Uber are showing no sign of stopping when it comes to their plans for world domination, now showing an affiliation with the car insurance industry. A company statement has this week revealed yet another new partnership, a business decision that could result in more upset.
With their ridesharing option being a transport phenomenon we have questioned what impact this has on the type of insurance such companies require.
Uber have said:
‘As ridesharing continues to grow in popularity, we are seeing insurance companies create innovative products to serve the needs of this evolving industry. Today, we announced a partnership with Metromile, a company that has developed a personal auto insurance product specifically designed for rideshare drivers using the Uber platform.’
By integrating Metromile’s platform with Uber, the insurer can quantify the miles that Uber driver partners spend on ridesharing trips. By distinguishing between miles driven with Uber and miles driven for personal use, Metromile can then charge its policyholders more precisely.
The Metromile rideshare insurance product will be available from February in California, Illinois, and Washington, with plans to trail the project before rolling it out across the world.
What impact will this have on the UK insurance industry?
Well, taxi insurance specialists such as High Gear may have something to say about having their toes trodden on, being another market Uber have encouraged competition in.
That said it seems that High Gear insurance are not phased by such companies.
‘There will always be a demand for traditional taxi insurance companies. Uber’s partners have done nothing but cut corners since day one. It is for this reason that High Gear will work even harder to ensure customer service reigns supreme, as well as putting forth competitive quotes’.
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