Another insurance giant is entering the burgeoning market for rideshare coverage.
Farmers Insurance announced today that it is beginning to sell modified auto policies to ridesharing drivers in a number of states, including Texas, Oklahoma, Arizona and Ohio.
The policies cater to drivers with ridesharing services like Uber or Lyft, who operate in states that have passed legislation requiring them to have insurance from the moment they turn on their rideshare app. Because personal automobile insurance policies – as well as most ridesharing company policies – were not designed to address this circumstance, the new coverage works to fill a potential gap.
Farmers Rideshare Insurance Coverage is estimated to add about $15 per month to a customer’s premium and enables the driver to select a customizable policy including comprehensive and collision coverage that pays for damage to their own vehicle, uninsured/underinsured motorist coverage and medical payments coverage.
The insurer worked with representatives of each state’s insurance department to raft the policy, as well as legislators and leaders of rideshare companies in developing the product.
“As a leading provider of automobile insurance in the US and a market leader in the ride-hailing insurance market, Farmers has developed this innovative rideshare insurance coverage to offer ride-hail drivers coverage options as a part of their Farmers personal auto insurance policies,” said Mariel Devesa, head of product innovation for Farmers Insurance.
“We recognize that consumer needs are continuing to evolve and our ability to provide this important coverage to customers is a further demonstration of our commitment to meeting changing consumer demands.”
Those interested in learning more about the coverage can visit farmers.com/rideshare or call 855-808-6599.