Beginning April 1, Uber Technologies Inc. will use
Progressive Insurance to provide coverage for its ridesharing drivers in Texas, a Reuters exclusive report reveals.
Previously, Uber has been purchasing insurance solely from James River Insurance Company, a unit of James River Group Holdings. The transportation network company (TNC) said that it covers each of its drivers with $1 million of liability coverage per incident, $1 million of injury coverage for both underinsured and uninsured motorists, and comprehensive and collision insurance coverage for those occasions in between trips.
Changes to Texas’ insurance laws allowed Progressive to develop a plan suitable for Uber’s needs, the insurer said. The insurer launched a TNC insurance product this year aimed at ridesharing drivers.
"Insurance needs to continue to evolve," said Progressive Insurance Commercial Lines Group President John Barbagallo. Barbagallo shared that Progressive sees potential in the ridesharing market, and that the insurer intends to further its presence in the emerging market.
