GEICO is now offering its ridesharing insurance product to Uber (UberX and UberXL), Lyft, Sidecar and other services to approved drivers in Maryland, in addition to Virginia.
The product, which replaces the driver’s personal auto policy, provides coverage both for personal and ridesharing use, and drivers are not limited to just one transportation network company. GEICO offers ridesharing coverage through GEICO Commercial at a lower price than taxi and commercial rates.
According to GEICO Regional Vice President Nancy Pierce, feedback on the price from customers in Virginia has been overwhelmingly positive.
Othello Powell, director of GEICO commercial lines, said the company’s ridesharing product was created with the intent of building an affordable policy to cover drivers’ vehicles for personal use, ridesharing and other on-demand services.
“A shared economy provides many innovative ways to generate income, ridesharing being just one,” he said “Traditional insurance policies may not adequately cover some of these new ventures.”
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies.
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