| The New York State Department of Financial Services (DFS) announced today that it has formally adopted its proposed regulations on insurance for peer-to-peer car sharing arrangments. The new and amended rules took effect today.
Peer-to-peer car sharing programs match individual vehicle owners who are willing to rent their vehicles to others with willing potential renters. The arrangement is normally done via a smartphone app or website. Turo is the best-known example of a peer-to-peer car sharing service.
In 2021, the state Senate and Assembly passed and Gov. Kathy Hochul signed into law the Peer-To-Peer Car Sharing Program Act. Amendments were enacted in February 2022, and the final version of the insurance provisions took effect last June. Shortly before they took effect, DFS published emergency regulations to implement those provisions and said they intended to make them permanent. They formally proposed the changes in November. The action today adopted the proposed rules without change.
The regulations set forth requirements for group insurance coverage for vehicle owners and renters, define the role of the excess lines market, and permit coverage exclusions on personal auto insurance policies. Be aware that your carriers are likely to add exclusions to their policies. Any of your clients who are considering renting out their cars or using one of these services while on a trip should look into the group insurance coverage provided by the platform.
Watch Big I NY's video about the regulations
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