What is a Deductible Buydown?
Certain rideshare platforms pay for comprehensive and collision coverage while driving on an active trip, however the coverage involves a high deductible “out of pocket expense” for the driver which is usually much higher than what a typical auto policy will have.
For additional protection, you can choose to add a “Deductible Reimbursement” coverage to your policy. This offers you, the driver, the option to fill the gap in the deductible for when you are driving for Rideshare or making deliveries, by having VOOM cover the difference between your VOOM policy deductible and that of Uber/Lyft.
How does it work?
When you buy a policy with VOOM, you choose the amount of deductible you want to pay for in the case of an accident.
In case of a claim being filed with Uber/Lyft (Periods 2 and 3) or Amazon Flex (Period 3), VOOM will cover the difference in deductible to be paid between Uber/Lyft's $2500 deductible or Flex’s $1000 to your policy’s deductible.
For example, if you chose a $500 deductible on your VOOM policy and filed a claim with Uber while doing work for them, you’ll handle the claim with Uber and they will ask you for a $2,500 deductible. However, once the claim is resolved VOOM will reimburse you for the difference, in this case $2000.