Rideshare-Only Insurance Made Available by Buckle and Lyft
On Thursday, US-based insurtech Buckle announced its newest offering to the market — rideshare-only insurance. This offers commercial, as well as personal, auto coverage under one policy and is available to eligible Lyft motorists in Georgia. Other partners besides Lyft are expected to come in the next couple of months.
Based on the latest insurance industry trends, the rise of platforms such as Lyft, and the gig economy behind it, had a significant impact on the future of work and the insurance industry at large. Statista also revealed the figure concerning freelancers in the US, who will reach over 90 million by 2028. That said, this particular workforce is creating challenges for car insurance companies.
Buckle, founded in 2017, has its eyes on these challenges. As such, they recently made a move to address the main problem of rideshare drivers regarding auto insurance. Thanks to the company’s new insurance product, getting a reasonably priced hybrid policy is now possible. But more than that, Buckle aims to provide streamlined and transparent financial products and transactions to those who are using their personal assets as revenue-driving opportunities.
According to the CEO and co-founder of Buckle, Dustin Walsey, the growth of the ridesharing market, although fascinating, has created problems for insurers. Insurance companies initially showed an inability to adapt to this new mode of transportation, leaving rideshare drivers with few options in terms of auto insurance.
Walsey added that Buckle is currently working on this problem through unique and innovative underwriting — the first of its kind on the market. In the end, Buckle wants to help the ridesharing community thrive even more by addressing their specific needs and providing affordable insurance. The insurtech is also considering to broaden its offering to those working in the delivery services market.