Allianz is now insuring ridesharing drivers

The sharing economy is finally gaining recognition.

Recognizing the rapid advancement of the sharing economy, financial services company Allianz has expanded its driver policy suite to include cover for ride-sharing.

Under its private car insurance policy, Allianz now covers ride-sharing for eligible vehicle owners.

Allianz says that it will provide comprehensive third-party property and third-party fire and theft insurance coverage for customers employing ride-sharing services.

Policyholders nationwide simply need to confirm their use with Allianz to receive coverage. If you already have a car insurance policy with Allianz, update your policy to include ride-sharing.

Allianz Chief Market Manager John Myler said the company realizes that today’s insurance needs are growing and developing.

“We recognize that there has been a change in how customers use their cars in the sharing economy, and we want to ensure they can continue to trust Allianz to protect them as their insurance needs change,” he said.

The move comes as many states begin to formally recognize and regulate ride-sharing.

Ride-sharing companies like Uber and Lyft have taken off in the United States and around the world. If you’re thinking of signing up as a driver, use our UberX income calculator to find out whether it’s worthwhile for you.

Overseas, Uber has begun to offer riders fixed-price fares, ditching its estimated pricing structure and “surge pricing” during popular events for a more calculated approach.

Allianz is not the first insurer to enter the share economy. ShareCover launched its vacation rental insurance product earlier this year to provide those renting their homes through Airbnb and Stayz with short-term rental insurance.

Picture courtesy of Shutterstock.