Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security

Taxi Cab Insurance: The Best Coverage for the Best Price

Taxi Cab Insurance

Taxis are the go-to transportation mode for people all over the country. There are many tales about heroic cabbies coming to save the day or night. Some dub the driver’s seat of taxi cab the world’s best free theater. It is important to have great taxi cab insurance!

As many heart-warming and glorious stories out there about taxi cabs, there a few less-than desirable stories as well. That’s when taxi cab insurance by ABI comes to the rescue! We have your back no matter what.

Why Taxi Cab Insurance with ABI?

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgeable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Benefits of Taxi Cab Insurance from ABI:

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of experience
  • 40,000 vehicles insured
  • Competitive pricing

Customizable Taxi Cab Insurance

We have the experience necessary to know the field. We then pair this knowledge with top of the line technology – and we do not outsource. Our in-house programmers will work directly with you to design a custom plan to meet your individual taxi cab insurance needs. We will design a policy that covers the needs of all parties involved.

We understand the time-sensitive nature and regulatory requirements involved in operating a passenger transportation company. With a specific department dedicated to certificate issuance, we are able to have our client’s vehicles on the road within minutes of a request.

We pride ourselves on providing prompt, reliable, experienced, innovative, and competitive services and solutions to our loyal customers.

Taxi Cabs: A Brief History

The first electric taxi cab came in a fleet of 600 cars to NYC. These taxis were dubbed “hummingbirds” due to the electronic humming noise they made. The word taxicab was originally used as one work after “taximeter” the device used to keep track of distance and fare. In the 1980s computer assisted taxi cabs were dispatched to those who were in need of a cab. Nowadays passengers can order a taxi cab straight from their phone to be picked up in minutes.

A.M. Best Rating Service: The Credibility of Insurance Companies

Best’s Credit Rating (BCR)
When it comes to knowing whether or not an insurance company is going to be a reliable fit for your needs the first thing to verify is the company’s Best’s Credit Rating (BCR). This is an objective judgement regarding the insurer’s creditworthiness. The BCR is essentially a grade given based on quantitative and qualitative evaluations of the insurer’s balance sheet, operating performance, and business profile. There are various credit and independent rating options, to include:

  • Best’s Financial Strength Ratings (FSR) – This rating is an opinion provided on a specific insurer’s financial strengths and their ability to meet current insurance policy and contract obligations.
  • Best’s Issuer Credit Rating (ICR) – This rating is an opinion of an entity’s ability to meet ongoing financial obligations that can be issued on a long or short-term basis.
  • Best’s Issue Credit Rating (IR) – This rating is an opinion on the credit quality assigned to issues that determines how likely they are to meet the terms of obligation and can be issued on a long or short-term basis.
  • Best’s National Scale Rating (NSR) – This rating is based on a measurement of creditworthiness in a specific jurisdiction that is issued on a long-term basis.
  • Preliminary Credit Assessment (PCA) – This is an independent opinion based on the general credit strengths/weaknesses of an issuer, security, obligor, business plans, and term sheets.
  • Rating Assessment Service (RAS) – This is a rating solicited by non-rated entities that provides an opinion of a company’s rating prospects based on their financial statements and other financial information.
  • Rating Evaluation Service (RES) – This is a rating solicited by rated entities that provides an opinion on the impact of hypothetical scenarios based on financial projections and other financial information.
  • Financial Size Category (FSC) – This a grading scale designed to provide an indicator on the size of a company in terms of its statutory surplus and related accounts.

Choosing the Right Partner
For example, if you are searching for an insurance carrier to cover your commercial vehicles then it is crucial to look at their BCR. By looking at the ratings above it will give you a much better understanding of a company’s legitimacy when it comes to covering vehicles such as cabs, limos, ambulances, and trucks. BCR’s also allow you to get an in-depth understanding on how well different coverage options will be. For instance, Auto Liability, General Liability, Work Comp, Occupational Injury, and Collision Insurance.

