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Grabbing an Uber? Now You Can Buy Your Own Insurance for the Ride
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Sure Inc., has developed a product for passengers to purchase accident and death coverage on an on-demand, per-day basis via a smartphone application. It covers costs of injuries sustained when traveling in a ride-sharing vehicle.
One of the world's biggest property-casualty insurers, Chubb is part of an industrywide race to develop new products as the car industry goes through a monumental shift. Ride-hailing services continue to rise in popularity, while growth in autonomous vehicles will shift driving from humans to computers.
Both trends threaten to cut into one of the industry's biggest product lines in the U.S.: car insurance bought by individuals. These policies are estimated to deliver $220 billion in premiums in 2018, according to trade group Insurance Information Institute.
Chubb will underwrite Sure's ride-sharing policies, which will pay up to $10,000 in medical costs per accident and include a $100,000 death benefit, the firms said. It costs $2.40 for a 24-hour period."
"...
Sure Inc., has developed a product for passengers to purchase accident and death coverage on an on-demand, per-day basis via a smartphone application. It covers costs of injuries sustained when traveling in a ride-sharing vehicle.
One of the world's biggest property-casualty insurers, Chubb is part of an industrywide race to develop new products as the car industry goes through a monumental shift. Ride-hailing services continue to rise in popularity, while growth in autonomous vehicles will shift driving from humans to computers.
Both trends threaten to cut into one of the industry's biggest product lines in the U.S.: car insurance bought by individuals. These policies are estimated to deliver $220 billion in premiums in 2018, according to trade group Insurance Information Institute.
Chubb will underwrite Sure's ride-sharing policies, which will pay up to $10,000 in medical costs per accident and include a $100,000 death benefit, the firms said. It costs $2.40 for a 24-hour period."
