Farmers Insurance®, one of the largest multiline insurer groups in the nation and a leader in providing insurance coverage to drivers participating in the new sharing economy, announced the introduction of its new Rideshare Insurance Coverage, which is designed to make Rideshare Insurance Coverage options available for ride-hailing drivers in Oregon.
“As a leading provider of automobile insurance in the U.S. and a market leader in the ride-hailing insurance market, Farmers® has developed this innovative Rideshare Insurance Coverage to offer Oregon ride-hail drivers coverage options as part of their Farmers personal auto insurance policies,” said Mariel Devesa, head of product innovation for Farmers Insurance. “We recognize the wants of consumers are continuing to evolve and our ability to provide this important coverage to customers is a further demonstration of our commitment to meeting changing consumer demands.”
With the introduction of Rideshare Insurance Coverage in Oregon, Farmers is now offering this innovative coverage in 28 states.
The new Farmers 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. The Farmers Rideshare Insurance Coverage 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 Insurance Coverage enables a driver to select the coverages they’d like; 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 Medical Payments coverage.