Uber has partnered with Coverfox, an online insurance portal, to provide car insurance for its drivers under the UberCLUB driver rewards program. The partnership will provide car insurance through premium rates and (unnamed) value added services in Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Pune, Ahmedabad, Chennai, Kochi, Guwahati and Coimbatore with plans to expand to all of Uber’s 29 Indian cities. Uber had launched UberCLUB in Bangalore, Mumbai and Delhi NCR last November and extended it to 7 more cities last month.
Uber’s vehicle financing solution
Last month, Uber tied up with Toyota Kirloskar Motor to provide a 90% on road financing package to its drivers. The financing included vehicle cost, accessories, service, registration road tax and insurance and would be available till the end of this year. This was likely an extension of its vehicle financing program with lending firms Toyota Financial Services, Sriram Finance and AU Financiers which was launched 2 years ago.
In May this year, Uber received an undisclosed amount of investment from Toyota to create a vehicle leasing program for Uber’s drivers in the US. Toyota had also sold a fleet of Lexus and Toyota cars to Uber.
This year in India, Uber invested over Rs 200 crore in Mumbai-based car leasing firm Xchange Leasing after it partnered with the latter to lease cars to drivers. In September, Uber planned to lease over 200,000 cabs to drivers in India who wanted to join its platform under UberShaan. UberShaan would essentially work through Xchange Leasing.
Driver and fleet management app
Earlier this week, Uber launched UberFLEET, a company driver and fleet management app. The app would allow ‘fleet partners’ — a partnership program between vehicle owners and Uber — to track their driver cars via GPS, performance on daily and weekly trips, and total driver earnings.