Insurance for peer-to-peer vehicle rental
Peer-to-peer vehicle rental companies connect vehicle owners with renters via an online platform.
If you’d like to make your vehicle available for others to rent via a peer-to-peer vehicle rental online platform, such as Turo, how you are insured will depend on whether the peer-to-peer company has ICBC blanket insurance or not. Peer-to-peer rental companies are not required to have ICBC blanket insurance, so you should enquire with the P2P company directly to find out if they have it.
If the peer-to-peer company has ICBC’s Basic blanket insurance
As of September 16, 2019, a new Basic blanket insurance products are available to peer-to-peer companies. If the company you will be registering with has this blanket insurance, you are covered while the vehicle is being rented. This Basic blanket insurance provides coverage for Accident Benefits and $200,000 third party liability.
When to visit your broker
If the peer-to-peer rental company has Basic blanket insurance, you do not need to visit your broker until your next renewal date after September 16, 2019. At this time, you may be asked if you are renting your vehicle via a peer-to-peer platform so it can be declared on the policy.
If the peer-to-peer company does not have ICBC’s Basic blanket insurance
You will need to see your Autoplan broker and have the vehicle’s use properly declared and the correct rate class applied to the vehicle.
If your vehicle is involved in a crash without being rated properly or having the right insurance coverage in place, there could be very serious financial consequences, including potentially having to repay the full value of all claims that arise and forfeiting coverage for your car.
Optional Blanket coverage
Optional coverage, such as Collision and Comprehensive, is also available as of September 16, 2019, to provide coverage while renting your vehicle via a peer-to-peer company. A peer-to-peer company may purchase a blanket optional policy that will cover the vehicles being rented through their platform. You should check with the peer-to-peer company whether they have any blanket Optional coverage.
If the company does not have any blanket Optional coverages or their blanket Optional coverage is lower than your personal coverage, you may be able to add Optional coverages to cover you during
peer-to-peer use. Talk to your broker for more information as exclusions may apply to your personal optional coverage during peer-to-peer use.
What to bring to your broker
When you visit your broker, make sure you know:
- which peer-to-peer rental companies you are using
- the insurance the peer-to-peer company holds
- how many total days per month you plan to use your vehicle for peer-to-peer vehicle rental services – up to 6 days or over 6 days per month (for all rental services combined)
Vehicle owners should visit the peer-to-peer company’s website for more information.