Ridesharing services, such as Uber and Lyft are gaining more patrons, and their risk management requirements are becoming clearer to both drivers and passengers.
To address this requirement,
Farmers Insurance, a multi-line insurance group, has announced that it will provide coverage to drivers for these services.
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PR Newswire report said that the company will make its’ rideshare insurance coverage available in Missouri, which means the product will be available in 29 states across the country.
The coverage can be used to provide protection when the driver turns on the ride hailing application and during the period when the driver is waiting for a passenger to match their location. It can be extended until they accept a fare, at which point the affiliate’s standard commercial insurance coverage will apply.
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Drivers also have the option to customize their policy by choosing from comprehensive and collision coverage that can pay for damage to their vehicle; and uninsured or underinsured motorist coverage in case they get into an accident with another motorist who does not have the appropriate coverage.
“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,” Mariel Devesa, head of product innovation for Farmers Insurance, said in the report.
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