just stick to brokerage and/or dispatch. You’ll have to make your money in small increments, but at least you don’t have all that liability on your shoulders. That’s the only way I see them being profitable at this point, but there’s alot I don’t know. I’ve only been doing this since January.
Wow I feel bad for the people that pay for your professional opinion. Since, your from Texas you would think you would be very familar with the exclusion “rented or leased to another”.
Now, I know all companies in Texas can write their own policy but I havent seen one yet from any company that doesnt have an exclusion for an auto that has been “rented or leased to another”
Wow! It’s hard to believe someone would just commence with operating this type of service without learning something so basic. My guess is that their investment in the venture consists of a desk and PC in someone’s basement. They surely didn’t invest in any competent legal advice!
Only $1 million insurance for an accident. Can’t imagine any lawyer would settle for that amount in a serious injury accident.
They would certainly go after the vehicle owner too.
Are you familiar with the insurance industy? The % of injury claims that settle above a 1 million dollars would proably be like .00000001 of all suits filed.
Wow, this is insane to think that people would really do this? If the owners Personal Ins carrier knew they were renting their cars out…oh man I can see the non-renewals coming.
I don’t believe it would matter if the car owner’s carrier was notified or not since, in my professional opinion, the private passenger auto coverage ends when the rental of the vehicle begins.
The term “rent” is not anywhere in the policy (I’m guessing, unless listed as unacceptable use). In Tx, business use is unacceptable in a personally insured’s vehicle unless listed otherwise in the policy. Usually, It’s a personal use endorsement attached to a commercial auto policy. In MY professional opinion, each car owner should start by getting their own Commercial Auto policy with hired/nonowned auto endorsements, each renter needs a non-owned auto policy, and RelayRides needs to just stick to brokerage and/or dispatch. You’ll have to make your money in small increments, but at least you don’t have all that liability on your shoulders. That’s the only way I see them being profitable at this point, but there’s alot I don’t know. I’ve only been doing this since January.
Wow I feel bad for the people that pay for your professional opinion. Since, your from Texas you would think you would be very familar with the exclusion “rented or leased to another”.
Now, I know all companies in Texas can write their own policy but I havent seen one yet from any company that doesnt have an exclusion for an auto that has been “rented or leased to another”