Ask Your Peers  Uber drivers in NM (Closed)

Mercury, Safeco, Progressive(TX Only), Farmers, and the enemy Geico all have a Rideshare Endorsement which eliminates the gap in coverage during phase 1 of the process. During phase 2 & 3 Uber covers the driver however it's important to know that the driver must carry comp & coll coverage on his primary policy in order for Uber to extend coll coverage ($1k deductible). As for the Lyft rideshare program they have very similar insurance however there coll deductible is $2,500. The full coverage that is offered from the rideshare companies is often overlooked when drivers sign up so make it a point to go over with them. In addition both rideshare programs don't have any first party medical coverage which is another very important coverage gap to discuss with your clients.

The attached images are the illustration of how both rideshare insurance programs work.

Each carrier endorsement for the rideshare is slightly different however they don't specify that the insured has to drive for one or the other to qualify for the rideshare endorsement. There are however there may be restrictions on what type of vehicles qualify. I'm not sure if Safeco has rolled out this endorsement to NM however if you're appointed with them give your rep a call or underwriting to see what options you have. The Mercury product here in AZ has been very competitive so you may want to look into them as well.

The Lyft insurance policy is underwritten by Steadfast Insurance which is a Zurich company, as for Uber there policy is underwritten through James River Insurance. I also know if you ever decide to go after a rideshare company that James River's minimum premium on their policy is $125k, not sure what Zurich is at however I imagine it's pretty similar.