Australian car insurance startup Ride Protect, which is designed specifically for rideshare drivers, launched this week.
Ride Protect founder and CEO Jeremy Bennett developed the insurtech solution after realising that up to a third of gig economy drivers had not told their insurer they are part of a rideshare/food delivery service or are unaware they need a specific ‘add-on’ to their current insurance policy, which can lead to claims being denied.
Bennett said that with rideshare expanding rapidly in Australia through a range of companies, including Uber, Didi and Ola, the problem was that existing insurance products didn’t cover everything a rideshare driver needs in one package.
“Our solution is a one-stop-shop, designed explicitly with rideshare drivers in mind,” he said.
“Some insurers claim to cover rideshare; however, you need to crawl through the fine print to see the coverage, and most of the time, if it is covered, it can be subjective.
“For example, things like ‘no more than X hours per week’. The sad reality is, these drivers who work so hard to provide for their families unknowingly (or sometimes knowingly due to the additional charges from insurers for this activity) put their livelihoods at risk by not having the correct insurance policy in place.”
The project has been underwritten by Stone & Chalk resident Mercurien, an Australian fleet services and commercial motor insurance provider. Mercurien has been developing the Ride Protect solution with Bennett over the past five years.
Stone & Chalk Group CEO Michael Bromley said Ride Protect is a game-changing commercial motor vehicle insurance policy that sets a new benchmark for motor vehicle insurance by offering everything drivers need from including private usage, and 24/7 access to a rapid claims resolution system, driver coaching for increased safety and national roadside assistance.
“Ride Protect is a clever combination of technology and insurance, targeted at a fast-growing area of the insurance market,” he said.
“Mercurien is a prime example of how our innovative residents are transforming Australia into a sustainable technology-driven economy.”
When a driver takes out a Ride Protect policy, they can download the 365 driveX app, which Bennett also developed, for roadside assistance.
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