MetLife to Provide Rideshare Insurance for Lyft Drivers in Colorado
January 29 2015 - 8:30AM
Business Wire
– Policy Provides Coverage for Every Stage of
the Driver’s Trip –
MetLife Auto & Home® and Lyft, one of the nation’s
leading transportation network companies, announced today that Lyft
drivers in Colorado now have access to a unique auto insurance
policy tailored specifically for Lyft drivers. MetLife’s Lyft
endorsement differs from some products currently available to
drivers in the marketplace that only cover part of the trip.
The growing use of ridesharing apps highlighted a need for a new
kind of coverage for drivers who are not professionals.
Transportation network companies do carry liability insurance
covering their drivers, but the type of coverage and coverage
limits can differ in stages of the service.
MetLife Auto & Home’s Lyft endorsement provides coverage for
Lyft drivers engaged in activities related to providing Lyft
services, and coverages including Bodily Injury Liability, Property
Damage Liability, Medical Payments, and Physical Damage will apply
up to the limits selected on the policy. The endorsement offers
coverage for drivers and passengers at every stage of the trip:
while the driver is waiting for a passenger request, is en route to
pick up a passenger, and during the trip with the passenger.
Premiums applicable to the endorsement will vary based on the
mileage driven in the Lyft program.
“MetLife and Lyft recognized an opportunity in the insurance
market for drivers and passengers who are part of the growing
rideshare community,” said Jean Vernor, senior vice president,
MetLife’s U.S. Direct business. “With this innovative product
offering, MetLife is committed to helping consumers secure access
to the products and services they need to protect themselves and
their families, and is proud to partner with Lyft to make this
unique product available to their drivers.”
As of January 27, 2015, Lyft drivers in Colorado can call
MetLife Auto & Home at 1-855-782-8480 toll-free to inquire
about a policy. Current MetLife auto policyholders in Colorado will
be able to have their policy rewritten with the Lyft endorsement as
of that date.
“Innovation has been a hallmark of MetLife Auto & Home for
many years,” said Kishore Ponnavolu, president, MetLife Auto &
Home. “We were the first to include identity-theft resolution
services in our policies, and for many years, we have included
coverage to replace a new car without deduction for depreciation in
its first year or 15,000 miles. This first-of-its-kind product will
provide Coloradans who drive for Lyft a policy crafted specifically
for their ridesharing needs.”
About MetLife
The MetLife Auto & Home companies, subsidiaries of MetLife,
Inc. (NYSE: MET), are collectively one of the nation’s leading
personal lines property and casualty insurance providers, insuring
over 3.8 million autos and homes. Their affiliate, MetLife, is a
leading global provider of insurance, annuities and employee
benefit programs. MetLife holds leading market positions in the
United States, Japan, Latin America, Asia, Europe and the Middle
East. For more information, visit www.metlife.com.
About Lyft
Lyft is a mobile app that seamlessly connects passengers in need
of a ride with nearby drivers. Simply download the app for iPhone
or Android, then request a ride with the tap of a button. A
friendly driver will pick you up at your location within minutes.
All payment is handled through the app using your saved credit
card. Safety is a top priority for Lyft, and we've implemented
strict safety criteria to protect the community. Lyft launched in
June 2012 and is now in more than 65 cities across the country.
Coverage, rates, and discounts are available to those who
qualify.
MetLife Auto & Home and Lyft operate independently and are
not responsible for each other’s financial obligations. Lyft is in
no way responsible for the insurance provided through this
program.
MetLife Auto & Home is a brand of Metropolitan Property and
Casualty Insurance Company and its affiliates, Warwick, RI.
MetLife, Inc.David Hammarstrom, 212-578-2736
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