WATERLOO, ON--(Marketwired - December 08, 2016) - Waterloo, Ontario based RideCo announced today that its driver partners are now insured under a new ridesharing insurance policy from Northbridge Insurance. RideCo is the first Canadian company to have such a policy in place, which opens the market for the growth of microtransit in Canada.
Unlike a personal auto insurance policy, Northbridge Insurance's new commercial ridesharing policy will cover drivers from the moment they make themselves available to accept a ride request, up to the moment their passenger leaves their vehicle.
"We worked with RideCo to design coverage that would meet the needs of their drivers and passengers, and be simple and easy to use." said Ilda Dinis, VP of Customer Experience and Marketing. "We're excited to partner with an innovative Canadian company that's focused on ride sharing."
Prem Gururajan, RideCo Founder and CEO, added: "Shared rides in dynamically routed vehicles is key to making microtransit successful, and filling in the gaps where traditional transit solutions are inconvenient or inefficient. Northbridge Insurance's new insurance policy makes it easy for rideshare drivers to participate in the growth of microtransit services, thus making our cities more connected."
Currently operating in the Waterloo region, passengers on the RideCo platform independently book door-to-door or hub-to-hub trips. RideCo's technology seamlessly matches their rides and facilitates shared trips, fulfilled by its driver partners. By sharing their rides, passengers save money and reduce the number of cars on the road. Unlike other shared-ride solutions that are only offered in high density downtown cores such as Toronto, the RideCo solution provides great sharing in high density as well as lower density cities and suburb-to-city scenarios. In addition to its consumer offering, RideCo licenses its dynamic transit platform to fleet operators. RideCo's platform was recently utilized for a one-year microtransit pilot in Milton, through a partnership with Metrolinx and Milton Transit.
Based in Waterloo, RideCo has created the next generation logistics and shared-mobility platform. Our technology enables door-to-door and hub-to-hub shared rides everywhere, including lower density regions currently unserved by existing solutions. RideCo is forging the future for shared mobility and microtransit. Visit rideco.com for more information.
About Northbridge Insurance:
Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we focus on understanding the needs of our customers and on creating solutions that make a difference to their success. Visit www.nbins.com for more information.