# Uber/Lyft should create an insurance company for drivers



## June132017 (Jun 13, 2017)

Sure we might not have the best credit score, but we're good drivers if we've been on the app for more than a year. They already know were not hardened criminals and probably won't trick them out of false claims. I think they should create their own insurance company for any driver who does 100 rides in a year. Rates could be 30% of what they normally are. I guess I am dreaming though. Uber doesn't even turn a profit taking over 50% off each ride. I know these insurance companies are making a huge profit though.


----------



## Another Uber Driver (May 27, 2015)

........do you mean that it should sell the basic private passenger vehicle policies with TNC endorsement that the smarter drivers currently carry? I assume that you would expect the TNCs to continue to provide the policy that they currently provide that covers us when logged on to the application. This policy for which you are calling would cover us when not logged on to the application, _correctamundo?_

For what policy limits would you be calling? .................state minimums? .............100/300/100? .......something else?.


----------



## NoPool4Me (Apr 16, 2018)

June132017 said:


> Sure we might not have the best credit score, but we're good drivers if we've been on the app for more than a year. They already know were not hardened criminals and probably won't trick them out of false claims. I think they should create their own insurance company for any driver who does 100 rides in a year. Rates could be 30% of what they normally are. I guess I am dreaming though. Uber doesn't even turn a profit taking over 50% off each ride. I know these insurance companies are making a huge profit though.


That gap coverage they offer now is about 10 times the premium I pay with my personal insurance. Please, don't give them any ideas! lol


----------



## Boca Ratman (Jun 6, 2018)

Another Uber Driver said:


> ........do you mean that it should sell the basic private passenger vehicle policies with TNC endorsement that the smarter drivers currently carry? I assume that you would expect the TNCs to continue to provide the policy that they currently provide that covers us when logged on to the application. This policy for which you are calling would cover us when not logged on to the application, _correctamundo?_
> 
> For what policy limits would you be calling? .................state minimums? .............100/300/100? .......something else?.


I've always thought they should self insure for the rides instead of going through a national carrier.


----------



## June132017 (Jun 13, 2017)

Another Uber Driver said:


> ........do you mean that it should sell the basic private passenger vehicle policies with TNC endorsement that the smarter drivers currently carry? I assume that you would expect the TNCs to continue to provide the policy that they currently provide that covers us when logged on to the application. This policy for which you are calling would cover us when not logged on to the application, _correctamundo?_
> 
> For what policy limits would you be calling? .................state minimums? .............100/300/100? .......something else?.


Right. When we're not logged in it would cover us too. I guess i'm a real dreamer though. Uber can't even turn a profit during the good times let alone start an insurance company.


----------



## Daisey77 (Jan 13, 2016)

You got to be kidding me. You can't even get their insurance companies to make a phone call on your behalf when you're involved in an accident that you are not at fault for. We all know how difficult it is dealing with Uber and their support the way it is and you want to merge the two together?



June132017 said:


> Right. When we're not logged in it would cover us too. I guess i'm a real dreamer though. Uber can't even turn a profit during the good times let alone start an insurance company.


There is no way in hell I would even think about having them take over my regular Insurance portion should I wish I wouldn't have to go through them while on the clock. I can't even get help from them when I'm in an accident that I'm not at fault for. I can't even imagine dealing with them with an accident I am at fault for


----------



## Uberbrent (Mar 22, 2016)

They should have car insurance because their customer support is already so elite.


----------



## Another Uber Driver (May 27, 2015)

Boca Ratman said:


> I've always thought they should self insure for the rides instead of going through a national carrier.


If they self-insure by creating a captive insurance company, not all states allow that. Whether they create a captive insurance company or not, most states have a minimum requirement for available unencumbered capital. To be sure, there are ways to "unencumber" what is, in fact, encumbered capital, but, still, there is more than a few million dollars involved, here.

If it were to go with a sinking fund, that he problems all its own. In addition to minimum capitalisation and maitenance requirements, there is often far more regulatory micro-management involved. Finally, in some states, sinking funds have unlimited liabilities.

Ask me how I know this.



June132017 said:


> Uber can't even turn a profit during the good times let alone start an insurance company.


Its real problem would be initial capitalisation and maintenance of minimum funds.


----------



## FLKeys (Dec 27, 2018)

I think if they had their own insurance company it would be a conflict of interest.


----------

