At Lyft, safety is our top priority and we’re always working to go above and beyond for the community. Since launching a year and a half ago, Lyft has successfully increased transportation safety in three fundamental ways:
- Established strict background check and driving record standards.
- Used technology to create more accountability and trust through in-app feedback, ratings and photos as the only company in the space to have all these elements for both passengers and drivers.
- Pioneered the first-of-its-kind $1,000,000 excess liability policy in 2012.
Today, we’d like to announce our part in the newly formed Peer-to-Peer Rideshare Insurance Coalition. This working group of transportation companies, regulators, insurance providers, and other stakeholders has come together to address how the insurance industry can continue evolving to support the growing peer-to-peer economy. With the California Public Utilities Commission (CPUC) as a founding member, the coalition’s mission is to build a foundation of insurance best practices, policies, and information for P2P ridesharing. The group’s first meeting will take place in February, and a full list of members will be shared later this week.
In addition, we have worked with leading insurance carriers to now provide additional insurance solutions for drivers on the Lyft platform. Today, we’re excited to be the first company to announce three additional coverages now live:
- Collision (Contingent policy - $2,500 deductible and $50,000 maximum applicable to drivers who have purchased collision coverage on their personal policy)
- Uninsured motorists (Added to $1M Excess Liability policy - covering drivers if they are hit by an uninsured motorist that is at fault)
- Underinsured motorists (Added to $1M Excess Liability policy - covering drivers if they are hit by an underinsured motorist that is at fault)
In this new model where individuals still use their cars for personal reasons, we’ve needed to push the insurance industry to innovate quickly and create unique solutions. Therefore, we created the $1,000,000 liability policy as excess over personal insurance, and designed all these coverages to drop down and act as primary insurance in the case that someone’s personal policy does not respond. Liability insurance is the only insurance required by state law (California’s personal auto minimum is $30,000), and we’ve listened to our community of drivers who have asked the industry to provide additional coverages. We look forward to working together with the CPUC, insurance companies and other industry leaders to ensure a safe and trusted future for the emerging peer economy.