Vero, the Suncorp-owned insurer, has partnered with Uber, the ride-hailing platform, and Cover Genius, an embedded insurance provider, to introduce what is being described as Australia’s first pay-per-kilometre comprehensive motor insurance built specifically for rideshare drivers.
Available through the Uber platform, the fully digital policy is designed for eligible driver-partners who split their vehicle use between personal errands and paid rideshare trips. The pricing structure is built to track how much driving a person actually does on the Uber platform each month, so cover more closely matches real usage rather than following a one-size-fits-all model.
Under the scheme, drivers pay a fixed premium that covers private use of the vehicle, alongside a separate rideshare premium that moves in line with the kilometres they log on the Uber app. If a driver completes more rideshare trips in a given month, that portion of their premium rises; if they drive less for Uber, it falls accordingly.
The insurer said the launch responds to a common problem for gig-economy drivers, who can struggle to find cover that properly accounts for time spent working through an app. Relying solely on standard personal insurance, or compulsory third-party cover, can leave some drivers exposed or improperly protected while working, so the new offering merges private and platform driving into a single policy to close that gap.
Cover extends to damage, theft or loss of the vehicle, whether it is being used privately or for Uber trips, and eligible drivers can sign up directly from within the Uber Driver app.
Vero Head of Platform Business Laura Broughton said, “Rideshare 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 vehicle.
“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.”
Cover Genius Chief Business Officer Barney Pierce said, “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.”
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