(Image source: Answer Financial homepage.)
Answer Financial (Encino, Calif.), has added Rideshare Gap Coverage Plans to its insurance comparison shopping platform, offering insurance to drivers for rideshare companies like Uber and Lyft. The agency now offers rideshare insurance products in Alabama, Arizona, Colorado, Idaho, Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, New Mexico, Nevada, North Carolina, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, West Virginia and Wisconsin.
According to a survey conducted by NerdWallet and SherpaShare last year, 77 percent of rideshare drivers may not have the right coverage to protect them while they are working, notes Peter Foley, SVP of Sales and Client Service Operations, Answer Financial.
“A rideshare driver is covered by their personal auto insurance until they turn on their rideshare app, but their commercial insurance doesn’t kick in until they pick up a passenger, creating a gap in coverage,” Foley comments. “By offering Rideshare Gap Coverage, we are helping to protect during that window of time where neither type of policy covers them.”