Based on BCR, American Business Insurance Services is a great option when looking for commercial vehicle coverage. They are a small insurance carrier that has been around since 1984 and know how to cater to their partner’s needs. They are one of the largest commercial transportation insurance providers in the country with thousands of customers and over 40,000 vehicles insured. Now that you have a much better understanding of what goes into a BCR your options for choosing a potential insurance carrier should be much more clear. Happy insurance!

Public Auto Insurance

American Business Insurance Public Auto Insurance

We get it, dealing with public auto insurance companies can definitely be a little more than inconvenient, but we want to make life a lot more simple if you’re looking for public auto insurance. Our experience within the livery industry allows us to optimize our services for you and streamline any process involved. We have worked for over 30 years to ensure that our version of public auto is different, and done the right way. 

American Business Insurance has been an industry leader in public auto insurance for over 30 years. We not only care deeply about our clients, but have a deep understanding of the intricacies within the public transportation field. Some of the amazing breakthroughs we have made within the industry that make our process simpler are:

Extensive shopping of the entire coverage spectrum:

We want to make it simpler and easier for you. It really can’t get any better; we take the time to browse the entire spectrum of coverage within the market, to get you the best price possible.

Fast, helpful service

A plethora of public auto insurance services are completed within our very own company. If you do business with us, you can be sure that you won’t deal with a million different brokers or agents. We can handle anything all in house, from insurance claims to billing, and everything in between. ABI will help in every area that we can. We want to make public transportation insurance a great experience for you.

We write custom policies

When it comes to insurance policies, things can get really messy and complicated really fast. We understand that you don’t want to have to deal with all the details that you may or may not have a ton of experience in. We get it, per day insurance and per mile insurance can get really tricky and intricate, but we’re here to make it simple and write a custom policy that works for you and your wheels, whether it be an entire fleet, or just a few sets. No other company will take the effort to custom tailor to your needs, and no one else can match our timeliness.

Easy, real-time tracking

In the unfortunate case of an accident, insurance companies often need a lot of information regarding specific details like the time, place, date, speeds, and more regarding the nature of the accident. Being able to provide as many details as possible puts you in the best position possible to make the process easier, and to have a more successful case. Fortunately, we offer tracking devices that provide us with every detail we need in the case of any accident, and we offer simple, easy installation.

Easy-to-use online portal

Online portals are rarely found within larger, b2b insurance companies. They are the typical standard for personal insurance, and are able to simplify the relationship between client and provider. That is why we’ve broken the mold and provided an online portal for you, to make your life easier when it comes to insurance.

  Top 5 Issues When Choosing Lyft or Uber vs Taxi

Top 5 Issues When Choosing Lyft or Uber vs Taxi

Written by Laura Loftus on Wednesday, December 5th, 2018

lyft or uber vs taxi ridesharing cost and safety

With travel increasing as we approach the holidays, many of us default to using a Lyft or Uber vs Taxi because we are under the impression that it’s faster, cheaper and all around more convenient than taking a taxi. However, I have a different perspective. As a west-coast based insurance broker who has clients all over the country, I tend travel about once every two months or so.

Most recently, I’ve visited San Francisco, New York City, Denver and Las Vegas for work meetings. I have to tell you, there were times where hopping into a cab was not only easier but also less money than their TNC counterparts.

Nowadays, people seem to think taxis are antiquated. But in reality, taxis are the same thing as an Uber or Lyft app, and I honestly feel safer in a cab. Here’s why.

1) Safety

Safety is my top concern when entering into a Lyft or Uber vs Taxi. For one, Uber and Lyft do not limit how long someone must have been licensed to drive for them. Someone could’ve moved to the US a few weeks ago, obtain a Driver’s License and as long as they have access to a qualifying car and pass a MINIMAL background check – they are approved. Nobody trains them, monitors them, or ensures that they are familiar with the area in which they drive.

The city highly regulates taxi drivers. They require taxi drivers to go through numerous EXTENSIVE background checks. Only then does the city in which they operate in allow them to start transporting people. Many cities require taxi and limo drivers to obtain a Hack License or Chauffeurs license. That means they have endured many hours of classroom-style and behind-the-wheel training.

