GEICO Ridesharing Coverage Now in Half of the U.S.

(BRK.A), (BRK.B)

Building on successful launches all across the country, 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.

“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,” said Othello Powell, director of commercial lines. “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.

“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.

© 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.