A new startup aspires to offer insurance that gives Uber and Lyft passengers an additional sense of security when choosing a ridesharing vehicle as their mode of transportation. And, just like the Uber and Lyft apps, this insurance can easily be procured from the comfort of your phone.
The company — Startup Sure Inc. — made their announcement in June of 2018 that they would be partnering with Chubb to launch their new service called RideSafe. Here is a closer look at the service and why it may be an important method of receiving compensation after a ridesharing accident.
What Is RideSafe?
It is important to understand that Uber and Lyft both provide liability insurance coverage for their drivers, which can provide coverage to passengers who are injured during their trip. And, the companies provide identical amounts of liability insurance at $1 million. This coverage serves to ensure coverage for bodily injury and property damage to:
- Drivers
- Passengers
- Anyone else who is injured and involved in the accident with a right to compensation
An important caveat to this policy, however, is that specific circumstances must apply for passengers to receive this compensation. RideSafe aspires to fill the gaps in coverage based on this criterion and the Terms of Service provided by these companies.
As such, this coverage is worthy of consideration for any passengers who want peace of mind knowing that they can receive some compensation via automatic coverage that, RideSafe claims, can activate within 60 seconds for 24-hour coverage at a $2.40 price point.
The current plan covers the following:
- Medical costs with cash payments that cover out-of-pocket expenses
- Severe injury with thousands in compensation to cover more significant medical costs
- $100,000 for loss of life
While Beneficial, This Form of Insurance Is Unlikely to Provide Adequate Compensation for Serious Ridesharing Injuries
That said, serious injuries may warrant a lifetime of care, so this policy alone is unlikely to provide serious rideshare accident victims with the compensation needed to be made whole. Instead, it is probably best to view this new service as a meaningful way to safeguard against receiving no compensation at all.
And, if you have the legal right to pursue compensation, it goes without saying that you should speak to an Uber and Lyft accident lawyer. Your attorney will be able to fully investigate your accident and legal claim to make sure you are properly represented in settlement negotiations. At The Ledger Law Firm, we have earned our national reputation for helping injured accident victims recover millions in compensation for serious injuries and accidents that result in loss of life.
It is, however, a welcome development that rideshare passengers can now enjoy additional peace of mind that fills in the gap between Uber and Lyft’s existing liability coverage policies. If you or a loved one has already been injured in an Uber or Lyft accident, however, our team is here to help you take legal action against any responsible parties and pursue compensation that may be owed to you.
Contact us online to speak with a ridesharing accident lawyer at Ledger Law for a free consultation today.