Besides safety concerns regarding the driver, there are concerns around the vehicle. All taxi companies start their days by inspecting vehicles. They are required to get a vehicle inspection yearly to keep their operating permit. Lyft or Uber vs Taxi vehicles are not regulated at all. Once the driver is approved, there isn’t much regulation unless the ride share vehicle is in an accident.

With ride sharing, you are taking a risk as to who you are getting into a vehicle with. You could end up getting into a vehicle of someone with a criminal background who is dangerous. Even more concerning, I have heard of people leasing or renting out their Uber or Lyft accounts. So, for someone who doesn’t qualify themselves, they will find someone who does qualify. They’ll have to go through the approval process and use someone else’s account to work. That freaks me out, a lot.  When comparing Lyft or Uber vs Taxi, this type of situation would not happen. That’s because fleet owners know exactly who they are leasing the cab out too.

2) Insurance

Insurance issues are a huge concern when riding in a Lyft or Uber vs Taxi vehicle (and I’ll admit, I do use ride sharing apps regularly). Despite being an insurance broker who specializes in Public Auto

lyft or uber vs taxi ridesharing cost and safety

Transportation risks (specifically for-hire, livery businesses such as Taxi’s, Limo’s, Non-Emergency Medical Transportation, shuttles, etc), I often hop into a Lyft or Uber vs Taxi because, let’s face it, it’s super easy.  Hop on an app, order a car, and it will arrive in 4-5 minutes. This is especially the case when you’re in a residential or suburban area where cabs aren’t just lined in the street waiting for their next fare. I often think about what would happen if the car I am in was involved in an accident.

I am extremely knowledgeable on the coverages that Uber and Lyft’s insurance policy include and it’s spotty at best. For one, the driver and passenger are only covered if the app is on and the driver is logged in. What if there is a technical issue and the driver is logged out? If their phone dies, what now? What if they’re in an area with poor reception and the driver is disconnected from the app? A passenger could be held responsible for injuries incurred. Additionally, the majority of ride share drivers do not have commercial insurance. Plus, Uber and Lyft require drivers to turn the claim into their personal auto carrier before they’ll accept liability.

Commercial auto insurance is expensive, about 2 – 5 times higher than personal auto and most ride share drivers do not buy it because their profit margin on operating is thin. They pay for the vehicle itself, maintenance of the vehicle, gas and almost every TNC driver who calls for a quote on commercial auto insurance so that they can be properly insured does not buy it because no one is making them. This means the only coverage they have for their vehicle and the passengers is through Uber or Lyft, which all hinges on the driver being logged into the app.

3) Accessibility

lyft or uber vs taxi ridesharing cost and safetyAccessibility and ease of getting a ride from an airport, in my opinion is far greater for a taxi than a ride sharing unit. When deciding on an Lyft or Uber vs Taxi, typically, I exit a plane and walk straight to a taxi to my destination. I don’t have to rely on my signal being strong enough for the app to work. I don’t have to wait for the car to come through traffic or walk to somewhere off the premises to get a ride. In some airports, they don’t allow ride share units to pick up. If they do, you often have to go up a level to the departure area or walk to a far end of the airport. When I get off a plane, I personally prefer to get straight into a car and quickly be on my way.

On my last trip to San Francisco, I saw a sign that said Ride Share pick up and I could see a side walk with several waiting areas. According to my app, Ride Share would be about 75% of the cost of a cab. I looked at the taxi line and it was empty and there was car waiting. For experimental purposes, I sacrificed my usual cab ride for a Lyft ride to see if it was actually faster and cheaper. I logged into my Lyft app and requested a vehicle. Because the airport was busy, it took 5 minutes for a driver to accept my ride plus 15 minutes for them to actually pull up to the curb. The whole time I kept my eye on the taxi line. I watched person after person get into a cab and drive away.

I wanted to cancel my ride as I had a meeting to get to, but I wanted to complete the experiment. When my driver arrived, the car was new and clean. No complaints. But by the time we sat in traffic and crossed the Bay Bridge from Oakland into San Francisco, the price was literally the same as a taxi. And it delayed my arrival by 30 minutes.

