Insurers consider how to address ride-sharing services in Calif.

09/30/2013 | Los Angeles Times (tiered subscription model)

Ride-sharing services have gained regulatory approval in California, but insurers are still considering possible products that would allow such services to comply with a requirement for drivers and passengers to carry coverage of $1 million per accident. "We're in the early stages of determining what to look at," said Robert Passmore of PCI. State Insurance Commissioner Dave Jones said that "insurance products and insurance regulations need to evolve as the sharing economy grows."

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