Farmers Insurance announced Monday that it has begun offering its Rideshare Insurance Coverage endorsement in New Jersey.
The endorsement is designed to offer ride-hail drivers coverage options as part of Farmers personal auto insurance policies.
Farmers said the company worked with transportation network companies (TNCs) to develop a product designed for ride-hailing drivers. The product is currently also available in Arkansas, Arizona, Colorado, Georgia, Illinois, Kansas, Minnesota, Nebraska, Nevada, New Mexico, Ohio, Oklahoma, Tennessee, Texas, Utah and Wisconsin.
Farmers said its 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. It 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 coverage allows 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 Personal Injury Protection coverage.
Farmers serves more than 10 million households with over 19 million individual policies, across all 50 states, through more than 48,000 exclusive and independent agents and approximately 21,000 employees.
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