Farmers Rideshare Coverage
It's official. On May 27, 2015, California Insurance Commissioner Dave Jones announced that he had approved a new rideshare endorsement offered by Farmers Insurance that would allow UberX, Lyft and Sidecar drivers to be covered during Period 1 just as they would be under their regular personal auto insurance.
Farmers Insurance Specialty Company becomes the first insurance carrier in California to offer such coverage.
The number of rideshare drivers is growing exponentially. Since Uber began in 2012, its number of drivers has more than doubled every six months. There are currently over 70,000 rideshare drivers in California alone, and the growth continues at a rapid pace.
California leads the nation in creative insurance solutions to meet the needs of new realities, and Farmers Insurance is a national leader in offering insurance products and creative solutions to meet the needs of its customers. So it was a natural fit for this solution to come to the marketplace so quickly.
Prior to the availability of this new coverage option, rideshare drivers had to live in the shadows and hope they didn't get caught by their insurance company while driving for Uber, Lyft or Sidecar. If their insurance company found out, they risked being cancelled, or forced into an expensive commercial auto policy. In addition, they faced the risk of NO COVERAGE during the infamous "Period 1" which is described by the rideshare industry as the time between turning on their app, and being matched with a rider.
A solution was called for... and quickly.
Farmers Rideshare is a simple yet elegant solution. It is offered through Farmers Specialty Insurance as a regular personal auto insurance policy with a rideshare endorsement attached. You can learn more about it here.
Rideshare insurance coverage is available right now for purchase only through a Farmers Insurance agent in California.