JERSEY CITY, N.J., April 2, 2015 — ISO has introduced two new personal auto coverage options for ridesharing drivers for an important but often overlooked part of their day — when they’re logged in but don’t have any passengers. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The endorsements provide two options for personal auto insurers to offer coverage to drivers participating in ridesharing services or transportation network companies (TNCs). One coverage option would apply from the time the drivers log in to the TNC platform via a mobile device until they’ve accepted a ride request. The other would apply from when they log in to the TNC platform up until a passenger occupies their vehicle.
“Personal insurers may want to provide coverage options to ridesharing drivers without requiring them to buy a commercial auto policy,” said Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services. “Our new endorsements will allow insurers to easily add ride-sharing coverage for TNC drivers to their customers’ personal auto policies.”
ISO began filing these endorsements recently on a multistate basis, along with rating rules and relativities for insurers to help price the two coverage options under a personal auto policy.
“As ridesharing is still a relatively new issue in insurance, it may be difficult for carriers to identify and rate the risks of ridesharing drivers,” said Patrick Woods, vice president of Actuarial Products and Operations at ISO. “Our rating tools are designed to help them offer coverage that specifically addresses each driver’s individual risk profile.”
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso and www.verisk.com.