Rideshare Vehicle Captive Insurance
Program Details’
Numbers Speak
Over 2 million drivers engaged in rideshare and delivery services face the challenge of dedicating a significant portion of their earnings to insurance expenses. From the rideshare, 20% of the fare paid by rider goes to Insurance. It is same as driver earnings!
Group Captive or self-Insurance for commercial, liability and personal insurance on the car is the solution.
Understanding Group Captive Insurance
Large transport companies with expansive vehicle fleets often grapple with exorbitant commercial insurance costs. A viable alternative is the creation of a self-funded insurance company, wherein the participating company or group finances the insurance. Claims are then settled from this fund, leaving residual income for the collective group or the founding company.
One Captive insurance for the car
Presently, drivers working for rideshare platforms like Uber find themselves compelled to acquire different types of insurance – commercial insurance during trips, liability insurance when online and comprehensive insurance for personal use.
The cumulative impact of these insurance types amounts to 25% of the fare. To streamline and economize the process, the program helps drivers have one insurance on the car which covers all the scenarios leading to substantial savings of up to 50% in insurance costs and this results in additional income source for drivers.
Getting Started
Embarking on this initiative requires the expertise of professional advisors who can guide us in establishing, managing, and mitigating risks associated with our own insurance company. Following thorough research, we have short listed three companies final selection will be made to guide us through this process.
Joining the Program
Driver’s collective responsibility is to participate in this program by paying a basic fee to create a robust group. This united front will enable us to achieve significant cost savings, redirecting funds from predatory insurance companies towards a more sustainable and beneficial insurance solution tailored to the unique needs of drivers.