Stable, an InsurTech for rideshare drivers and fleets, has launched its first insurance product for owner operators – drivers who own vehicles that they drive on rideshare networks such as Uber and Lyft.
Stable describes itself as an “trusted insurance partners and experience driver advocate.” The company is looking to help drivers fully protect themselves and their businesses with commercial-grade insurance coverage and technology tools that enable them to run their business more efficiently and profitably.
Based on input from hundreds of drivers and fleets, Stable said its products are designed to meet the needs of drivers, cover their specific risks, and protect them.
Drivers can purchase policies digitally through a user-friendly process, with access to dash cam technology that can lower costs.
Further, Stable provides custom reports than offer what Stable calls a “holistic view of risk level and earnings, allowing owner operators to make more informed decisions as they build their businesses, and it provides drivers with discounted cameras to reduce their claims cycle times.
Currently offering insurance in the state of Illinois, Stable has plans to expand its coverage to Arizona, Georgia, Tennessee, and Texas later this year, with further ambitions to go live in California and Florida in the next 12 to 18 months.
By the end of 2022, the company said it will introduce insurance coverage designed for rideshare fleets and carshare vehicle owners.
Doug Ver Mulm, co-founder of Stable, said, “Because we were solving our own problem as fleet owners, we understand, better than most, the needs of rideshare drivers. These drivers need more than just insurance – they need a partner that understands them and tools that save them time and money while making their work safer. We look forward to bringing these compelling benefits to more and more rideshare drivers as well as to fleet owners as we continue to expand.”
Last month, Valor Siren Ventures led a $5m seed funding round for ping, a patented voice platform for the gig economy, auto insurance, and fleets.
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