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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 130. (1) A peer-to-peer car sharing program has an insurable interest in a shared vehicle during the car sharing period.
(2) A peer-to-peer car sharing program may own and maintain as the named insured 1 or more policies of automobile insurance that provide coverage for any of the following:
(a) Liabilities assumed by the peer-to-peer car sharing program under a car sharing program agreement.
(b) Any liability of the shared vehicle owner.
(c) Damage or loss to the shared vehicle.
(d) Any liability of the shared vehicle driver.
(3) A peer-to-peer car sharing program shall not do any of the following:
(a) Unless authorized, offer or sell insurance, except travel or auto-related insurance offered or sold in connection with and incidental to the sharing of a motor vehicle under a car sharing program agreement.
(b) Make a car sharing program agreement contingent on the shared vehicle driver purchasing residual third-party liability insurance through the peer-to-peer car sharing program.
(4) As used in this section, “car sharing period”, “car sharing program agreement”, “peer-to-peer car sharing program”, “shared vehicle”, “shared vehicle driver”, and “shared vehicle owner” mean those terms as defined in section 3 1 of the peer-to-peer car sharing program act.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.130 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-500-insurance-code-of-1956/mi-comp-laws-500-130/
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