Allstate and Lyft Partner to Protect Drivers in Eight States
Commercial coverage will also protect riders of the ride-sharing service
Oct 01, 2020, 10:42 ET
NORTHBROOK, Ill., Oct. 1, 2020 /PRNewswire/ -- Allstate Insurance Company (NYSE: ALL) has been selected to provide commercial auto coverage to Lyft in California, Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia, effective today, October 1.
"Peoples' needs change quickly and constantly, and they shouldn't worry about the complexities of insurance coverage as they use their personal vehicles to make money," says Jamie Trish, president of Allstate Business Insurance. "We make it simple by providing a circle of protection as they seamlessly transition to commercial coverage. As the sharing economy evolves, Allstate will continue to lead the way to make transportation safer and smarter, providing cost-effective coverage for drivers."
The policies*, managed by Allstate Business Insurance, provide coverage throughout the cycle of a Lyft trip, from when a driver turns on the Lyft driver app, to pick up and trip completion. Riders are automatically protected by Allstate at no additional cost each time they get in the car with Lyft.
Coverages vary by state and during period of engagement and may include bodily injury and property damage liability, uninsured/underinsured motorist liability, and collision and comprehensive coverage, subject to policy terms, conditions and deductibles.
"As rideshare continues to play a critical role in modern transportation across the country, Lyft is excited to broaden its rideshare insurance partnerships," said Curtis Scott, vice president of risk at Lyft. "This allows us to leverage the expertise of large insurers such as Allstate as our business continues to evolve, ensuring we have claims handling specifically built for ridesharing as well as data-driven risk mitigation and reliable security for riders and drivers on the Lyft platform. Additionally, we look forward to further integrating our cutting-edge risk management solutions and partnering to bring innovative insurance products to market."
The Allstate commercial auto policies are effective October 1, 2020. Typically, drivers using Lyft rely on protection from their personal auto insurance when they are offline or don't have the app turned on. Some Allstate customers who drive using Transportation Network Companies (TNC) have additional ridesharing coverage, such as Allstate's Ride for Hire coverage, for certain coverages outside of their personal auto policy and TNC commercial coverage.
Allstate provides business insurance solutions and products designed to help protect against risks specific to individual business and commercial auto needs. Having secure, personalized business insurance can help customers live a life well-protected.
* Policies issued by North Light Specialty Insurance Company, a wholly owned subsidiary of Allstate Insurance Company.
SOURCE Allstate Insurance Company
