NYC Transportation Insurance: Ridesharing on the Rise

NYC Transportation Insurance: Ridesharing on the Rise NYC Transportation Insurance Ridesharing on the Rise

Transportation networking is the latest industry trend helping consumers traverse America’s largest cities. By utilizing web and mobile social media platforms new transportation startups are revolutionizing the age-old ride sharing and public transportation platforms by bringing affordable personal transportation options to tech-savvy consumers. Unlike traditional taxi and limousine services these operations utilize online-enabled platforms to connect passengers with drivers using personal, non-commercial vehicles. The services are widely popular as they offer safe, enjoyable and cost-effective solutions to their transportation needs.

Uber was the pioneer transportation network company which launched in 2009. Originally designed as a luxury driver-service for San Francisco elite, in 2012 they expanded their services allowing users to reserve transportation by sending a text message or using a mobile app. They have also indicated plans to expand non-taxi ridesharing options due to high demand for their services. Peer-to-peer ridesharing options are increasing in prominence across the country due to their lower rates and assess ability.  Unfortunately, many of these network based transportation operations have come under scrutiny from many city transit authorities.

While California has adapted transportation regulations to incorporate Uber and other rapidly growing services, many other state legislators are hesitant to adapt to the new industry changes. New York state laws have not yet adjusted to the emerging communal transit formats. New York’s Taxi and Limousine Commission (TLC) recently ordered Sidecar to stop operation in New York City after being cited with operating a taxi service without proper licensing. Lyft is also facing hurdles in NYC for their operational practice, for noncompliance with regulations requiring taxi services to operate out of a base station. Lyft offers peer-to-peer ridesharing services were drivers operate on a contracted basis and take “donations” for their services rather than charging a standard fare.

The transportation industry is rapidly changing; as such keeping up the latest trends could expose any new or existing transportation operation to increased risk exposures. Having a complete NYC Transportation Insurance plan can help secure your business from a variety of industry hazards. At Tri-State Insurance Agency  we specialize in addressing the needs of the transportation industry. Our Transportation Industry Insurance specialists can put together an innovative program that is tailored to your niche and needs. We invite you to call us today at (888) 990-0526 for more information about our Commercial Insurance services.

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