LOS ANGELES, Oct. 19, 2015 /PRNewswire/ -- Farmers InsuranceSM, one of the largest multiline insurers in Kansas and a leader in providing insurance coverage to drivers participating in the new sharing economy, announced the introduction of the state's first Rideshare Insurance Coverage specifically designed to provide seamless coverage for ride-hailing drivers in Kansas beginning today.
"As a leading provider of automobile insurance in the U.S. and a market leader in the ride-hailing insurance market, Farmers has developed this innovative Rideshare Coverage to offer Kansas ride-hail drivers seamless coverage as part of their Farmers personal auto insurance policies," said Mariel Devesa, head of product Innovation for Farmers Insurance. "We recognize that consumer needs are continuing to evolve and our ability to provide this important coverage to customers is a further demonstration of our commitment to meeting changing consumer demands."
Farmers worked with representatives of the Kansas Insurance Department, legislators and leaders of Transportation Network Companies (TNCs) to develop a product specifically designed to provide ride-hailing drivers with the insurance coverage specified in Kansas' new ride-hailing law.
"I want to recognize Farmers Insurance for taking a leadership role in offering this new insurance coverage that will benefit both passengers and drivers in Kansas," said Kansas Insurance Commissioner Ken Selzer. "The new ride-hailing law passed earlier this year offers a sensible framework that continues to encourage economic growth in the state while providing important benefits to the state's consumers."
Under the new Kansas law, ride-hailing drivers will be required to have insurance coverage from the moment they turn on their rideshare app. Since personal automobile insurance policies were not designed to provide ride-hailing drivers with coverage while they are working, the introduction of this new coverage will help to fill a potential gap in coverage.
Beginning today, Farmers Rideshare will provide Farmers customers coverage during period 1, which begins once a driver turns on the ride-hailing application and is awaiting a match. The coverage will extend a driver's Farmers auto insurance coverage until they accept a ride, at which point their TNC affiliate's insurance coverage applies.
Farmers Rideshare enables a driver to select the coverages that fits their needs; including comprehensive and collision coverage that pay for damages to their own vehicle, uninsured/underinsured motorist coverage (in case they are hit by a driver who isn't insured or is underinsured), and Medical Payments coverage.
Farmers Rideshare will provide customers period 1 coverage to drivers for any ride hailing company operating in the state. The additional coverage provided by the Rideshare Coverage endorsement will add approximately $15 per month to a customer's premium.
Farmers is making it simple for existing customers, and others interested in a Farmers policy, who are rideshare drivers to quickly and easily secure this new coverage by calling their local agent or the following toll-free number, 855-808-6599. Consumers may also visit farmers.com/rideshare to find a local agent.
About Farmers Insurance
Farmers Insurance Group of Companies is a leading U.S. insurer group of automobiles, homes and small businesses and also provides a wide range of other insurance and financial services products. Farmers Insurance is proud to serve more than 10 million households with over 19 million individual policies across all 50 states through the efforts of over 50,000 exclusive and independent agents and approximately 22,000 employees. Farmers Insurance Exchange, the largest of the three primary insurance entities that make up the Farmers Insurance Group of Companies®, is ranked No. 264 on the 2015 Fortune 500 list of largest companies.
SOURCE Farmers Insurance