GEICO ridesharing insurance product now available in 24 US states
GEICO now offers its low-cost ridesharing product in 24 states. The product delivers comprehensive coverage to serve Uber, Lyft, Split and other on-demand service drivers.
The list of states include: Colorado, Illinois, Iowa, Indiana, Louisiana, Mississippi, Nebraska, New Mexico, Oklahoma, Oregon, South Dakota, Arizona, Iowa, Vermont, Wyoming, South Carolina, Georgia, Virginia, Maryland, District of Columbia, Texas, Connecticut, Pennsylvania and Ohio.
Bridging the coverage gap, GEICO's ridesharing product combines coverage options into a single policy that protects drivers during both ridesharing and personal use when the rideshare app is on or off, with or without passengers in the vehicle. The policy addresses the needs of on-demand service drivers and eliminates the cost and confusion of having two separate policies.
GEICO commercial lines director Othello Powell said: "Since its first introduction to the market last year, GEICO's ridesharing insurance solution has consistently received positive feedback from policyholders on its affordable pricing and hassle-free service.
"As we continue to monitor the unique needs of ridesharing drivers, we're even more determined to grow our ridesharing product to serve many more drivers in many more states."
Powell noted that many policies may limit coverage options to one specific transportation network company and may only cover a portion of the trip.
Powell said: "With GEICO's ridesharing insurance, drivers are covered regardless if they are logged into the transportation network company's app.
"They also have the flexibility to work with multiple companies."
GEICO's ridesharing product is offered through the company's Commercial division at a price similar to personal auto insurance.
Source: Company Press Release