Perspective

What to know if you’re testing out the sharing economy

Monday, January 6, 2020by  PEMCO Insurance

If you're an empty-nester thinking of picking up extra cash driving for Uber or renting out a spare room, don't forget to update your insurance.

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Rideshare driving

Rideshare driving is a great way to put that roomy – and empty – SUV to use. But before you give it a try, let us know. Insurance offered by rideshare companies may not protect you fully, especially between the time you turn on the app and pick up a rider. Also, their limits and deductibles are likely different than the ones you chose for yourself.

For less than you'd probably think, you can extend your PEMCO policy to cover most rideshare insurance gaps and get the same protection for you and your auto as you have when you're driving it for personal use.

Renting a room

Coming later this year, we'll introduce a short-term rental endorsement (think Airbnb), similar to what we offer for rideshare driving.

If you're considering a long-term rental, we have some options to help now. For example, if you're renting that spare room to a college student or finding someone to live permanently in your detached mother-in-law studio, ask us about affordable tenant endorsements that can put your mind at ease. 

Did you know …

People over age 60 are the fastest-growing demographic among Airbnb hosts, with more women hosting than men. (Senior women also get the most five-star ratings on Airbnb.) Among senior hosts, 58% say the income has helped them afford to stay in their homes.  


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