Rideshare companies like Uber are becoming a commonly used option for people all over the country. It’s not just for major cities—plenty of towns and suburbs have Uber as well. With this service readily available in so many places, Uber is starting to disrupt individually bought car insurance. This monumental industry may not be so monumental in the future, because now there are options to get insurance strictly for rideshare companies.
A startup company called Sure Inc. has paired with Chubb Ltd. so they can break into this new area of the car industry. They’re selling rideshare car insurance for the costs in case the rider is involved in a car accident while they’re using a company like Uber.
The ride-sharing policies cover the following:
- $10,000 in medical costs per accident
- $100,000 death benefit
- Costs $2.40 for 24 hours
Rideshare passengers typically have their own insurance and can be covered by the rideshare company’s insurance. Uber already has insurance available that doesn’t cost anything to the riders. They have $1 million for uninsured/underinsured motorist coverage. While all this has been in place for a while, Sure Inc.’s insurance coverage, called RideSafe, is meant to cover anything that falls through the gaps.
The RideSafe policies could also be used for deductibles on health insurance policies. There are situations where the accident is more serious and the passenger needs their health insurance program to cover costs.
Many other companies are moving into this new area of the insurance industry. People predict that with the rise of rideshare services and automated cars with driverless technology, car-insurance premiums could be greatly reduced because there were also be a decrease in car wrecks.
While that downturn may not happen for a few decades, the landscape for how we’re driving is already changing. Within the next ten years, rideshare services and taxis could make up a quarter of miles traveled all over the world. To be ready for those changes, companies are starting to adapt now.
The shift away from personal vehicles extends beyond how people travel as it can also apply to carriers. Companies are focusing efforts on collecting data about transportation and how it’s changing. Other startups are starting coverage that includes injuries and property that was damaged or lost. As automakers are planning to put autonomous vehicles on public roads, some companies are operating differently than Sure, and automatically providing coverage. Sure’s policies are sold separately and the coverage is per-ride.
If you’ve been insured in a rideshare accident, you need a dependable Uber accident lawyer at your side. The Rideshare Law Group has helped countless people stand up for their rights and get compensation for their injuries. Call for a free consultation today.