I talk to a lot of people who are interested in starting their own companies: rideshare, shared fleets, scooters and more. One thing they’re always surprised by? The enormous cost of insurance. In this episode, I talk to Ed Walker about the impact of insurance costs on fleet owners, how telematics can help, and more.
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- Rideshare insurance
Shout out to another mobility podcast – The Movement Podcast, hosted by Josh Cohen. I’ve been on the podcast before and am a huge fan. I enjoy the topics he delves into, including equitable access, sustainable cities, and more. If you want a podcast that delves into the hard problems mobility is trying to solve, you’ll want to give The Movement Podcast a download and listen!
Intro to Ed Walker
- Second time on the podcast!
- Vice President at USI Insurance Services
- Goal is to ease the burden of insurance on mobility operators
- He is THE guy to talk to about all things shared insurance!
Fleets + Insurance Costs
- The more vehicles a fleet owner has, the more important it is to get away from the a la carte model
- Traditional insurance carriers have a lot of barriers
- Working with USI, there’s a greater ability to get those prices down
Most Expensive Part of Being a Fleet Owner
- Premiums – the total cost of risk
- Lack of control really drives up the price
- Drivers are not employees – leads to unpredictability
Telematics + Fleet Ownership
- Telematics – shows where vehicles are, how they’re driving, etc.
- The best companies have a dashboard that tracks this info
- Argyle is doing a better job than most in identifying rideshare periods
Future of Telematics + Insurance
- A lot of carriers will provide what seems to be cost-competitive quotes, but there are redundancies
- Those costs add up
- There are ways to drivers to prevent accidents – telematics can help
- Thanks to Ed for coming on the show and sharing his opinion on the fleet space!
- I’ve been getting a lot of questions lately about fleet ownership and wanted to address the cost factors – Ed helped break it down for us!
- RSG139: Ed Walker on Managing Insurance for Shared Mobility Operators
- The Movement Podcast
- RSG156: What it’s Like to Operate a Fleet of Tesla Taxis and Rideshare EVs
- RSG016: How To Profit From Your Car Without Actually Driving
- RSG158: How Argyle is Helping Unlock Employment Data for Gig Workers
- Connect with Ed:
Email – [email protected]
LinkedIn – Edward B Walker II