When a major ride-hailing service recorded its billionth ride last December, it became increasingly clear that this phenomenon is more than just a passing trend. What's a bit less clear is how extensive the effects will be on the auto insurance industry — and specifically on telematics and usage-based insurance (UBI).
It's not only ride-hailing service providers that are riding the wave. Peer-to-peer providers offering what are commonly known as car-sharing services and membership-based car rental services — neither to be confused with ride-hailing platforms that allow members to carry persons for hire — are growing in popularity as well.
One peer-to-peer player based in San Francisco reportedly provides a platform that enables car-owner members to earn money by renting their vehicles for the short term to fellow members who may not want the commitment of owning a car. According to its website, this provider now serves 2,500 cities and 300 airports. A variation on this model is on-demand, membership-based rental services, which enable members to lease cars from their fleets for a few hours or a few days.
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