Ridesharing “Fleets” Get New Insurance Program
With the rapid rise and success of ridesharing programs such as Uber and Lyft, GEICO is offering an insurance product in Virginia, Maryland, and now Washington, D.C.
In total, the approach is available in 16 states, providing comprehensive coverage for Uber, Lyft, Split and other on-demand service drivers.
“The rapid growth of ridesharing services in the D.C. area has vastly changed the way people commute and travel,” said Othello Powell, GEICO director of commercial lines. “GEICO’s ridesharing product delivers an affordable solution in one of the nation’s most bustling on-demand transportation scenes.”
While most personal auto policies excludes any commercial (driver for hire) use, GEICO’s ridesharing coverage replaces the driver’s personal auto policy and provides coverage for both personal and ridesharing use, regardless if the driver is logged into the transportation network company’s app.
Powell added that coverage limitations in most policies do not meet the needs of on-demand service drivers.
“We’ve heard feedback from service drivers and they are excited to learn that our policy allows them to drive for multiple companies,” said Powell. “Most policies limit coverage options to one specific transportation network company and only covers a portion of the trip. GEICO’s ridesharing product answers a direct need for entrepreneurs looking to earn additional income.”
GEICO offers the product through their Commercial division at a price similar to personal auto insurance. In addition to Maryland, Virginia and Washington, D.C., GEICO also offers its ridesharing product to drivers in Connecticut, Georgia, Illinois, Louisiana, Nebraska, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas and West Virginia.
Category: Driver Stuff
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