MAPFRE becomes only the second insurer approved to offer gap coverage
The Division of Insurance has formally approved a filing by Massachusetts-based MAPFRE to begin offering gap coverage for rideshare drivers. As a result, the Commonwealth’s largest private passenger and commercial automobile insurer says it begin offering gap coverage starting May 1, 2017.
“As the market leader in Massachusetts, MAPFRE is committed to providing our customers with innovative products that fit their full lives and evolving needs,” said John Kelly, Senior Vice President, Northeast Region.
“With the growth of ridesharing activity across the state, we know thousands of drivers for companies like Uber and Lyft need appropriate protection. Guided by the leadership of the Governor and Legislature, MAPFRE is proud to be among the first carriers in the Commonwealth to offer an auto insurance endorsement that will help close a potential gap in the coverage available for Transportation Network Company drivers without appropriate coverage. We encourage our customers and agents to discuss this new coverage feature with customers who are active ridesharers.”
With this announcement, MAPFRE becomes only the second insurer in Massachusetts to offer this type of gap coverage to drivers of rideshare companies like Uber and Lyft. USAA was the first insurer to offer such coverage in the Commonwealth on November 21, 2015. See Agency Checklists, October 27, 2015 article entitled, “USAA To Provide First State Policy Endorsement for TNC Drivers in Massachusetts“.
MAPFRE made the formal announcement of this new coverage following the state’s implementation of TNC legislation with respect to they type of coverage rideshare companies and drivers must carry for vehicles used in this capacity. According to the insurer, the new endorsement “…offers critical coverage to drivers when they turn on a rideshare app and provides protection until they accept a passenger request.”