Operations

GEICO Sells New Insurance Product For TNC Drivers

Posted on February 4, 2015

GEICO announced Feb. 4 that it has launched an insurance policy in Virginia that covers drivers who work for Uber, Lyft and other ride-sharing services.

New regulations for Uber and Lyft easily cleared the General Assembly last week, and Gov. Terry McAuliffe has said he will sign the bills.

Richmond Times-Dispatch article here

Related Topics: fleet insurance, insurance policies, Lyft, TNCs, Uber, Virginia operators

Comments ( 1 )
  • Chuck Cotton

     | about 3 years ago

    The new gimmick is invalid. No insurance coverage that is primary such as Geico claims is covering the vehicle at all times regardless of the combined commercial for hire use and the private use is legal insurance. No registered insurance company can issue a commercial public for hire auto liability policy to an unregistered , non-permitted driver in a private vehicle not registered as a commercial vehicle. It is insurance fraud which is a felony.. First, the driver must obtained a state permit from the Virginia DMV-Motor Carrier Services in Richmond and comply with all the regulatory requirements. Then the driver must obtain the permits in each city where he operates and comply with those city ordinances. If all these licensing requirements are met and validated, then the insurance probably would kick in for a passenger or driver or pedestrian claim. The claimant's attorneys end up suing for millions of dollars against Geico and for what they charged for this coverage is absolutely minimal if it averages only about $1000/vehicle instead of the normal commercial PAL premium of $5-7K.. Geico needs to revaluate.

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