PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

Follow Us For More!

Instagram

Facebook

Linkedin

 

 

HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/

How ABI is Protecting HyreCar

How ABI is Protecting Hyrecar

Ride-sharing services are taking the world of transportation by storm. Uber and Lyft are constantly relied on both by riders who need to get places efficiently, and by those who are employed by either company. However, many people are not aware that vehicles must meet certain standards in order to provide rides by Uber and Lyft. Due to these specific requirements for cars, many who desire to drive for the ride-sharing service aren’t allowed the opportunity. There was nothing they could do- until Hyrecar.

The Solution

HyreCar has arrived as the first car-matching service that works hand in hand with Uber and Lyft. The concept is simple: for those who desire to drive but don’t have a car that meets the requirements, HyreCar allows you to rent one and get right to work. Most issues that are preventing certain cars from qualifying for Uber and Lyft are simply problems that are typical of older vehicles. Its a lot to ask of someone to make them purchase an entirely new vehicle just to pass the restrictions test. In turn, less people would drive for Uber and Lyft, which hurts both the would-be drivers and the companies themselves.

The Process

HyreCar realized the very simple solution to this problem, and the founders were shocked when they found that no one had discovered this niche market yet. HyreCar’s platform is easy to use, while still being thorough. It allows car owners to post their vehicles that are up for rental, and when drivers find one they want, they create a profile. This profile includes information such as driver’s license and social security numbers, and drivers can pay just by entering their credit card information into the platform. HyreCar’s founders believe that their screening process for drivers is even stricter than those of Uber and Lyft, checking things like criminal records, DMV records, and sex-offender databases.

Everybody Wins

Thanks to HyreCar, everybody involved benefits in some way. Cars that would otherwise be sitting in a garage or not in use somewhere are making their owners money. Those who wish to be drivers are given an easy way to fulfill that desire without buying a whole new car. Uber and Lyft have more drivers for their companies and therefore generate more business. HyreCar benefits by charging drivers that rent from them a 10% fee and car owners a 15% fee.

How ABI is Covering HyreCar

American Business Insurance is providing HyreCar with a unique insurance policy to ensure the highest level of safety for both the drivers and riders. When a driver is not driving for a ride-sharing platform but is still in possession of the rented car, they are covered by ABI’s policy that covers both the riders and drivers. When they are driving for a ride-sharing platform with the rented car, the insurance defaults to the state-mandated policy provided by the respective ride-sharing company.

As far as HyreCar is aware, they are the only car-matching service that utilizes a unique insurance policy such as the one provided by American Business Insurance. Thanks to ABI, HyreCar now has a competitive advantage that will likely continue to garner success for the company.

PERIOD X™ Fleet Management Software with Insurance Built In

Period X™ Quote

What is Period X™ insurance and how does it work to help you manage your fleet?

American Business Insurance Services, Inc. developed Period X™ for fleet owners or individuals that are renting their cars out on a car sharing platform. This applies to platforms such as Turo, HyreCar or GetAround.  This coverage comes with fleet management software through a web-based dashboard at no extra cost to your policy. This fleet management software comes with tools to ensure your fleet is running at maximum efficiency. When managing your fleet that operates through a Transportation Network Company, the coverage is usually provided to the renter through TNC Provider Insurance. It is important for fleet operators to know that insurance is not supplied through TNC Provider Insurance when the car is not rented out. Of course you want to make sure your car is covered at all times. That’s where our proprietary Period X™ insurance coverage comes into play.

 

 

What a Period X™ Insurance Policy Provides

Our Period X™ Insurance policy provides more than the minimum state limits in
almost all 50 states. A comprehensive insurance product to cover fleets that
are being rented out on Peer to Peer (P2P) rental platforms such as the ones mentioned above. Our product is one of a kind. If you are renting your vehicles out on P2P rental platforms PERSONAL INSURANCE DOES NOT COVER YOU for this type of business model.

fleet management

An insurance policy with fleet management software

We didn’t stop at just putting the Period X™ insurance product together, we did a lot more.  Every Period X™ policy holder receives a proprietary device for each vehicle that they insure. This includes a fleet management web-based dashboard to manage your fleet.  It would be one thing just to have proper coverage that nobody can offer, but below are some of the additional services we provide as part of this coverage:

  • Ability to add/delete vehicles online

  • GPS track each and every car at all times

  • Check billing

  • Access ID cards and so much more fleet management tools

Period X™ is fleet tracking with the insurance built in!

