"Having been in the commercial automobile insurance business for more than 80 years, we are proud to have leveraged our talent and insights to develop an innovative commercial auto insurance solution that helps Uber and drivers using the Uber App," said Sharon Fernandez, president of business insurance for Farmers Insurance. "Farmers® remains committed to working with leading innovators, like Uber, to develop products and services, including industry-leading claims management services, that continue to meet the changing needs of businesses and consumers."
Generally, Transportation Network Company (TNC) drivers are required to have state-compliant auto insurance policies covering bodily injury liability, property damage and first party medical benefits, as required by law. Farmers will be providing these coverages to Uber and drivers using the Uber App through commercial auto insurance policies with Uber. Under the policies, coverage begins when a driver turns on their Uber App and applies through ride acceptance, rider pick-up, and trip completion.
Farmers is not new to the ridesharing arena as it was one of the first insurers to offer an endorsement that extended some personal automobile insurance coverages to rideshare drivers while they were logged into their TNC's smart phone application and waiting to be matched with a rider. The Farmers rideshare endorsement is now offered to drivers in 29 states.
This Uber and Farmers alliance in the 13 new markets began December 31, 2019.