View this article online: https://www.insurancejournal.com/news/east/2015/02/04/356433.htm
GEICO has rolled out a new product to meet the insurance coverage needs of ridesharing drivers in Virginia. The product, available now to new and existing customers, covers drivers that Uber (UberX and UberXL), Lyft, Sidecar and others have approved to drive for them.
GEICO’s ridesharing product replaces the driver’s personal auto policy and provides coverage both for personal and ridesharing use. GEICO will offer the product through GEICO Commercial at a price significantly lower than taxi and commercial rates.
According to Nancy Pierce, GEICO regional vice president, the product will offer ridesharing drivers a complete product so they do not have to worry about how to report a claim, and if they chose the coverage, whether their car will be fixed and whether they’ll have medical coverage.
“We have spent a lot of time understanding the needs of ridesharing drivers,” said Othello Powell, director of GEICO commercial lines. “What we developed is a hassle-free product that covers both personal use and ridesharing use. The insurance applies whether or not the app is on and whether or not you have a passenger. The coverage is also not limited to just one transportation network company.”
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. The company serves more than 13 million private passenger customers, insuring more than 22 million vehicles (auto & cycle).
GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs). Coverage for boats, life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency, Inc. Commercial auto insurance and personal umbrella protection are also available.