Are you already in the livery business or looking to be the next Uber, Lyft or DoorDash company? Insurance is a mandatory requirement for all for-hire businesses, including rideshare, TNC (Transportation Network Company) and other shared-economy type business models. Shared economy is a niche industry and finding experienced brokers to help is a must. There are few insurance companies for shared economy, and we have secured company appointments with all of them.
After a thorough review of your business plan, ABI will walk you through every necessary step to secure a customized auto insurance policy for your new peer-to-peer transportation company.
At American Business Insurance Services, we have over 35 years of experience insuring public autos such as taxis and limos, as well as other business auto fleets. Over the past decade, we have evolved with the transportation industry and adopted technology that will propel us into the future with you. Thanks to our transportation and insurance know-how, APIs that interface your application to our customized transportation insurance policies, and unique new markets, we are prepared to provide you peace of mind and quality service as you delve into your new ventures.
The key to these transportation insurance policies is that companies are looking for peer-to-peer structures. So, you provide the platform that dispatches and manages everything, and the people who use your platform shares their information with each other.
Because we have a staff of dedicated in-house programmers, we have the ability to design any type of transportation insurance product that you could dream of. Billing, vehicle changes, driver changes, vehicles on and off platform, periods 1,2,3, and even our proprietary Period X™ can be covered and billed on a per-mile, per-day, per-anything basis! Furthermore, we have relationships with certain auto insurance carriers who can integrate their SDK into your application and increase or decrease driver insurance premiums based on the safety levels of your drivers from month to month. In other words, you control the price.
We know, we’re totally geeking out over here. What kind of auto insurance broker gets excited about SDK’s, per-mile insurance, and TNC companies? We do! Give us a call or fill out the form above – let’s talk about transportation insurance solutions for you!
Want to learn more about starting your own TNC business? Click here for A Detailed Guide To Getting your TNC off the Ground.
Below is a list of different types of peer-to-peer transportation company insurance available and an explanation of what those types of auto insurance policies cover.
Physical Damage Insurance
Physical Damage insurance coverage protects shared vehicles from damages, whether or not the driver is considered at fault for an accident. Physical Damage insurance is important if you are leasing or financing a vehicle, since you have an outstanding loan or lien on the vehicle. This auto coverage is mandatory if your company wants to protect their vehicle from damages, whether the driver is considered at fault or not, and also protects the loan or lienholder on the vehicle if not owned outright. All Physical Damage insurance policies have a deductible that usually ranges from $500 to $5,000. Physical Damage insurance is written either on a Comprehensive & Collision or Collision & Specified Perils basis. Read below for more information about each of our Physical Damage insurance policies:
Comprehensive Physical Damage: Covers damage to the vehicle caused by events that are out of your control, such as theft, vandalism, fire, accidents with animals, weather/acts of nature, and more.
Collision Damage Protection: Covers damage to the vehicle caused by the scheduled driver. It allows faster repair of the vehicle if involved in a not-at-fault accident because you can file the claim with your insurance company and start seeking payments to get the vehicle fixed if damages are greater than the listed deductible. If the other insurance company accepts liability, the TNC policy deductible is waived and the insurance company will subrogate (collect money) from the at-fault party. If there were no collision coverage, in order to get the car fixed, you would have to wait for the other party to accept liability and/or pay for the damages yourself while the claim process happens.
Specified Perils: This policy covers damages resulting from specific events that are pre-defined within the insurance policy; such as fire, theft, lightening, windstorm, smoke, and more!
Access your account 24/7 with ABI.
Auto Liability Insurance
Auto Liability, a mandatory insurance, protects you and your auto business from financial losses when you are involved in an at-fault automobile accident. Traditional transportation insurance policies are issued on a scheduled auto basis, which means the vehicle must be on the policy at the time of loss for coverage to apply.
If your Transportation Network Company (TNC) is found liable for an at-fault accident, your TNC pays to fix the damaged vehicle, for medical bills of the passengers in that vehicle(s), and also for the medical bills of the passenger(s) in your own vehicle.
Your P2P transportation insurance policy would also pay for court and legal expense fees if a third party decides to file a lawsuit against you in regards to an auto accident.
Request a Quote
For a fast TNC Insurance quote, please fill out and submit this form and a licensed insurance agent will contact you shortly with a quote.
We’re here to help, 800-980-1950
Agents are available 8am-5pm
Monday – Friday, Pacific Time