Ride-sharing Opens New Fleet and Insurance Channels
If you live in South Carolina and have been approved to drive for Uber (UberX and UberXL), Lyft, Sidecar and other on-demand services, one insurance provider is now offering a new low-cost ride-sharing insurance product to drivers in the state.
So, while commercial taxi fleets are under severe cost and consumer pressure, the insurance industry senses opportunity. It’s literally an entrepreneurial product of the times.
“In a short time span, ride-sharing has turned into a staple of everyday life,” said Othello Powell, director of GEICO commercial lines. “Whether you have that entrepreneurial spirit or are just making a few extra dollars, GEICO’s ride-sharing product delivers a complete insurance solution to drivers in South Carolina at an affordable price.”
Powell noted that ride-sharing comes with a unique set of insurance needs that go well beyond a traditional auto insurance policy. He points out that most personal auto policies exclude any commercial (driver for hire) use. In addition, having two policies for one vehicle can become confusing and costly.
In the instance of GEICO’s ride-sharing product, it replaces the driver’s personal auto policy and provides coverage for personal, ride-sharing and other on-demand services whether the rideshare app is on or off, and with or without passengers in the vehicle or even if you’re working for multiple services.
GEICO offers the product through GEICO Commercial at a price significantly lower than taxi and traditional commercial rates. South Carolina joins Connecticut, Georgia, Maryland, Ohio, Pennsylvania, Texas, Virginia and Washington, D.C., where GEICO offers hybrid policies to its drivers.
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