Allianz has expanded the cover available under its private car insurance policy to include the use by eligible car owners for ridesharing activities.

Given recent moves by many Australian state and territory governments to formally recognise ridesharing, Allianz has responded to the changing market and seeks to provide certainty of insurance coverage and peace of mind for its customers when they are using their privately owned cars for ridesharing.

NIBA CEO Dallas Booth said “the rise of innovative businesses like Uber and AirBnB is something we as an industry need to be increasingly aware of, and begin to anticipate the impacts ‘disruptions’ may have on insurance and clients’ needs. It’s very timely that we have confirmed Modern Risk Solution’s Geoff Stooke hosting a session at this year’s NIBA Convention on insurance challenges from new economic models in peer to peer collaborative consumption. I’m pleased that one of our NIBA Convention Principal Partners is taking action to respond to the growing number of participants of the sharing economy.”

John Myler, Chief Market Manager, said “Allianz is committed to its customers and their changing insurance needs. 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.”

Allianz will provide comprehensive, third party property and third party fire and theft insurance coverage for private car insurance customers providing ridesharing services. Eligible customers will be covered simply by confirming their ride sharing usage to Allianz, no matter where they live in Australia. Customers who already have an Allianz Private Car Insurance policy can contact Allianz to discuss updating their policy to include ridesharing.