Local insurtech Ride Protect has launched an insurance and roadside assist package designed for rideshare and food delivery drivers.

Ride Protect’s comprehensive motor vehicle insurance covers private use, food delivery and rideshare activities under one policy.

The product is underwritten by Mercurien Insurance, an agent of HDI Global, which says Ride Protect gives rideshare drivers what they are asking for in their insurance.

“Ride Protect helps rideshare drivers and operators save costs and overheads,” it said.

“You no longer need two separate policy types for your vehicle insurance. Our one comprehensive policy covers rideshare, food delivery and private use. The policy also gives you access to cutting-edge technology that helps make your rideshare business safer and more profitable.”

Founder and CEO Jeremy Bennett says rideshare drivers have been paying an average of $1499 a year for their car insurance, and an additional $150 a year for roadside assistance.

“This is not sustainable and I wanted to find one single solution,” said Mr Bennett, who was formerly director at Insurance & Risk Management Specialists, principal consultant at Marsh, business relationship manager at QBE and account manager at Aon.

Mr Bennett says rideshare drivers are often unfairly stigmatised as high risk drivers and charged excessive premiums, something he wants to change.

“Our mission was to offer drivers unparalleled protection, simplicity and value for money under the one policy," he said. "We needed to recalibrate the way insurers think about this industry.”

He encouraged insurance brokers and fleet management to get in touch.

The offering, which operates on 365 Assist Group technology, incentivises via reduced premiums when policyholders adopt safer driving habits and incudes video coaching to be a safer and more fuel-efficient driver.

“Jeremy has tapped into a niche market which really is a complete and convenient solution for drivers,” 365 Assist Group CEO Peter Richardson said.

“As our first partner to launch a product which harnesses this exciting new technology, we’re proud to work with Jeremy and the team, arming them with valuable driver insights to support them in delivering a game changing insurance product.”