Farmers has introduced a new Rideshare Insurance Coverage designed to make rideshare insurance coverage options available for ride-hailing drivers in Arizona, Minnesota, Nevada, Ohio, Oklahoma, Texas and Wisconsin.
According to Mariel Devesa, head of product innovation for Farmers Insurance, the company developed the Rideshare Insurance Coverage to offer ride-hail drivers coverage options as part of their Farmers personal auto insurance policies.
Farmers worked with representatives of each state’s Department of Insurance, legislators and leaders of Transportation Network Companies (TNCs) to develop a product specifically designed for ride-hailing drivers and make available a type of insurance coverage specified in the states’ ridesharing laws.
Under each states’ law, ride-hailing drivers will be required to have insurance coverage from the moment they turn on their rideshare app. Since personal automobile insurance policies generally were not designed to provide ride-hailing drivers with coverage while they are working, the introduction of this new coverage will help to fill a potential gap in coverage, according to the insurer.
The Farmers Rideshare Insurance Coverage can provide Farmers customers coverage when a driver turns on the ride-hailing application and during the time the driver is awaiting a match. The Farmers Rideshare Insurance Coverage will extend a driver’s Farmers auto insurance coverage until they accept a ride, at which point their TNC affiliate’s commercial insurance coverage would apply.
Farmers Rideshare Insurance Coverage enables a driver to select the coverage that fits their needs; including comprehensive and collision coverage that can pay for damages to their own vehicle, uninsured/underinsured motorist coverage (in case they are hit by a driver who isn’t insured or is underinsured), and medical payments coverage.
While coverage choices and premiums will vary by individual, Farmers said the additional coverage provided by the Farmers Rideshare Insurance Coverage endorsement will generally add approximately $15 per month to a customer’s premium.
Topics New Markets Agribusiness
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