Buckle, a U.S.-based insurtech, announced on Thursday it has launched its rideshare-only insurance that provides rideshare and Transportation Network Company (TNC) drivers with personal and commercial coverage in one policy. Buckle reported it is now available to eligible Lyft drivers in Georgia with other partners expected in the coming months.
Founded in 2017, Buckle state provides financial products and services to the shared economy. The company revealed that beginning with insurance, its goal is to offer streamlined and transparent transactions to those who turn their personal assets into revenue-driving opportunities.
“The growth of the gig economy, driven by platforms like Lyft, is shaping the future of work. According to Statista, the number of freelancers in the U.S. will reach more than 91 million by 2028. This growing area of the workforce has created challenges for traditional industries like insurance. With Buckle Insurance, Buckle is addressing the problem of auto insurance for rideshare drivers by offering an affordable hybrid policy based on their driving track records, which has been crowdsourced from thousands of trips.”
Dustin Walsey, CEO and co-founder of Buckle, further explained:
“The evolution of ridesharing has created a problem for insurance companies, and their inability to adapt to this new form of transportation has left the rideshare driver with few options to stay protected while on the road. Buckle is solving this problem with innovative, unique underwriting that is unlike anything else on the market – complete coverage at an affordable price. Buckle’s goal is to bolster the rideshare community by addressing their unique needs with services they deserve at better prices, starting with insurance.”
Buckle added its initial focus is to develop lifetime relationships with the rideshare community by providing affordable auto insurance. The company is currently looking to extend its offering for those working in delivery services.