Why The Insurance Industry Is Taking Aim At Uber and Lyft

Ride-sharing companies are facing increased regulation--which could mean higher fares for their customers.

The conflict between the taxicab industry and ride-sharing services like Uber and Lyft has just taken a new turn. Taxi drivers and fleet operators feel threatened by the less-regulated startups, but now they're being joined by insurance industry trade associations, which are alleging Uber and Lyft's convoluted insurance systems endanger riders, pedestrians, and drivers. Two bills are now up for approval in California (where both companies are based) that could force an overhaul in their insurance models--and result in higher fares for customers.

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