Since Lyft launched in San Francisco in the summer of 2012, the ridesharing community has grown at a remarkable pace. From Miami to Modesto, Lyft drivers and passengers have sparked a transportation movement that is helping make city life safer, friendlier and more affordable.
While riders and drivers have embraced ridesharing, insurance companies are still catching up. There is a growing gap between insurance policies crafted around old definitions of personal property and today’s communities who are sharing their vehicles, homes, kitchens, and even power tools with neighbors.
This week, the California state legislature concluded a long conversation about how best to match insurance with the desire to use personal vehicles to supplement income and help make ends meet. The legislation creates a clear pathway in the market for new insurance products specifically designed for the Lyft community. In the meantime, Lyft will continue providing strong insurance coverage, including our $1 million liability coverage that acts as primary to a driver’s personal policy from the moment a driver accepts a ride request until the ride has ended in the app.
This important step forward is thanks to the thousands of Lyft community members who combined forces with groups like Mothers Against Drunk Driving and the National Down Syndrome Society to tell our state leaders that California needs ridesharing. We will continue to work with the insurance industry, including our partnership with MetLife Auto & Home, to develop modern, innovative insurance solutions tailored for the Lyft community.