As part of a managing general agency agreement with Amwins Specialty Auto in Florida, Buckle has begun to provide non-traditional auto insurance to gig workers.
In the list of all new developments within the auto insurance industry, this is one of the most prominent ones and stands out as the year comes to an end as more people enter the gig job economy.
It was reported by Buckle Insurance in a news release that Gateway Insurance would be the admitted carrier.
Buckle's move is part of its initiative to offer financial products to gig-economy workers who are not considered employees and do not receive corporate benefits. They are considered contractors.
It will be available through Amwins' agency network from this week onwards to offer Buckle/Gateway's non-standard auto coverage.
According to a statement, the gig car insurance product will be available by year-end.
Data from ride-sharing platforms are used to underwrite insurance policies with Buckle's gig auto insurance for delivery and rideshare drivers. Gig workers are underinsured or pay higher premiums by using conventional insurance policies based on credit scores as opposed to credit scores, according to Buckle.