Why we created Period X™ with fleet management software

As usual, the best place to start is always the beginning. To make a long story much shorter, in the beginning there were taxicabs. When taxicabs were the only animal of their kind roaming the earth, life was simple and there was only one period of time. Things were pretty easy. If you needed insurance for a taxicab, you got a taxicab insurance policy that covered that taxi company 24 hours a day, end of story. fleet management software

Then, not too long ago, something called Uber and Lyft came onto the scene.  All of the sudden, things got complicated really fast in the insurance world.  These companies found that if they divided their insurance policy into separate periods of time, and that each period had a coverage limit assigned to it. This made it possible to reduce their exposure (and their insurance premiums) to maximize profits.

Then, we had another new company (HyreCar) facilitating TNC rentals between rideshare drivers that needed cars and vehicle owners who wanted to make money by providing those cars.  The term peer-to-peer rentals was coined.  

A New Problem Arises

Initially, the idea was that personal insurance would cover the party that was renting their vehicle out to the TNC drivers as long as they only had one or two cars. It did not take long for vehicle owners to see that they were netting $700+ a month per car. Seeing such great results, this resulted in the vehicle owners adding more and more cars until they had fleets. Vehicle owners now had 10, 20, or even 30+ cars, which is not covered by personal auto insurance. This issue lead to the need for the Period X™ product to be created since personal insurance doesn’t cover fleets that are primarily used to make money via rental app platforms and especially not TNC rentals.

Napkin math ensued and a new problem emerged: 

“How do I place insurance on my fleet of cars under an LLC or Corp and keep my personal lines insurance pricing?”  

The answer to that question is: Period X™ Insurance!  Our agency was the brains behind this exciting new insurance product. We are now positioned to bring it to the masses! Now, fleet owners who place their inventory on platforms such as; HyreCar, Turo, GetAround & similar peer-to-peer rental platforms have access to a reasonably priced app-based insuranceinsurance product that covers their fleet for only the period of time when the vehicle is not rented out and is being serviced and maintained to ready the car for the next rental.  

There are articles upon articles online in regards to Periods 1,2 & 3 and why they are the way they are. The basic idea is that when a rideshare driver has the rideshare app off, then the rideshare company has no involvement in what that driver does with their car. This results in no insurance for that period of time.  The instant the rideshare app is on and the driver is engaged with it, Period 1, 2 & 3 begins and typically state minimum auto liability limits apply.

fleet management software

 

Breaking down insurance policies divided into separate periods of time:

After the app is turned on and driver is engaged with Period 1, they scan for rides
they’d like to take. The instant the driver accepts a ride, they have entered Period 2. The insurance coverage offered by the rideshare providers increases a bit more to cover incidents that might occur while the driver is on their way to pick up a passenger.

insurance policy

The last (for now) action involved in a typical rideshare exchange is that the driver arrives at the pick-up destination. The instant the passenger(s) get into the driver’s car, Period 3 is activated. 

TNC insurance policy

Period 3 typically involves $1,000,000 of auto liability coverage via the rideshare company insurance policy. This is the riskiest period of time, because any accident occurring during that period fully engages the rideshare provider and all participants involved with that ride.

Period Policies for Commercial Auto Working Together

The “Period 1,2 & 3” policy setup is now the industry standard for app-based transportation companies that offer rides as a service. Now with American Business Insurance Services, Inc. Period X™ insurance coverage, fleet managers are able to go beyond the industry standard. With our Period X™, coverage never slips through the cracks making sure your TNC fleet is protected at all times.

After Uber & Lyft had been around for a couple of years, opportunity-minded people started to notice the great deal of demand for vehicles from drivers who wanted to make money driving for TNC companies, but did not have the means to purchase, lease or finance a vehicle for various reasons.

A few select companies have established a niche in this territory and filled this demand successfully.  These companies didn’t only see this driver need for vehicle inventory in the marketplace. They saw plenty of regular people out there that are not always driving their personal vehicles, or who were interested in purchasing vehicles for the sole reason of renting them out to TNC drivers who needed them. This is an industry that expected to have rapid growth. When creating a TNC company having the proper policy coverage protects your business and livelihood. 

Contact Us For Full Details on Period X™ and our Fleet Tracking Software

We’d love to tell you everything about this program because we’re SO excited about this new product. We can’t just give away all our secrets at once, can we? What we can tell you is that we’re open in most U.S. states, have a full-time I.T. department dedicated to continuously evolving the technology behind this product. Our experienced team of licensed professionals are excited to talk to you about how you can get Period X™ Insurance on your fleet. Give us a call today! Let’s solve your fleet insurance / management problems so you can get back out there and make some money!

Call Today: (800) 980-1950

https://abiweb.com/

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HyreCar CEO Thanks Us

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.

HyreCar lyft uber insurance

 

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

Uber driver Lyft Driver insurance hyrecar

 

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/