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Lyft expands third-party partners for driver insurance (NASDAQ:LYFT)

In a filing, Lyft (LYFT +0.7%) reveals expanding its insurance carrier partnerships to include Allstate, Liberty Mutual, and CSAA subsidiary Mobilitas.

Lyft plans to continue working with Progressive, AXA-XI, and Constitution State Services, which is Travelers’ third-party administrator.

The ride-hail company expects the changes to reduce potential volatility in its insurance costs for the policy year ending on September 30, 2021.

Lyft requires drivers to have personal auto insurance that meets the minimum state requirements, but notes that not all personal policies will cover accidents that happen while driving for the company.

For cases where personal coverage doesn’t apply, Lyft offers third-party liability coverage through its partner network.

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