New ride-hailing coverage!
Transportation Network Companies (TNC) like Uber and Lyft are experiencing explosive growth as consumers embrace this convenient form of transportation in record numbers. And all of these drivers need insurance, which is why Mercury developed our new ride-hailing coverage.
Why offer ride-hailing coverage?
The market is much bigger than you might think, as an estimated 500,000 TNC drivers are currently involved in ride-hailing (Uber, Lyft, etc). Many of these drivers are unknowingly exposed to potential gaps in coverage.
In fact,Mercury averages about one TNC claim per day, and many of these claims are being denied because the personal auto insurance policy only provides coverage when the TNC driver’s ride-hailing app is off. This means that many people driving for these companies probably aren’t covered under their personal policies. Mercury’s ride-hailing coverage will close that gap and provide a solution by extending coverage during Period 1 of the drive cycle (see illustration).