Progressive® Insurance launched a new product Feb. 22 that provides coverage for drivers of ridesharing companies, such as Uber and Lyft, in Texas. The product is a personal policy endorsement that fills in the gap between a personal auto policy and the commercial coverage held by Transportation Network Companies.
The endorsement is available to both new and existing customers. It was designed to meet the updated requirements of Texas’ laws regarding ridesharing activity in the state.
“Ridesharing is changing the way people are getting around,” said Dave Pratt for Progressive. This new endorsement will provide TNC drivers the peace-of-mind that they’re covered for liability, uninsured/underinsured motorist coverage and physical damage at all times – whether they have a passenger or not, and is backed by Progressive’s excellent claims service. The way people move is changing and Progressive is committed to creating innovative products that address drivers’ evolving insurance needs.”
The new product will allow customers to extend roadside assistance, as well as collision and comprehensive coverage through all phases of ridesharing activity. If the collision coverage provided by their ridesharing company includes a deductible that is higher than the customer’s deductible, drivers will enjoy an additional benefit through their Progressive policy, wherein the insurer pays for the difference.
