Uber Australia is brewing up something incredible. The world’s number one ridesharing app has partnered together with Australian motor insurer Vero and embedded insurance specialist Cover Genius to launch Australia’s very first pay-per-kilometer comprehensive motor cover specifically built for drivers.
Laura Broughton, the head of platform business in Vero, told RSF, “Rideshare drivers don’t all work the same hours from week to week or month to month, so traditional insurance models don’t always reflect how they use their vehicle. This product gives drivers a more flexible way to access cover that matches their driving patterns and helps reduce the risk of gaps in protection.”
Vero, doing business as Vero Insurance, is among Australia’s biggest business insurers. They offer a range of commercial insurance products – primarily through insurance brokers – from small start-ups to established corporations.
Owned by Suncorp, it is based in Australia and New Zealand, with its motor insurance portfolio focusing heavily on commercial vehicles, business fleets, and specialized trade policies, instead of the standard retail-only consumer car insurance. Way to go, Australia!
These two, Uber and Vero, are also teamed up with embedded insurance specialist Cover Genius. On the other hand, Cover Genius is an international technology company that provides embedded insurance and protection products for big digital labels. They do Embedded Protection, XCover, and Instant Payouts.
This newest offering is designed to drivers will only be charged according to how much ridesharing work they carry out and do each month. It combines a set premium that covers the private use of the car with a separate ridesharing-based premium tied to the number of kilometers traveled on the Uber app, so the cost actually rises and falls in line with the activity levels of the driver. Sounds like a great insight!
This launch is also designed to respond to the common, debilitating problem that gig-economy drivers face: standard personal motor policies, or compulsory third-party cover alone, leaving a gap in protection once a car is used for paid ridesharing trips.
Through combining private and platform driving into a singular policy, this brand-new poroduct aims to close that gap on coverage. It protects against car damage, theft, or total loss, regardless of whether the car is being driven privately or for Uber trips.
Eligible ridesharing drivers can apply for this directly within the Uber Driver version of the app, rather than through a separate process. Another plus point!
“Companies such as Uber and Vero are leading the way with a flexible mindset and a clear recognition that the way we work, budget, and live has changed,” Barney Pierce, Cover Genius’ business officer told the RSF team.
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