Parr Insurance Brokerage, an independent insurance agency, has created a new policy for electric vehicles (EV) ridesharing in Chicago. Parr developed the policy for Chicago-based E-Rive, an electric-vehicle car sharing service. Electric vehicle maker BYD 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 ridesharing 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.”
Neis said the coverage is designed for fleets of ridesharing vehicles, “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.”
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.
Neis added the company plans to expand this offering to other car sharing providers in the future.
Parr Insurance Brokerage provides insurance coverage for financial institutions, high-net-worth individuals, business owners, property managers and more. Parr is based in Chicago with a second office located in Los Angeles.