ERIE, Pa., Nov. 18, 2014 /PRNewswire/ -- Erie Insurance has
launched what it believes to be a first-of-its-kind coverage to
protect drivers who use ridesharing services like Uber and Lyft.
The new car insurance coverage solves a longstanding problem for
drivers in the ridesharing economy by eliminating confusion over
what's covered and when. With ERIE's new coverage, the driver has insurance
coverage during every part of the trip—before, during and after the
hired ride.
"The Erie Insurance motto is 'Above All in Service', which means
we put customers first and provide them with the best possible
protection," said Cody Cook, auto
product vice president, Erie Insurance. "In this case, we saw a
need in the sharing economy and filled it."
With ridesharing apps, instead of using a taxi service, people
summon private car owners to pick them up. But while ridesharing is
becoming increasingly popular, it's also controversial due to the
lack of clarity around whom, if anyone, provides insurance
coverage.
The new Erie Insurance coverage is available to people who put a
"business use" designation on their personal car insurance
policy.
"'Business use'" traditionally has covered people who use
their personal cars for things like delivering pizza or flowers,
but has historically excluded—meaning not covered— people who use
their cars as taxis," said Cook. "We are removing that exclusion,
so now if you use your car for a ridesharing service like Uber or
Lyft, there's no confusion over what's covered and when. You're
covered during every part of the trip—before, during and after the
hired ride. We know of no other insurance company that is offering
something like this."
The new Erie Insurance coverage is initially being offered in
Illinois and Indiana. It will become available in others
states depending on consumer response.
Coverage is subject to limitations and exclusions. See the
policy or an ERIE Agent for
details.
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 11th
largest homeowners insurer and 12th largest automobile insurer in
the United States based on direct
premiums written and the 16th largest property/casualty insurer in
the United States based on total
lines net premium written. The Group, rated A+ (Superior) by A.M.
Best Company, has more than 4.9 million policies in force and
operates in 12 states and the District of
Columbia. Erie Insurance Group is a FORTUNE 500 and Barron's
500 company. Erie Insurance is proud to have received the J.D.
Power award for "Highest in Customer Satisfaction with the Auto
Insurance Purchase Experience" two years in a row. ERIE has also been recognized by Forbes as one
of America's 50 Most Trustworthy Financial Companies and is on
the list of Ward's 50 Group of top performing insurance companies,
which analyzes the financial performance of 3,000 property and
casualty companies and recognizes the top performers for achieving
outstanding results in safety, consistency and financial
performance over a five-year period (2009-2013).
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
(ERIE-G)
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SOURCE Erie Insurance