Lyft and Mobilitas Insurance Companies Renew Commercial Insurance Partnership
Rhea-AI Summary
Lyft and Mobilitas Insurance Companies have renewed their commercial insurance partnership for ridesharing coverage in 23 states, effective October 1, 2024. This multi-year collaboration, which began in 2020, continues to support the mobility sector. Mobilitas, known for its expertise in the sharing economy and mobility sector, will provide customizable digital solutions and claims expertise to manage Lyft's business risks related to rideshare.
The partnership has steadily expanded since its inception, growing from 11 states in 2020 to 23 states in 2022. Mobilitas offers coverage for various mobility services, including vehicle sharing, rentals, subscription services, non-emergency medical transport, and last-mile delivery. Both companies expressed enthusiasm about the continued collaboration, emphasizing its role in enhancing safety and reliability in transportation.
Positive
- Renewal of commercial insurance partnership with Lyft, a major player in the transportation network sector
- Expansion of coverage from 11 states in 2020 to 23 states in 2024
- Potential for increased revenue and market presence in the mobility insurance sector
Negative
- None.
News Market Reaction – LYFT
In the trading session that priced this news, LYFT declined 2.04%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Multi-year collaboration continues to support mobility sector
"Mobilitas remains focused on serving the commercial insurance needs of the mobility sector, and it is our privilege to continue partnering with Lyft to effectively manage the business risks related to rideshare," said Jeff Huebner, executive vice president of commercial insurance. "Our unparalleled claims expertise and customizable digital solutions uniquely position us to continue advancing Lyft's innovative approach to safe and reliable transportation."
Lyft and Mobilitas have partnered since 2020, when it was first announced that Lyft had selected Mobilitas to provide ride-sharing commercial insurance coverage in 11 states starting October 1, 2020. The partnership expanded to 18 states in 2021, and to 23 states in 2022.
"We're thrilled to keep our partnership with Mobilitas going strong," said Max Feldman, Lyft's vice president of risk. "Their expertise in the mobility sector and continued collaboration have been a game-changer for us. Since 2020, they've supported our dedication to safety for drivers and riders on our platform. We're excited to continue working together to make transportation even more reliable and secure."
Mobilitas provides custom-built solutions for the sharing and mobility sectors that are digitally focused and simple to use. In addition to providing coverage for ridesharing, Mobilitas offers coverage built for vehicle sharing and rentals, subscription services, non-emergency medical transport, and on-demand and last-mile delivery, while continuing to grow in developing mobility sectors.
For more information, visit www.mobilitasinsurance.com.
About Lyft:
Lyft (NASDAQ: LYFT) is one of the largest transportation networks in
About Mobilitas Insurance Companies:
The Mobilitas Insurance Companies offer commercial insurance built from the ground up to meet the unique needs of the mobility market, and provide creative, technology-driven insurance solutions that protect business needs. The Mobilitas Insurance Companies are part of CSAA Insurance Group, which has a financial strength rating of "A" (excellent) from AM Best, the insurance industry's primary financial rating firm. More information is available at www.mobilitasinsurance.com and on social media (LinkedIn, Facebook).
Media contact: pr@mobilitasinsurance.com
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SOURCE Mobilitas Insurance Companies