South Carolina drivers that have been approved to drive for Uber (UberX and UberXL), Lyft, Sidecar and other on-demand services, now can get ridesharing coverage through GEICO.
GEICO first entered the ridesharing market in February of 2015 in Virginia, and has been selling a ridesharing product in Connecticut, Georgia, Maryland, Ohio, Pennsylvania, Texas, Virginia and Washington, D.C. The company is now expanding its ridesharing offering to drivers in South Carolina
“In a short time span, ridesharing has turned into a staple of everyday life,” said Othello Powell, director of GEICO commercial lines. “Whether you have that entrepreneurial spirit or are just making a few extra dollars, GEICO’s ridesharing product delivers a complete insurance solution to drivers in South Carolina at an affordable price.”
Powell noted that ridesharing comes with a unique set of insurance needs that go well beyond a traditional auto insurance policy. He points out that most personal auto policies exclude any commercial (driver for hire) use.
In addition, GEICO points out that having two policies for one vehicle can become confusing and costly.
GEICO’s hybrid ridesharing product replaces the driver’s personal auto policy and provides coverage for personal, ridesharing and other on-demand services whether the rideshare app is on or off, and with or without passengers in the vehicle or even if you’re working for multiple services.
GEICO offers the product through GEICO Commercial at a price significantly lower than taxi and traditional commercial rates.
© 2016 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.