Buckle, a technology-driven financial services company, is the first to offer rideshare-only insurance for rideshare and Transportation Network Company drivers. Plans bundle both personal and commercial coverage. The insurance is currently only available to Lyft drivers in Georgia. There are plans to expand with other partners in the coming months.
By 2028, it’s estimated that there will be approximately 91 million freelancers in the United States. With the growth of the gig economy, traditional insurance companies are experiencing problems with offer useful coverage. Buckle is attempting to address the problem in the auto insurance industry for rideshare drivers by offering hybrid policies based on driving track records.
According to Buckle CEO and Co-Founder Dustin Walsey, “The evolution of ridesharing has created a problem for insurance companies, and their inability to adapt to this new form of transportation has left the rideshare driver with few options to stay protected while on the road. […] Buckle’s goal is to bolster the rideshare community by addressing their unique needs with services they deserve at better prices, starting with insurance.”
With rideshare insurance through Lyft, drivers have no offline coverage and only have some coverage when they’re online. Being online includes waiting for a passenger, driving to a passenger, and driving with a passenger in the car. With a Buckle policy, however, Lyft drivers have access to full coverage in all those situations. According to the company, Lyft drivers are covered at all times.
In addition to the comprehensive coverage, Buckler also claims to offer insurance at significantly lower rates. For example, drivers could have a deductible for as low as $500. When a Lyft driver applies for Buckle insurance, the company only looks at how well they drive. They do not look at credit scores for financial information. Instead, they examine their rideshare driving record.
The company officially launched after it successfully completed its pilot with hundreds of drivers across Atlanta in 2019. In addition to expanding with other partners, the company is looking to extend its offerings to those working in delivery services.
With new insurance policies comes new hurdles when an accident victim seeks compensation for their losses. If you’ve been involved in a Lyft accident and need help, the attorneys at the Rideshare Law Group are here to provide you with legal guidance and representation. Contact us today for more information.