Insurance Industry Adapts to Ridesharing Upswing
After launching a new ridesharing product in Georgia, Virginia, Maryland and Texas earlier this year, GEICO is now expanding its ridesharing offering to drivers in Pennsylvania – demonstrating that all aspects of the transportation industry are adapting to seismic changes in the way vehicles are used.
New and existing drivers that have been approved to drive for Uber (UberX and UberXL), Lyft, Sidecar and other services in Pennsylvania can now get insurance coverage through GEICO.
“With the rapid growth of ridesharing and Transportation Network Companies in Pennsylvania, we are excited to introduce a product that is specifically designed to meet the needs of ridesharing consumers,” said Nancy Pierce, GEICO regional vice president. ”
“Rideshare drivers have unique insurance needs that go well beyond a traditional auto insurance policy,” said Othello Powell, director of GEICO commercial lines. “We created this product as a low-cost solution that covers both personal and ridesharing use and other on-demand services.” GEICO’s ridesharing product replaces the driver’s personal auto policy and provides coverage both for personal and ridesharing use.
GEICO will offer the product through GEICO Commercial at a price significantly lower than taxi and commercial rates.
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