Having the right insurance product is an essential part of running a car sharing service. The range of insurance producs available to you will depend on how well local insurance companies support car sharing services. In many jurisdictions products designed for the car rental industry can be purchased for conventional business-to-consumer car sharing. Support for peer-to-peer car sharing is quite varied. Generally the United States, Canada and Europe has mature products peer-to-peer products, and other jurisdictions less so.
Hourfleet Supports your Insurer
Hourfleet has been designed with a couple of insurance-specific features. These include
- Allowing you to enter in a revenue share arrangement with your insurer. This may obviate the need for an annual premium, allowing you to buy cover for on-rental risk based on actual usage.
- Allowing you to give your insurance provider a secure signin so they can view basic details of past bookings. They have access to the renter contacts details and date/time of the trip. The image below shows the Insurer Dashboard, in this instance where the tenancy is configred for revenue share with the insurer.
Your insurer is likely to be interested in how Hourfleet keeps the rental environment secure for all parties. There are a number of features built into the platform for this purpose. In order for a rental to be started by the renter:
- Renters must have a valid drivers’ licence in. You can revoke this verification at any time, and Hourfleet automatically revokes it if the drivers’ licence is past its expiry
- Renters must have a valid email address, mobile number and credit card. Any validity expiry or communication failure results in the renter’s account becoming unverified
- If required by your jurisdiction, cars must have a valid vehicle inspection certificate
- For peer-to-peer networks, the car owner must have all the same current verifications as the renter
- Renters must accept your Terms of Service on registration, and then again each time a booking is made