Uber Technologies (UBER) and Lyft (LYFT) are lobbying California lawmakers to lower collision insurance requirements for vehicles operating on their platforms, Bloomberg reported Friday.
The companies argue that rising insurance premiums and overlapping state mandates are inflating passenger fares, the report said. The state law requires up to $1 million in coverage per incident for collisions involving uninsured or underinsured drivers, the report said.
Uber recently told a state Senate committee that insurance now accounts for 45% of its fares in Los Angeles. Meanwhile, Lyft notified customers this week that it will start itemizing insurance costs in customer receipts, the report said.
Uber and Lyft did not immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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