MetLife Auto & Home® and Lyft, one of the nation’s leading
transportation network companies, announced today that Lyft drivers in
Colorado now have access to a unique auto insurance policy tailored
specifically for Lyft drivers. MetLife’s Lyft endorsement differs from
some products currently available to drivers in the marketplace that
only cover part of the trip.
The growing use of ridesharing apps highlighted a need for a new kind of
coverage for drivers who are not professionals. Transportation network
companies do carry liability insurance covering their drivers, but the
type of coverage and coverage limits can differ in stages of the service.
MetLife Auto & Home’s Lyft endorsement provides coverage for Lyft
drivers engaged in activities related to providing Lyft services, and
coverages including Bodily Injury Liability, Property Damage Liability,
Medical Payments, and Physical Damage will apply up to the limits
selected on the policy. The endorsement offers coverage for drivers and
passengers at every stage of the trip: while the driver is waiting for a
passenger request, is en route to pick up a passenger, and during the
trip with the passenger. Premiums applicable to the endorsement will
vary based on the mileage driven in the Lyft program.
“MetLife and Lyft recognized an opportunity in the insurance market for
drivers and passengers who are part of the growing rideshare community,”
said Jean Vernor, senior vice president, MetLife’s U.S. Direct business.
“With this innovative product offering, MetLife is committed to helping
consumers secure access to the products and services they need to
protect themselves and their families, and is proud to partner with Lyft
to make this unique product available to their drivers.”
As of January 27, 2015, Lyft drivers in Colorado can call MetLife Auto &
Home at 1-855-782-8480 toll-free to inquire about a policy. Current
MetLife auto policyholders in Colorado will be able to have their policy
rewritten with the Lyft endorsement as of that date.
“Innovation has been a hallmark of MetLife Auto & Home for many years,”
said Kishore Ponnavolu, president, MetLife Auto & Home. “We were the
first to include identity-theft resolution services in our policies, and
for many years, we have included coverage to replace a new car without
deduction for depreciation in its first year or 15,000 miles. This
first-of-its-kind product will provide Coloradans who drive for Lyft a
policy crafted specifically for their ridesharing needs.”
About MetLife
The MetLife Auto & Home companies, subsidiaries of MetLife, Inc. (NYSE:
MET), are collectively one of the nation’s leading personal lines
property and casualty insurance providers, insuring over 3.8 million
autos and homes. Their affiliate, MetLife, is a leading global provider
of insurance, annuities and employee benefit programs. MetLife holds
leading market positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About Lyft
Lyft is a mobile app that seamlessly connects passengers in need of a
ride with nearby drivers. Simply download the app for iPhone or Android,
then request a ride with the tap of a button. A friendly driver will
pick you up at your location within minutes. All payment is handled
through the app using your saved credit card. Safety is a top priority
for Lyft, and we've implemented strict safety criteria to protect the
community. Lyft launched in June 2012 and is now in more than 65 cities
across the country.
Coverage, rates, and discounts are available to those who qualify.
MetLife Auto & Home and Lyft operate independently and are not
responsible for each other’s financial obligations. Lyft is in no
way responsible for the insurance provided through this program.
MetLife Auto & Home is a brand of Metropolitan Property and Casualty
Insurance Company and its affiliates, Warwick, RI.
Copyright Business Wire 2015