Lyft’s new “Price Lock” feature, which CEO David Risher detailed in August, now is available nationwide, the ride-hailing company announced Wednesday.
For a $2.99 per-month fee, riders can lock in a price for a regular route and time that is good between those two points for the hour selected. If the ride cost at the time of booking is ever below the cap, the rider would pay the lower fare. The price cap is good for one month, and riders can have up to 10 price-lock passes at a time, according to a Lyft spokesperson.
The locked-in price is calculated based on the historical average price of the route and time window selected, according to Lyft. Riders can save up to a cap of $40 per pass per month with the feature.
Risher talked about Price Lock during Lyft’s second-quarter earnings call as a commuting benefit, but it can be used by riders for any regular ride they take, according to Lyft.
Riders can find “Price Lock” in the menu section of the Lyft app to sign up.
