If, like me, you’ve taken a ride to the airport with Uber, or looked into renting a holiday home via Airbnb, did you take a moment to think about your insurance coverage?
If the answer to that question is “no,” you’re not alone.
A recent public opinion survey from the Insurance Research Council (IRC) found that 56 percent of all adult Americans who said they have participated in the sharing economy indicated that they did not consider their insurance coverage at the time.
This is despite the fact that more than half of all respondents said that the sharing economy exposes the general population to increased risk.
Some 71 percent of respondents to the same survey reported little familiarity with the sharing economy, with 46 percent saying they were “not at all familiar” with the sharing economy, while 25 percent reported being “not too familiar.”
Survey respondents gave numerous reasons for not participating in the sharing economy. Unfamiliarity was cited most frequently (65 percent), while lack of need was cited by 60 percent and lack of interest by 54 percent.
However, a lack of insurance was the least cited reason for not participating.
Elizabeth Sprinkel, senior vice president of the IRC, noted:
And for insurers, too, we would add.
Check out a recent Insurance Information Institute (I.I.I.) presentation on the role of insurance in the sharing economy.
The IRC report, The Sharing Economy: Public Participation and Views, presents findings from an online survey conducted by GfK Public Affairs & Corporate Communications on behalf of the IRC.
A total of 1,105 online interviews were conducted for the study, using a sample drawn from GfK’s Knowledge Panel. Survey data were weighted to the U.S. population of adults aged 18 and above.