A regional initiative for car-leasing firms, insurance and finance companies is extending current leases and insurance coverage for DiDi drivers. The policy started in Hubei is now spreading to other parts of China. The initiative is part of a Didi-coordinated cross-industry effort to contain the negative effects of the COVID-19 outbreak.
Didi’s subsidiary Xiaoju Automobile Solutions (XAS) currently coordinates with over 3,000 leasing partners across the nation to expand its lease extension plan to ride-hailing drivers, according to the company. At this stage the initiative involves waving the February payment for its drivers nationwide. XAS will update the plan further based on the developing circumstances.
People’s Insurance Company of China, Ping An Insurance, Pacific Insurance, China Life Insurance and other top Chinese insurance firms, are among Didi’s 38 main insurance partners extending coverage for leased vehicles to help leasing firms reduce their operating costs. Other parties involved include over 20 financial institutions, including the financial subbranches of Dongfeng Motors, BAIC Group, China Merchants Bank and China Zheshang Bank. Their contributions to the cause include loan extensions, liquidity lending and lease adjustment programs.
On top of that, DiDi has also launched a special COVID-2019 insurance program, offering special medical emergency allowances for its drivers who continue working while other means of public transportation in China are either suspended or considered unsafe. Special DiDi fleets offer free transportation for 20,885 certified doctors and nurses in Wuhan, Shanghai, Beijing, Xiamen, Ningbo and Nanjing.