MetLife to Provide ‘Complete’ Rideshare Insurance for Lyft Drivers in Colorado

January 29, 2015

MetLife Auto & Home and Lyft, a nationwide transportation network company (TNC), have launched an auto insurance policy in Colorado tailored specifically for Lyft drivers that covers every stage of the trip.

The growing use of ridesharing apps highlighted a need for a new kind of coverage for drivers who are not professionals. TNCs 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.

According to Jean Vernor, senior vice president, MetLife’s U.S. Direct business, MetLife and Lyft saw a need in the insurance market for drivers and passengers who are part of the growing rideshare community

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 re-written with the Lyft endorsement as of that date.

The MetLife Auto & Home companies, subsidiaries of MetLife, Inc. are a nationwide nation’s personal lines property and casualty insurance provider, insuring over 3.8 million autos and homes. Their affiliate, MetLife, is a global provider of insurance, annuities and employee benefit programs. MetLife holds market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

Lyft’s mobile app technology connects passengers in need of a ride with nearby drivers. Lyft launched in June 2012 and is now in more than 65 cities across the country.

Source: MetLife