Allstate Announces Expansion of Ride-Hailing Coverage
‘Ride for Hire’ coverage – now available in 43 states – helps bridge gaps many drivers face.
NORTHBROOK, Ill. (Oct. 20,2017) – Starting this week, Allstate will offer ride-hailing coverage in seven additional states for customers who drive for a Transportation Network Company (TNC) like Lyft or Uber. The Ride for Hire coverage will now be available in 43 states. First introduced in 2015, Ride for Hire becomes available this week in Louisiana, Mississippi, North Dakota, New Hampshire, Pennsylvania, South Dakota, and Vermont.
“We created this coverage in response to our customers’ needs,” said Allstate Auto Line Vice President Geoff Williams. “Ride-hailing is here for the long-term and Allstate is committed to protecting our customers in this rapidly developing market.”
Drivers for TNCs may see a gap in coverage between their personal auto policy and the TNC’s commercial coverage. Allstate’s Ride for Hire endorsement is a cost-effective coverage option to fill this gap for customers who use their personal vehicles to drive for qualifying TNCs. On average, an Allstate customer will pay only about $20 each year to add this optional coverage. It is designed to work as excess insurance over what the TNC commercial policy offers, ensuring needed protection without duplication.
Here’s how the Allstate Ride for Hire coverage helps fill some of the gaps that can arise:
- Some TNCs may provide their drivers liability coverage when they are logged into the app but have not accepted a fare from the TNC. Allstate’s coverage can help fill the gap that arises when a customer’s personal auto policy liability limits are greater than what’s provided by the TNC. During this period, Ride for Hire can also help fill gaps that might arise under certain other coverages, such as collision, comprehensive, and uninsured/underinsured motorist.
- The deductible associated with collision/comprehensive coverages provided by the TNC when qualifying drivers have accepted an assignment or have a TNC passenger in the car may be higher than what some customers carry on their personal auto policy. Allstate’s Ride for Hire coverage can help fill the gap between the higher commercial deductible and the driver’s personal auto policy deductible, which is usually lower.
Pending regulatory approvals, Ride for Hire coverage is expected to be available countrywide in 2018.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” The Allstate brand’s network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In the 20 years since Allstate became a fully independent public company, The Allstate Foundation, Allstate, its employees and agency owners have donated more than $405 million to support local communities.