Parr Insurance Brokerage, an independent insurance agency that provides customized insurance coverage, today announced the creation of a new policy that increases affordability and access to electric vehicles for ride-sharing in Chicago. Parr developed the policy for Chicago-based E-Rive (https://www.e-rive.com/ ) a low-cost, electric-vehicle car sharing service. BYD, the world’s largest electric vehicle maker, will provide its e6 cross-over electric vehicles for E-Rive’s Fleet drivers to rent on a daily or shift basis.
Called Ride Pro, the policy takes effect when the ride sharing application is off and is excess to Uber driver’s coverage when the phone application is on.
“Before this product, commercial fleet owners had to purchase commercial livery policies that are expensive,” said Melissa Neis, Vice President of Parr Insurance Brokerage. “Ride Pro was designed to work in conjunction with Uber’s policy so that commercial fleets aren’t paying full premium for an exposure that is shared with Uber.”
“Our new policy is unique in that it is designed for fleets of ridesharing vehicles,” said Neis. “In essence, the insurance follows the vehicles for each E-Rive approved driver of that car and is primary when the Uber application is turned off.”
”BYD Motors is thrilled to partner with companies like Parr, E-Rive and companies delivering efficient services to increase access and affordability for EV products for consumers” said Micheal Austin, Vice President of BYD Motors. “EV ride sharing provides even more economic and environmental benefits than regular ride sharing services, which is why this policy is important to improving and increasing access to electric vehicles.”
E-Rive is responsible to credential and monitor all drivers, including verification of drivers’ licenses, motor vehicle driving records, review of violations, age requirements, driving limits per day and other agreed background criteria.
“We anticipate expanding this offering to other car sharing providers in the future,” said Neis. “With the addition of this new product, we now offer a variety of innovative insurance solutions for varying ride share models as well as solutions for other risks emerging in the shared economy.”
Parr Insurance Brokerage provides best-in-class, customized insurance coverage for financial institutions, high-net-worth individuals, business owners, property managers and more. As an independent insurance agency, Parr works with a national and global network of established, expert carriers. Parr Insurance provides coverage for high-value homes, professional exposures, valuable possessions and collections and coverage in response to the rapidly growing sharing economy. Parr is based in Chicago with a second office located in Los Angeles.
- Special insurance for E-RIVE shared ride system.