HyreCar CEO Thanks American Business Insurance
In an interview with Nasdaq, HyreCar CEO, Joe Furnari, shared how American Business Insurance helped the company grow and succeed. It is our pleasure to work with this amazing company. Read below about the HyreCar company origins, the ways Uber and Lyft drivers can succeed despite obstacles, and the role of transportation network insurance.
The Origins of HyreCar
Three years ago, Joe Furnari was not the CEO of HyreCar. In fact, he was their first customer. At the time, he had a car in his garage that he barely drove. He was actually getting ready to sell his car when he came across the HyreCar start-up. So, he decided to give it a shot by listing his car for rent. When HyreCar had matched him to a driver, the three original founders were so excited they drove to Furnari’s house to meet their first client and be there when the driver came to pick up his car. The driver could then drive for Uber or Lyft. It didn’t take long for Furnari to see a profit by renting his car out, and he became so enamored with the business model that he eventually left his job at the time to become the CEO of HyreCar.
As insurance brokers, we get calls all the time from people who are looking to start a new commercial transportation business. Whether it be someone aspiring to start the next Uber and Lyft or someone who wants to start a small shuttle business, it is our priority to weed out those who are serious and have spent time in their business model, compared to those who woke up one day thinking it would be easy to hit the ground running.
Where We Came into the Picture
In 2015, our agency President Dave Haley and insurance industry veteran (as recently dubbed by BusinessWire) received a call from the two original founders of HyreCar. Marciano Kim and Abhi Arorahe, the HyreCar founders, found our auto insurance company via google. “I spent 3 minutes on the phone with the founders and immediately, I loved the idea HyreCar was going for. I knew there were a lot of people who wanted work (for Transportation Network Companies like Uber and Lyft) but couldn’t because they didn’t have a vehicle that qualified for it,” Haley said.
At the time, HyreCar and similar companies represented an untapped insurance market as well. Haley was tasked with what felt like an impossibility – to find an insurance company to charge per day, per mile, and per minute. After shopping the marketplace and many declinations, he finally found a carrier that was as interested in the business model as he was. And within a rapid 60 days, HyreCar was insured and able to really launch their platform.
Uber and Lyft Drivers Can Rejoice
There is a big problem for many people who want to drive for Uber or Lyft. The obstacle is obtaining a vehicle that meets Uber or Lyft company requirements. Many drivers have to rent cars and then have to procure insurance on that vehicle. Personal auto specifically excludes any use of your vehicle that generates revenue.
Many Transportation Network Company (TNC) drivers use their personal auto regardless, but technically this is risky. In the case of an accident while driving for Uber or Lyft, their personal auto carrier would deny the claim. Additionally, the driver would face the possibility of cancellation and non-renewal. With HyreCar’s model, drivers are able to rent a car at an affordable price. Plus, they would obtain an insurance ID card through HyreCar that allows them to qualify for Uber and Lyft. The great news is it does not put them at risk for being cancelled for unauthorized use of the vehicle.
HyreCar CEO Speaks to the Importance of Good Insurance
Since launching three years ago, HyreCar has expanded into all 50 states. They have provided solutions for a disrupted transportation, car dealership and insurance industry. HyreCar recently went public and CEO Joe Furnari was interviewed by Nasdaq. In the Nasdaq interview, Furnari attributes part of HyreCar’s ability to grow and succeed to partnering with the right people on the insurance side. Furnari spoke specifically of American Business Insurance. The video clips and press releases included in this article effectively articulate from Furnari on how HyreCar has helped drivers, car dealers, and the insurance industry step forward into this ever-changing transportation marketplace.
Written by Laura Loftus on October 16th, 2018.
For more information about insuring your shared economy or transportation network company like HyreCar, click here: https://abiweb.com/services/tnc-provider/
WATCH THE INTERVIEW BETWEEN NASDAQ AND FURNARI BELOW
WATCH ANOTHER INTERVIEW WITH FURNARI HERE: https://www.facebook.com/Nasdaq/videos/2638290029729362/UzpfSTI2ODE1MjMzOTg2NjU2NzoyMjg5Mjc2ODE3NzU0MDk5/