Suncorp intermediated brand Vero has launched a comprehensive ride-share offering in partnership with Cover Genius and Uber.

The product is designed for Uber drivers and combines personal use comprehensive motor insurance with pay-per-kilometre ride-share coverage.

Vero head of platform business Laura Broughton says ride-share drivers may find themselves at risk of being underinsured, or without cover, if they are relying on their personal comprehensive or compulsory third party cover.

“Ride-share drivers don’t all work the same hours from week to week or month to month, so traditional insurance models don’t always reflect how they use their vehicles,” she said.

“This product gives drivers a more flexible way to access cover that matches their driving patterns and helps reduce the risk of gaps in protection.

“Vero is delighted to partner with Uber and Cover Genius to create a market-leading solution that addresses the changing nature of the workforce, the needs and budgets of Australians, and their increasingly digital-first expectations.” 

Coverage includes vehicle damage, theft or loss of vehicle when driving for private use or with the Uber platform.

Cover Genius chief business officer Barney Pierce says pay-per-kilometre ride-share insurance is another example of the growing preference for embedded, modular and personalised protection.

“Companies such as Uber and Vero are leading the way with a flexible mindset and a clear recognition that the way we work, budget and live has changed,” he said.

Uber Australia and New Zealand head of driver operations Daniel Lopez says the cover’s proposition is simple.

“If a driver decides to purchase this optional ride-sharing insurance through the Uber app, a pay-per-kilometre mechanism means they’re paying exactly for what they need – they pay more in the months they drive more with the Uber app, and pay less when they drive less,” he said.

“Driver partners look for flexibility and control, and I’m excited that we are now able to offer drivers access to motor vehicle insurance that caters to modern and flexible work.”

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