RED BANK, NJ--(Marketwired - October 12, 2017) - Plymouth Rock Assurance is introducing two new insurance options that can help part-time New Jersey rideshare drivers cover medical expenses, damage to their car and more while working for Transportation Network Companies (TNCs) like Uber and Lyft.
Many New Jersey drivers seeking to benefit from the sharing economy don't realize that:
- Personal auto insurance policies across the industry generally do not cover any aspect of rideshare driving.
- Rideshare drivers often are not fully covered by insurance policies provided by TNCs.
- Gaps in coverage could force rideshare drivers to pay out of pocket for damage to their car or their medical expenses.
"Rideshare companies are required to provide substantial coverage for passengers, but huge coverage gaps may exist for drivers," said Gerry Wilson, President and Chief Executive Officer of Plymouth Rock Management Company of New Jersey. "Our new rideshare insurance allows Plymouth Rock customers to better protect themselves while participating in the sharing economy."
TNCs provide low-limit coverage when drivers are signed into the TNC network and waiting for a fare (known as period 1). During this time, TNC policies generally do not offer coverage for damage to the driver's car and only low-limit coverage for injuries to others or damage to others' property.
TNCs provide commercial policies for drivers when they are on the way to pick up a passenger (period 2) and when a passenger is in the car (period 3). During these periods, a typical TNC policy only provides drivers with low-limit coverage for their own injuries, and potentially higher collision and comprehensive deductibles than drivers carry on their personal auto policy.
Plymouth Rock's coverage allows rideshare drivers to fill some potential insurance gaps. Drivers have their choice of two options:
- The basic rideshare driver endorsement offers excess coverage that expands what drivers receive from TNCs in period 1.
- The enhanced rideshare driver endorsement includes the basic coverage, along with excess coverage for periods 2 and 3. Plus, Plymouth Rock will cover the difference in the physical damage deductible on the driver's personal policy and the deductible on the TNC policy in those two periods.
The endorsement costs will vary by customer. Plymouth Rock estimates an average annual cost of $13 per month for the basic coverage, and $40 per month for the enhanced.
"This is another example of how we're meeting our customers' evolving needs with industry-leading, innovative products," Wilson added. "Very few companies in New Jersey offer this coverage and few others match our level of coverage."
About Plymouth Rock
Plymouth Rock Assurance is a marketing name used by a group of separate companies that write and manage property and casualty insurance in multiple states. Insurance in New Jersey is offered by Plymouth Rock Management Company of New Jersey on behalf of Palisades Insurance Company, High Point Property and Casualty Insurance Company, Teachers Auto Insurance Company of New Jersey, Palisades Safety and Insurance Association and their affiliates. Each company is financially responsible only for its own insurance products. For additional information about Plymouth Rock Assurance, please visit plymouthrock.com.
Contact Information:
Media Contact:
Michael Buck
908-219-5326