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Wednesday, June 3, 2015

Allstate Delivers New Ride-Hailing Endorsement for Drivers

‘Ride for Hire’ product helps bridge potential gaps in coverage Transportation Network Company drivers currently face.
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With Allstate’s Ride for Hire endorsement, qualifying Transportation Network Company drivers can be better protected during the time they are logged into the TNC app looking for a new fare and they can benefit from lower coverage deductibles when they are on the road with TNC passengers. Allstate plans to offer coverage as an optional endorsement in four states by the end of this year.

The Allstate Ride for Hire endorsement benefits customers who use their personal vehicles to drive for qualifying TNCs. Allstate expects that, on average, an Allstate customer will pay roughly $15-$20 each year for the added protection.
“The ride-hailing economy continues to grow and our products evolve with our customers’ potential needs,” says Allstate Product Vice President Dave Border. “We want to help ensure our customers can more confidently participate as TNC drivers.”

Here’s how the new Allstate Ride for Hire endorsement will work:

  • Helps fill some of the gaps in coverage between Allstate’s personal auto policy and the TNC’s commercial coverage.
    • Some TNCs may provide their drivers liability coverage when they are logged into the app but haven’t been assigned a ride. Allstate’s endorsement can help fill the gap that arises when a customer’s personal auto policy liability coverage limits are greater than what’s provided by the TNC. During this period, the endorsement can also help fill gaps that might arise under certain other coverages, such as collision, comprehensive, and uninsured/underinsured motorist.
    • The deductible associated with collision/comprehensive coverages provided by the TNC when drivers have a ride assigned to them or have a TNC passenger in the car is higher than what many customers carry on their personal auto policies (the TNC deductible generally starts at $1,000). Allstate’s Ride for Hire endorsement can help protect customers against these higher deductible costs when the TNC coverage deductible is higher than the driver’s personal auto policy deductible.
  • Allstate agency owners and representatives will be available to help customers understand coverage and identify potential solutions for their unique needs.
  • Allstate Ride for Hire is planned to be available in Colorado, Illinois, Texas, and Virginia.
  • Expected to be offered in additional major TNC markets in 2016.

“We wanted to offer an innovative solution for our customers who drive for a TNC and we wanted to do it at the most competitive price possible,” Border says. “Our goal is to protect our customers and help them best use their hard-earned money to protect what matters most.”

About Allstate
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” The Allstate brand’s network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In 2014, The Allstate Foundation, Allstate, its employees and agency owners gave $34 million to support local communities. Allstate employees and agency owners donated 200,000 hours of service across the country.

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Justin Herndon

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