# TNC, TAXI, & LIMO drivers in Florida consider launching an insurance company 100% policyholder owned



## InsuredCool (Jan 20, 2017)

Between 2015 and 2016 its estimated Uber and Lyft drivers in Florida paid a lowball $104 million dollars in insurance premiums that covered NADA 24/7 is TNC activity was discovered. That $104 million basically paid for the insurance card you keep in your collective gloveboxes.

Kinda explains why personal insurers stopped lobbying against Uber. 100% profit. Zero risk.

Now add another $104 million (way lowball) on the premiums non major fleet insured taxi & limo drivers paid in premiums that range from $300- $450 a month in 2015 and 2016. 

Did anyone notice $204 million dollars worth of TNC and Taxi drivers crashes in Florida in the last 2 years? I certainly did not.

Take that $204 million and multiply it times 50 States. It's in the $billions of premiums Pay to Ride drivers paid to insurance companies that barely or not at all covered us or our vehicle. WTH?

There is a type of Insurance Company known as a Group Captive. "Captive" refers to the insurance company being "captive" to the policyholders who outright own the insurance company. Profit is generated via the premiums policyholder owners pay. After loss and operating expenses are deducted, the policyholders earn dividends or lower future premiums because THEY are the underwriters who own the company.

Concept is quite cool. 24/7 coverage for everything, lower premiums, and an investment vehicle to boot. 

I have started the process and I am meeting with a major firm that manages Group Insurance Captives. Will keep you posted on progress.

Captives are what Fortune 500 companies open to keep as many of their millions as possible. Is it time for Pay to Ride drivers to start collectively thinking like a Fortune 500 Company? I do believe it is. 

Hey, lets get a little investment nestegg started before self driving cars replace us ...


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