4) Pricing

lyft or uber vs taxi ridesharing cost and safety

Pricing for a ride share trip isn’t consistent. Taxi’s are transparent on how much they charge and most have the pricing displayed on the vehicle. During my last trip to Las Vegas, I spoke with a conference attendee. She complained the surge pricing was triple that of a taxi when she wanted dinner on the strip. And the taxi was ready to go right there. I also found this to be true during my last trip to Denver.

I’ve gone two years in a row for three days of Phish. The band is best known for their musical improvisation, extended jams largely influenced by Grateful Dead, Led Zeppelin, and their dedicated fanbase. The first year we went, we tried to order a Lyft. The price was about $150 to literally go 11 miles!

At 7 am in Times Square, I left my hotel.  My return flight home awaited. It was 30 degrees outside with some expected snow. Out of habit, I opened by Lyft app to find a driver 4 minutes away. As I exited the warm hotel lobby to the frigid air of the NYC streets, I saw a cab waiting right there. I waited a few minutes staring at my phone as the Lyft driver slowly creeped through traffic up the block. I asked the driver if he was available to take me to the airport, and he was. So, I cancelled that Lyft ride and walked straight into a fully insured, inspected vehicle with a professional trained driver. It was a flat fee of $55 which was the same price my Lyft app was quoting had I waited for it.

5) Supporting a local business

lyft or uber vs taxi ridesharing cost and safety

Supporting a local business rather than the corporate monopoly is another reason to consider when deciding between a Lyft or Uber vs Taxi. In a world where Google and Amazon dominate, it’s gratifying to support the local population directly. Most cab companies are the result of families passing down their businesses from generation to generation. In today’s world, it feels as if many businesses are struggling because of the monopoly of corporations that are taking over in so many industries.

It’s hard for me to be ok with living in a world where everything is giant corporation. What does that mean for the rest of us? As the world changes and modes of transportation evolve, many feel taxi cabs will one day be extinct. But many taxi companies are revitalizing and evolving their business models to withstand the test of time. They are upping their standards when it comes to the quality of vehicles they buy. Moreover, they are investing in technology to create booking apps so that they can appeal to the smart-phone dependent generation.

 

Although Uber and Lyft may seem like the cheaper and more convenient option, I strongly urge you to think about all of the above issues around big box ride sharing companies. Is it really worth risking your time, your wallet and most importantly your life – all because it feels easier?

 

More about us: American Business Insurance for taxi companies: https://abiweb.com/services/taxicab-insurance/

Flywheel Partners with Monster® Products

Flywheel & Monster® Products Partner to Provide 2nd Revenue Stream for Struggling Taxi Drivers & Fleet Owners

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.
Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent.

At first glance, one would not think that Flywheel would partner with Monster®. However, at this year’s 100th Annual Taxi, Limo and Paratransit Association (TLPA) convention, that is exactly what happened. American Business Insurance was at this event on Sunday, November 28th in Las Vegas, Nevada.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.
Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga.

Flywheel Taxi consists of approximately 230 units in San Francisco and a client of American Business Insurance since 2017. The company includes a full-solution package for taxi fleets, a peer-to-peer booking app for passengers and utilized preeminent. Contrarily, Monster® is the company that revolutionized audio and cable company products. Despite the differences, the partnership of these two companies could greatly increase revenue for taxi drivers and fleet owners. Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well. That venture could provide up $35,000 in additional revenue for drivers simply by allowing riders to experience and purchase Monster’s unique products.

TLPA Convention Surprise

For over 30+ years, American Business Insurance has been a sponsor and exhibitor at the annual TLPA conventions. We cannot deny that, over the past 10 years, attendance has declined and the usual buzz of excitement has been missing.

In the past, taxi operators have traveled from various states, Canada, and The United Kingdom. They have continued to attend the annual conference in order to check out the latest industry trends such as the newest dispatch system s or gas efficient vehicles. They come from near and far to attend breakout sessions and board meetings to collaborate with their colleagues on how to move their FleetForward, the new TLPA motto adopted a few years back.

