Buckle unveils first-of-its-kind rideshare-only insurance
Buckle, a technology-driven financial services company, unveiled what the company says is the first rideshare-only insurance that provides rideshare and Transportation Network Company (TNC) drivers with personal and commercial coverage in one, affordable policy. Using the driving record from rideshare drivers, the company provides comprehensive, cost-effective coverage whether the rideshare app is on or off. The insurance is now available to eligible Lyft drivers in Georgia with other partners expected in the coming months.
“The evolution of ridesharing has created a problem for insurance companies, and their inability to adapt to this new form of transportation has left the rideshare driver with few options to stay protected while on the road,” said Dustin Walsey, CEO and Co-Founder of Buckle. “Buckle is solving this problem with innovative, unique underwriting that is unlike anything else on the market—complete coverage at an affordable price. Buckle’s goal is to bolster the rideshare community by addressing their unique needs with services they deserve at better prices, starting with insurance.”
The company states that the growth of the gig economy, driven by platforms like Lyft, is shaping the future of work, and according to Statista, the number of freelancers in the U.S. will reach more than 91 million by 2028. This growing area of the workforce has created challenges for traditional industries like insurance. With Buckle Insurance, the company aims to address the problem of auto insurance for rideshare drivers by offering an affordable hybrid policy based on their driving track records, which has been crowdsourced from thousands of trips.
“We are very focused on helping people get the proper coverage they need at a fair price. As we evolve with the shared economy, we will continue to expand our offering to meet the growing demands of our customers. As they navigate toward autonomous vehicles and self-driving cars, we will be ready. It's an exciting time to be a part of the gig economy,” said Walsey.
The launch of Buckle Insurance comes after the company successfully completed its pilot with hundreds of drivers across Georgia in 2019. The company says that the web-based, driver-centric user experience enables rideshare drivers to receive quotes in less than five minutes. Whether they are on duty or driving their family around on personal time, they’ll have coverage.
The company's initial focus is to develop lifetime relationships with the rideshare community by providing affordable auto insurance. It is also looking to extend its offering for those working in delivery services.
For more information, visit www.buckleup.com.