Farmers Insurance is offering an innovative new Rideshare Insurance Coverage plan to ride-hailing drivers in the state of Illinois.
The plan is being offered to make it easier for ride-hailing drivers in the state to adhere to a new law that makes it mandatory for them to have insurance coverage from the moment they activate whichever rideshare app they are using. The plan enables drivers to select the coverage that best suits them. Options include collision coverage, uninsured and underinsured motorist coverage and medical payments coverage.
With the sharing economy actively altering the status quo in the area of transportation and ride services, there's a need for insurance companies to adapt and offer plans that cater to this very specific and new need. This is exactly what Farmers Insurance is doing with its Rideshare Insurance Coverage plan, which will offer peace of mind to rideshare drivers while ensuring that they don't run afoul of the law.