As the U.S. summer travel season peaks, consumer use of sharing platforms continues to climb. Global revenue from sharing services will hit $335 billion by 2025, according to PricewaterhouseCoopers. In addition to home and ride-sharing, consumers are now renting and sharing everything from cameras to golf clubs. With nearly 75 percent of Americans vacationing this summer, John M. Huff, president of the National Association of Insurance Commissioners (NAIC), advises consumers to understand the insurance risks of the sharing economy.
“Sharing a home, car or even personal items with a complete stranger reflects a new level of trust between buyers and sellers,” said Huff, who also serves as the Missouri Insurance Director. “When using companies like Uber and Airbnb, or lesser-known options such as Poshmark and TaskRabbit, failing to understand the insurance implications of these transactions can be costly. The NAIC encourages consumers to share with care.”
Consider the following tips before entering into any sharing agreement:
Taken for a Ride
Goods & Services for Hire
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