Hidden under a plain black sheet, donned with the white Flywheel logo and revealed with a splash by actor and Instagram-based internet influencer M2thaK was Monster, Inc. owner Noel Lee’s one-of-a-kind “Monsterized” Bentley Bentayga. The Bentley proved an effective method of showcasing amenities Flywheel and Monster offer fleet owners, which can affordably be incorporated into their own vehicle fleets.

Uber and Lyft Competition

Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.
Flywheel plans to “Monsterize” its entire fleet and encourage partner fleets to do so as well.

It is no secret that taxi companies are struggling while trying to compete with large corporate run companies such as Uber and Lyft. But if they can look at themselves and consider a business model that provides multiple streams of revenue, they can morph into a transportation business that not only upkeeps the safety standards of old-time taxi companies but also provides a unique riding experience to a captive audience. Flywheel and Monster are here to help increase revenue for taxi drivers and fleet owners despite this fierce competition.

“Why do people continue to come to these conferences? They’ve already seen every vehicle out there. They already know about the dispatches and insurance companies. They are looking for hope and some kind of change in the market place that they can continue to do this,” said Izzy Aala, CEO of Flywheel.

Aala, who has been a fixture in the industry for many years acquired Flywheel’s mobile app in April of 2017. He knew something had to change within the industry in order for cab companies nationwide to survive. Flywheel began further developing a full taxi solution and outfitting premier Flywheel Taxi in San Francisco to showcase what is possible when the industry comes together to provide riders with the best experience possible.

Flywheel revealed a “Monsterized” version of one of their fleet’s Ford Escapes outside of the main ballroom and around the Caesars Palace property to further expose to fleet owners what is possible with Flywheel and Monster.

Taxi Industry Evolution & Revitalization

Flywheel realizes giant corporations like Uber and Lyft continuously affect the bottom line of cab companies. Many are small, family owned businesses passed down generationally. Flywheel is looking toward evolving and revitalizing the industry, so they and their drivers can thrive. Enhancing the rider and driver experience to once again make taxis the preferred choice is what Aala aims to accomplish.

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.
Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“I wanted to do something different to evolve and revitalize the taxi industry in a way where everyone wins,” Aala said.

This is where Aala’s vision comes in. Earlier this year, Aala attended the International Association of Transportation Regulators conference in Philadelphia, PA. There he noticed a booth next to his – Monster® Products. Aala was confused why this audio product company would be at such a meeting. But the answer is simple. Retail isn’t dead; it’s boring.

“Fleets and drivers require additional sources of revenue. This is part of evolving and revitalizing the industry. Let’s say a businessman hops straight from a plane into a Flywheel taxi and needs to make a conference call. The driver can simply say, “here, sir, go ahead and use Monster’s crystal-clear mobile speakers.” Millennials also go out for a night on the town. Drivers can say to them, “play your own tunes through our Monsterized equipment.” Flywheel’s Office and Finance Manager, Andy Stice, explained that “this enhances the rider’s experience.” Moreover, Stice explained it “allows them a convenient purchase point, while generating profits for the driver and fleet. And Monster Products are only the beginning.”

Not the Scary Kind of Monster

Founded by Noel Lee in 1979, Monster® Products is a company that sells performance-based goods. For example, they sell high performance audio cables. It is difficult to sell without first experiencing it. And this is why the partnership between Flywheel and Monster Products was made.

“Monster® is focusing on selling products where you live, work and play. Amazon is taking the bulk of retail business, but not all. So, the balance has to go somewhere. “Our partnership with Flywheel is bringing profitable income to fleet drivers and owners across the country, while doing something they were already doing anyway,” said Lucas Gomes of Monster® Products.

With the understanding that drivers do not want to be sales people, the partnership between Monster™ Products & Flywheel is fluid. Monster® Products are best tested tangibly, so you can hear and see the difference. Where can you gain exposure to a captive audience? Vehicle where people are already listening to music, watching videos and making calls. It becomes a shared experience for both the passenger and the driver.

“Izzy isn’t trying to take the taxi industry back to where it once was; he knows that’s futile,” Stice continued. She explained that “his goal is to develop viable options for fleets and their drivers to progress and reinvent themselves.”  Flywheel strives to balance providing “the best full solution for fleets and drivers” with “pursuing a wide variety of partnership opportunities.” Those partnerships “generate revenue for the fleets and drivers and enhance rider experiences,” she stated.

