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CUNA Mutual began offering a no-cost endorsement Wednesday that protects client credit unions from losses they could incur if a member crashes a financed car while driving for Lyft, Uber or another transportation network company.

TNC firms such as Lyft and Uber have taken off in recent years, riding a wave of public dissatisfaction with taxis and familiarity with mobile phone technology that supports the app-based services.

Should credit unions charge higher rates for car loans when members drive for TNCs?
Yes, they need to cover the additional risk. No. The combination of insurance coverage is adequate. I don’t know if regulators would allow charging higher rates. Other Please Specify:

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When announcing the TNC endorsement, CUNA Mutual honed in on the fact that neither the TNC’s insurance nor the drivers’ personal auto insurance may cover on-the-job accidents, leaving credit unions potentially at risk for losses.

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