Allianz Insurance enters niche market for ride-sharing services

Allianz has expanded the cover available under its Private Car Insurance policy to include the use by eligible car owners for ride-sharing activities such as Uber and Lyft.

 The move follows recent moves by Australian state and territory governments to formally recognise ride-sharing.

Allianz says it will provide comprehensive, third party property and third party fire and theft insurance cover for customers employing ride-sharing services.

Policyholders nationwide simply need to confirm their usage with Allianz and they’ll receive coverage.

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 ride-sharing.