GEICO has unveiled a new auto insurance product in Texas for drivers of on-demand transportation network companies (TNC) like Uber, Lyft, Sidecar that covers both personal and ridesharing needs.
GEICO Senior Vice President Robert Miller said the coverage can meet the need of TNC drivers required by states to have more than personal auto insurance and covers vehicles for personal use, ridesharing and other on-demand services.
GEICO first introduced its ridesharing product in Virginia and Maryland earlier this year, and market share is rapidly growing in both states, according to the company. GEICO offers ridesharing coverage through GEICO Commercial at a price significantly lower than taxi and commercial rates.
GEICO is a member of the Berkshire Hathaway family of companies and serves more than 13 million private passenger customers, insuring more than 22 million vehicles (auto & cycle).
GEICO also provides insurance quotes on motorcycles, boats, all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs). Coverage for 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.
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