Finding the right insurance for your fleet [Part 3]

In the last two articles on safety and security for shared mobility, we talked about how to prevent fraud and theft, and what the best tips for handling damage reporting and repairs are. Today we’re looking at a crucial part in not only securing the safety of your fleet and riders, but that can also help streamline your operations and add a new revenue stream. We’re talking about insurance for shared mobility.

With the expert knowledge from our Wunder Marketplace partners Connected Insurance (CI), we will be looking at the challenges of insurance for shared mobility, what aspects it covers and how the right insurance solution can positively impact your revenue stream and quality of operations.

Challenges of insuring shared mobility solutions

Micromobility fleets with kickscooters, e-bikes and e-mopeds, are relatively new – and yet it’s one of the fastest growing segments in the shared mobility market. Because of its quick growth, regulations and insurance need to catch up.

Traditional mobility insurers are wary of jumping on the opportunity due to a lack of historical data and the negative news stories about shared mobility causing injuries and congesting sidewalks. According to Connected Insurance, this significantly limits the availability of insurance coverage and increases the premiums of insurers willing to take on the risk, leaving micromobility operators exposed. Due to the high costs of rider insurance and lack of on-demand coverage, most fleets are not protecting their riders, putting them – and their business – at risk.

Insuring shared mobility

With the continued growth of the shared mobility market, insurance, especially coverage adapted to the vehicle sharing system, will play a major role.

Regulations require a general liability and fleet insurance, however mobility operators can further protect their users by adding specific personal accident coverage and rider insurance. Connected Insurance, for instance, offers on-demand insurance that covers the rider during their trip. Their technology connects to shared mobility platforms and uses their data to differentiate rental sessions by their risk exposure and offers a usage-based, risk-based quote.

This benefits not only the rider, but the operator as well, as the technology helps them to better understand their insurance risk factors. With CI’s technology, operators can translate their investment in fleet safety and security to an immediate reduction in their fleet insurance costs.

Next to basic coverage, you can further differentiate yourself by offering extra levels of user-specific protection on-demand in your sharing app. CI helps operators to transfer the insurance premium to their riders while covering their exact needs and risks when offering on-demand, opt-in/opt-out insurance.

Creating trust and peace of mind with the right fleet insurance

The right insurance plan for your mobility operations ensures future success by inspiring trust and loyalty in your riders. This feeling of security and peace of mind will help make the shared mobility space an even safer option for the future of transportation and urban travel.