Car-Sharing Platform Introduces Coverage For Idle Cars

Going beyond being an Airbnb for car-sharing, HyreCar now offers an innovative new insurance product that insures a vehicle on its platform even when it is not being rented out. HyreCar is an online car-sharing marketplace that connects drivers on rideshare platforms like Uber or Lyft to owners of cars that aren’t being used. Insurance coverage for a rented vehicle is provided by a joint-venture with American Business Insurance Services and LILCHA Holdings. When a vehicle on HyreCar isn’t out on loan, however, insurance coverage would ordinarily come from the owner’s personal insurance. Sensing a new business opportunity, HyreCar recently introduced an innovative approach that covers a vehicle when it is not being used or rented out — with premiums often lower than regular car insurance.