GEICO Is Now a Lyft Perk
Ahead of its IPO, Lyft is introducing Lyft Driver Services, a list of perks and services designed to save drivers money and make driving easier.
Among other things, the ride-sharing company plans on opening repair shops nationwide alongside mobile service vans that will offer drivers deep discounts on things like flat tire fixes, brake work and oil changes.
Beyond servicing cars, Lyft is offering a no-fee online bank account and debit card in partnership with Stride Bank that comes with fee-free payouts after every ride, and cash back on gas (2%), groceries (1%), and select dining (4%).
The company is also promoting GEICO’s all-in-one rideshare insurance policy. Available this spring to eligible drivers, the GEICO coverage comes with a $250 deductible for physical car damage, and earns drivers $0.25 extra on each ride they give.
Bottom Line: Lyft had 1.1m active drivers at the end of 2018.