GEICO’s ridesharing product replaces the driver’s personal auto policy and provides coverage both for personal and ridesharing use. GEICO will offer the product through GEICO Commercial at a price significantly lower than taxi and commercial rates.
According to Nancy Pierce, GEICO regional vice president, the product will offer ridesharing drivers a complete product so they do not have to worry about how to report a claim, and if they chose the coverage, whether their car will be fixed and whether they’ll have medical coverage.And they're ready for the brave new world to come too;
[CEO Tony] Nicely told Fox Business News that Geico is prepared for the days of driverless cars. He said he believes driverless cars will reduce claims frequency but thinks that this will happen very gradually.Which is fine with the boss, Warren Buffett, CEO of Berkshire Hathaway, which owns GEICO.
Buffet also isn’t worried about driverless cars reducing the auto insurance business. “If there are fewer accidents, that will drive down the cost of insurance and that is good for lots of Americans,” he said, adding, “We are for anything that makes cars and driving safer.”