WEBSTER, Mass., March 30, 2017 /PRNewswire/ -- In an important move aimed at protecting Massachusetts drivers, MAPFRE Insurance will be among the first insurers in the state to offer gap coverage to auto insurance policyholders using their personal cars to drive for rideshare companies like Uber and Lyft. The state's Division of Insurance has approved the filing.
MAPFRE, the largest private passenger and commercial automobile insurer in Massachusetts, will begin offering the gap coverage on May 1, 2017. MAPFRE is introducing this coverage following the implementation of state legislation pertaining to the coverage that rideshare companies and drivers must carry for vehicles used to provide rideshare services. The endorsement offers critical coverage to drivers when they turn on a rideshare app and provides protection until they accept a passenger request.
"As the market leader in Massachusetts, MAPFRE is committed to providing our customers with innovative products that fit their full lives and evolving needs," said John Kelly, Senior Vice President, Northeast Region. "With the growth of ridesharing activity across the state, we know thousands of drivers for companies like Uber and Lyft need appropriate protection. Guided by the leadership of the Governor and Legislature, MAPFRE is proud to be among the first carriers in the Commonwealth to offer an auto insurance endorsement that will help close a potential gap in the coverage available for Transportation Network Company drivers without appropriate coverage. We encourage our customers and agents to discuss this new coverage feature with customers who are active ridesharers."
ABOUT MAPFRE INSURANCE
MAPFRE Insurance, rated "A" (Excellent) by A.M. Best Company, actively writes property and casualty insurance in 19 states across the United States through a network of more than 5,000 independent agents and brokers. MAPFRE Insurance is the 19th largest provider of personal automobile insurance and the 20th largest personal lines insurer in the United States. MAPFRE Insurance is also the largest private passenger automobile insurer, homeowners' insurer and commercial automobile insurer in Massachusetts. MAPFRE Insurance provides a full range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft and businesses, as well as term life insurance. MAPFRE Insurance is part of the MAPFRE Group.
MAPFRE is a global insurance company present on five continents. It is the benchmark insurer in the Spanish market, the leading multinational insurance group in Latin America and one of the top 10 insurance companies in Europe in terms of premium volume. MAPFRE employs more than 37,000 professionals and services 37 million clients. In 2016 MAPFRE's revenue amounted to $30 billion, with net earnings of $861 million. www.mapfreinsurance.com
Linda Johnson, Assistant Vice President
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SOURCE MAPFRE Insurance