By CRM Staff
Toronto, Ontario -- November 22, 2018 -- The British Columbia government has introduced legislator that will allow for ride-sharing companies to enter the province.
Unfortunately for the province, users won’t be able to take advantage of the product for another year. B.C.’s public insurer, ICBC, currently doesn’t offer an auto insurance product for ride-sharing operators and will need until the fall of 2019 to do so.
The circumstances are unfortunate as the need could be immediately met by private insurers who already have products available in other provinces.
"Despite the long-established demand for ride-sharing services in B.C., the announcement that ICBC is unable to identify a timely insurance solution to facilitate its entry in British Columbia is a troubling response to what consumer's have been asking for," said Aaron Sutherland, vice-president, Pacific, Insurance Bureau of Canada. "Private Canadian insurers in Alberta, Ontario and Quebec have developed insurance products that cover the risk for ride-sharing companies, ensuring that both drivers and passengers are protected. If permitted, these insurers could quickly bring these products to B.C."
Metro Vancouver is currently the largest region in North America without ride-sharing services. B.C. residents have been calling for the service since 2012. Due to B.C’s auto insurance market being closed off to competition, drivers and customers of ride-sharing services have been left in the dark.
"Competition provides a powerful incentive for any company to deliver innovative products that meet the evolving needs of customers," added Sutherland. "Auto insurance is no exception to this rule, and Canada's private insurers are eager to better serve the BC marketplace."