Allianz is now insuring ridesharing drivers
The sharing economy is finally gaining recognition.
Recognising the rapid advancement of the sharing economy, Allianz has expanded its driver policy suite to include cover for ridesharing.
Under its Private Car Insurance policy, Allianz now covers ridesharing for eligible vehicle owners.
Allianz says it will provide comprehensive, third party property and third party fire and theft insurance cover for customers employing ridesharing services.
Policyholders nationwide simply need to confirm their usage with Allianz and they'll receive coverage. If you already have a car insurance policy with Allianz, you'll need to contact Allianz and update your policy to include ridesharing.
Allianz chief market manager John Myler said the company realises today's insurance needs are growing and developing.
"We recognise 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 Australian state and territory governments begin to formally recognise and regulate ridesharing.
Ridesharing companies such as Uber have taken off in Australia 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 use of "surge pricing" during popular events for a more calculated approach.
Allianz is not the first insurer to enter the share economy. ShareCover launched its holiday rental insurance product earlier this year and providing those renting their homes through Airbnb and Stayz with short-term rental insurance.