Farmers Insurance has introduced rideshare insurance coverage for ride-hailing drivers in Tennessee.
Mariel Devesa, head of product innovation for Farmers Insurance said Farmers has developed this Rideshare Insurance Coverage to offer Tennessee ride-hail drivers coverage options as part of their Farmers personal auto insurance policies.
Farmers worked with representatives of the Tennessee Department of Commerce and 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 Tennessee’s new ride-hailing law.
Under the new Tennessee 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.
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, the additional coverage provided by the Farmers Rideshare Insurance Coverage endorsement will generally add approximately $15 per month to a customer’s premium.
Existing customers and others interested in a Farmers policy who are rideshare drivers can secure this new coverage by calling their local agent or calling Farmers directly.