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Stable Rideshare Insurance is LIVE!

Douglas Ver Mulm (CEO)
2022-08-22T21:17:22.622Z
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Stable has some big news: we’re announcing the launch of our rideshare insurance for app drivers in Illinois. It’s no secret we’ve been serving the rideshare app community since 2018, first with our digital insurance agency in New York City and now with our own rideshare insurance product.

Stable’s commercial auto insurance replaces personal auto insurance for an Uber driver or Lyft driver. This means you, the driver, are covered for personal driving and while logged into the app. As long as you’re active on one of the rideshare services, Stable has you covered!

Insurance Product Benefit

We’ve built our Illinois rideshare insurance with the guidance of more than 1,000 rideshare drivers. It has all the features a rideshare driver needs to protect their personal and financial safety adequately. Never before has an insurance product been built specifically for rideshare drivers that protects them so well. 

Dash cam First

dash cam on dashboard

If we were to note one defining feature of our policy, it’s how having a dash cam supercharges it. You can receive 10% off our standard premium if you have a dash cam, and if you use one of our preferred partner cloud-based dash cams, you qualify for 20% off.

As we built our product, we spoke to drivers and learned that most are open to dash cam use. In fact, they said they understand how much protection it affords them, whether it’s regarding a bodily injury claim or they need help tracking down a carjacking. They even admitted dash cams can protect them from deactivation from a rideshare platform due to an invalid customer complaint. 

But now, with a Stable rideshare insurance policy, drivers have access to another unique feature. Suppose, as a driver, you’re at fault for an accident while doing personal driving or looking for a ride on a rideshare network. If that’s the case, Stable will waive up to $1,000 of your deductible for collision coverage. 

Dash cams are immensely valuable in helping with claims. And that’s why Stable wants to share the value created by the dash cam with its customers. The way we see it, it's your dash cam data, and you should be rewarded for its use. We’re talking with rideshare companies to get this same benefit added to accidents that occur while you’re en route or driving a passenger to their destination. 

More Insurance Features to Protect Your Wallet

We know there are often coverage gaps between what a personal auto insurer covers and what the rideshare platform will cover if a driver is in an accident. You can be out-of-pocket up to $2,500 to repair your car or, in instances of a total loss, over $10,000. 

To help protect drivers against these significant expenses, Stable has optional coverages, including a rideshare platform deductible buy-down. For example, if you’re at fault in an accident while doing rideshare work, this coverage will lower your deductible to $500 or $1,000, depending on your choice. 

We also offer a GAP insurance option that protects drivers in the event of total loss (the car is beyond repair). Rideshare drivers put on many miles, and the value of their car versus the amount they owe on their loan for their vehicle can quickly diverge. Our GAP insurance covers the difference between the value of your vehicle and the amount you own on your loan.

Let’s Talk Claims

For a non-rideshare driver, having your car off the road can be a nuisance. But for a rideshare driver, it’s the difference between whether or not you can pay your bills that month. 

We know that repairs have to be completed as quickly as possible, and that’s why we’re working to make our claims experience the fastest among our peers. Stable’s Head of Claims has seen thousands of rideshare claims. We know what it takes to provide an excellent experience during the most challenging time for our customers. 

More Than Insurance

Two iPhones depicting the driver portal

Insurance is just one tool a rideshare driver needs to be successful. Whether you realize it or not, you are running a small business. You have to cover expenses like a small business; you have autonomy like a small business and are taxed like one too. 

Information on earnings, analytics on where and when you should drive, and a dash cam are some of the tools a rideshare driver should use to run their business more efficiently and profitably. Stable’s customers can access earnings and expense reports on their driver portal. This is a great way to see how efficiently you earn across different platforms. And with our discounted dash cam options, you can get better safety at a lower price. 

While Stable continues to improve its existing tools, it has its eye on offering new features too. We know banking, help with taxes, and guidance on financial matters are also front of mind for rideshare drivers. We have products and partnerships coming out in the near future to help in these areas. 

Why Not Stick With Your Current Insurer?

Why would you buy rideshare insurance from a startup insurance company rather than one of the more established companies? Drivers may not always have the best experiences with them, but at least you know they are legit.

We knew the question, “are you a real insurance company that will pay out on claims” would come up. s Like Stable, these insurers are regulated by the Department of Insurance in Illinois. We also have investors that have held leadership positions at well-known national insurance brands. 

But the bottom line is that you should move over to Stable because we know rideshare better than any other insurer. 

How it Began

I ran a rideshare fleet in New York City and have also done rideshare driving. I saw first-hand how the personal and commercial insurance options available to my fleet and rideshare drivers did not offer adequate protection. And worse, I was overpaying for liability coverage because my insurance company didn’t use the data from my fleet’s dash cam to price actual risk better.

The type of coverage that insurers offer in their rideshare endorsement can vary by state. Most policies sold at larger insurance companies are not rideshare related. Their agents do not understand how rideshare insurance works. We’ve even had insurance agents tell us they don’t sell rideshare insurance while their website states they do.

At Stable, all we do is rideshare insurance. We know what protections and coverages you need because we’ve talked to you about them, and we saw the need for them with our own rideshare experience. You will not have to worry that one of our agents doesn't know exactly what you need to protect yourself from rideshare risk.

What’s Up Next For Stable?

Our work is far from done. We are launching in Arizona, Texas, and Tennessee later this year. We’re also returning to our roots and launching an insurance product for rideshare fleets. We’re excited to expand quickly so more rideshare drivers can experience the benefits of a Stable insurance policy.

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Stable Insurance policies are sold by Stable Insurance Agency, LLC through Stable Insurance Services, LLC and underwritten by Stonegate Insurance Company.
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