Group Captive Insurance
Establishing Our Own Insurance Company: A Captive Insurance Solution for Drivers
In light of the substantial financial burden imposed by various insurance requirements, such as basic car insurance, commercial insurance, and liability insurance, which collectively consume 25% of rider fare which could have gone to drivers take home income. the notion of creating our own insurance company becomes increasingly compelling.
The Numbers Speak: Over 2 million drivers engaged in rideshare and delivery services face the challenge of dedicating a significant portion of their earnings to insurance expenses. It is evident that a group captive or self-insurance model could be the solution tailored to our needs.
Understanding Group Captive Insurance:
Large transport companies with expansive vehicle fleets often grapple with exorbitant commercial insurance costs. A viable alternative is the creation of a self-funded insurance company, wherein the participating company or group finances the insurance. Claims are then settled from this fund, leaving residual income for the collective group or the founding company.
One Insurance Solution for Rideshare Drivers:
Presently, drivers working for rideshare platforms like Uber find themselves compelled to acquire different types of insurance – commercial insurance during trips, liability insurance when online and comprehensive insurance for personal use.
The cumulative impact of these insurance types amounts to 25% of the fare. To streamline and economize the process, the proposal is to establish a versatile insurance solution applicable across various scenarios, leading to substantial savings of up to 50% in insurance costs and this results in additional income source for drivers.
Getting Started:
Embarking on this initiative requires the expertise of professional advisors who can guide us in establishing, managing, and mitigating risks associated with our own insurance company. Following thorough research, three companies have been shortlisted, and a final selection will be made to guide us through this process.
Joining the Program:
Our collective responsibility is to participate in this program by paying a basic fee to create a robust group. This united front will enable us to achieve significant cost savings, redirecting funds from what is perceived as predatory insurance companies towards a more sustainable and beneficial insurance solution tailored to the unique needs of drivers.
JOIN THE PROGRAM