Innovation Within the Insurance Industry
Since launching ridesharing in early 2013, we have provided insurance policies to cover every trip on the Uber platform. Over time, we have added more coverage and today every Uber ride is protected by a $1 million commercial liability policy.
As ridesharing continues to grow in popularity, we are seeing insurance companies create innovative products to serve the needs of this evolving industry. Today, we announced a partnership with Metromile, a company that has developed a personal auto insurance product specifically designed for rideshare drivers using the Uber platform.
Metromile’s pay-per-mile model charges customers based on the number of miles they drive. Metromile’s Metronome device plugs into a driver’s car and monitors the distance that car travels on the road. By integrating Metromile’s platform with Uber, the insurer can quantify the miles that Uber driver partners spend on ridesharing trips. By distinguishing between miles driven with Uber and miles driven for personal use, Metromile can then charge its policyholders more precisely.
The Metromile rideshare insurance product will be available next month in California, Illinois, and Washington.
Two other leading insurance companies, Farmers Insurance and USAA, have also introduced personal auto insurance products specifically designed for rideshare drivers. These products allow drivers to purchase an endorsement to their personal auto policy specifically designed for TNC drivers, along with the flexibility to choose various optional coverages. Both of these products have been approved and will become available for purchase in Colorado in early February.
These insurers are leading the way in recognizing the importance of ridesharing, and they have created innovative products that will directly serve this growing market. While these products will initially be limited to these four states, we expect similar products to be introduced elsewhere later this year.
Note, Uber, through its TNC subsidiaries*, maintains policies that provide driver partners with $1M of commercial automobile liability insurance coverage and uninsured and underinsured motorist bodily injury coverage from the time a trip is accepted until it’s completed. See more information here.
* TNC subsidiaries include: Rasier LLC, Rasier-CA LLC, and Rasier-PA LLC.
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