Uber and Lyft Insurance: Can Agents Ride Their Way to Success in the Rideshare Insurance Market?

In today’s tech-driven market, the transport market has doubled itself in terms of its size and growth. As an agent, have you ever given a thought as to how large the transport market can turn out to be?  

If you investigate it, there are tons of opportunities that you can tap out of this transport market! One of them is ridesharing insurance.

According to MarketWatch, the industry’s worth will be $285 billion by 2030. Given the buzz it has created, guess it is safe to say that the market is here to stay. And luckily for you – you get to reap the benefits as much as you can.

Know how Rideshare Insurance Market is at the coveted spot?   

The blog is here to let you know all the ins and outs of this market.  

But first things first – let’s build the basics of what the rideshare market is all about.  

Rideshare Market is on the rise. 

Why?  

Let’s think this through.  

As a client – What is the first thing that comes to your mind when you want to reach your destination from point A to point B? 

Uber? Lyft?  

If you thought about these two options, then there are two main reasons as to why you considered it –low cost and easy access  

In the rideshare market, Uber and Lyft are the leading players.  

According to Aranca, Uber and Lyft together held 98% of the US ride-sharing market.  

These popular ride-hailing apps have taken up the commuting market.  

Want to know how they are boosting the insurance industry as well?

In today’s context, a lot of people are involved in ride-sharing services. With more and more drivers looking to work with Uber and Lyft, the more they are calling out for Uber and Lyft Insurance.  

In this scenario, you may question yourself – With commercial coverage in the market, why would clients seek for Uber or Lyft Insurance instead?  

Here’s the thing – 

According to InsuranceBusinessMag, Rideshare Insurance is a lot cheaper than commercial auto insurance.  

Secondly, rideshare insurance provides coverages for the damages that the commercial counterpart fails to offer most of the time.  

This exact reason is what makes this market more demand-driven by the clients.  

Having said this – How is it a lucrative market? 

For this, you need to view it from the carrier’s point-of-view.  

The carriers are partnering up with this market to provide Uber and Lyft Insurance.  

Why?  

Carriers are reaping the benefits of rideshare insurance. Top carriers like GeicoAllstateStateFarm, and many more have come to know the market potential of rideshare insurance since many drivers are tapping into this market.  

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The World of Ridesharing Insurance is quickly evolving. What does it mean for the agents?

Rideshare Insurance is an on-demand product in today’s sharing economy. With increasing demand for Uber and Lyft Insurance, the rideshare insurance market is full of potential.  

And with a market as big as this – all you need is the right quote at the right time to the right client!    

Do you also think Rideshare Insurance is the right market for the agents? Comment below and let us know.  

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!