Determined to Survive

As an insurance broker who specializes in taxi cab insurance, I hear multiple times per day from my clients how Uber and Lyft are negatively affecting their business. My clients are frustrated that their profit margins are being undercut by Uber and Lyft drivers who are not required to comply with the same regulations regarding background checks, driving experience and maintaining state financial responsibility requirements with commercial insurance. And commercial insurance is not cheap.

“People say they take Uber and Lyft because it’s cheaper. But that isn’t necessarily the case, especially during surge pricing.” Stice shared, “My friends and I were in Vegas just a month ago for a fun. Surge pricing was 3x the amount of the fare of a traditional taxi going from one side of the strip to the other. And the trip from the airport to the hotel was slightly cheaper and certainly more convenient by taxi,” Stice observed.

Flywheel understands that drivers do not necessarily want to be salespeople. Furthermore, the setup allows drivers to let riders experience the products first. Drivers can then offer riders an opportunity to buy if they like it. Flywheel hopes this no-pressure sales experience will take off. With that success, Flywheel and their drivers could overcome the odds are stacked against them.

By Laura M. Loftus on November 6th, 2018

Learn More

More information about American Business Insurance

Learn more a Flywheel 

See the Monster Products

Learn about TLPA

Insure my Cab: Taxi Cab Insurance

Insure my Cab: Taxi Cab Insurance

You’re here because you’re looking for taxi cab insurance. Well, you came to the right place. Perhaps you’re wondering, “there are so many taxi cab insurance agencies out there, how can I insure my cab with the best policy?”

How Can I Insure my Cab?

It’s no secret that obtaining a taxi license is no walk in the park. Before you can insure your cab, you must first meet the minimum age requirement. Most states in the USA require taxi drivers to be at least 21 years of age.

Next, you must submit a clean driving record to the DMV. Taxi drivers cannot have been in trouble when it comes to driving or other wise. You must be a good driver before you can drive around others for a living.

What else do I need before I insure my cab?

Then, you must submit a clean background check proving that you are not a criminal in any way. Taxi cab drivers have a lot of interaction with the public, and the DMV needs to insure their safety.

Some states require you to pass a chauffeurs licensing exam. This is usually a written test (sometimes driving) and can include a drug test.

Next you need to show proof of your U.S. citizenship or residency.

At last, you just need to pay the required fees (which can be pricey) and you will have your taxi license!

So after all that hard work, you want to be insured.

Why should I Insure my cab with ABI?

After working so hard and jumping through the loops to get your taxi license, you definitely want to be insured in case anything happens.

ABI is the best choice when it comes to taxi cab insurance.

Founded in 1984, ABI Insurance services offer the experience and expertise needed in the insurance realm. With new policies and insurance guidelines coming out regularly, it is important to stay in the know about any new changes. Staying up to date in policy lingo isn’t the easiest (or most amusing) pastime – so leave it to the professionals at ABI. We are also current and up to date with the newest policies when it comes to taxi cab insurance.

ABI is also one of largest commercial transportation insurance agencies. Additionally approximately 40,000 vehicles are currently covered by ABI. You can rest assured knowing that thousands of other taxi cab owners have trusted with with insuring their vehicle or fleet. For over 35+ years we have offered top of the line customer service and knowledgable insight into taxi cab insurance.

Furthermore, at ABI we value our client’s business and take pride in the partnerships we have curated for the past 35 years. At ABI we have designed mobile apps so you can monitor your taxi cab insurance policies anytime, anywhere. Drive confidently knowing that everything you need is at your fingertips.

Insure my cab with ABI: The Benefits

  • Customizable to your policy needs
  • Certificate issuance available in minutes
  • Mobile apps with your policy details
  • Over 35+ years of expience
  • 40,000 vehicles insured
  • Competitive pricing

Why should I insure my cab?

  • Peace of mind
  • Legal protection
  • Safety net
  • Protects from personal liability
  • Professional help and security