Brewer asks app company about national pedicab insurance costs
Brewer asks how companies and individuals handle insurance costs nationally. Kristen March Soha says insurance has hit the industry hard, with costs rising after insurers learned how much some operators were making, and she has heard of premiums up to $8,000 per unit per year.
Thank you very much.
And the other people online, are they?
I know you do, but there's no one else online?
Okay, I'm going to turn it over to Councilmember Brewer.
Thank you.
In your national experience, how are companies, individuals dealing with the insurance industry problem of cost?
Yeah, the insurance has really hit the industry hard.
I do know, I mean, there are insured people who are ripping people off too.
And I think that's what one of the things that started happening post-COVID just maybe three years ago around there was that the insurance company started calling us and trying to ask how much money people were making.
And like the other guy had shared, you know, these, these,
these people that are ripping everyone off, they, you know, they just want to brag, not just to the industry, they'll tell their customers, you know, how much they're making.
So I think what happened was that these people who were ripping people off were started telling the insurance companies, oh, yeah, hey, we're making this much money.
And so now they're, they're like, hey, we want our piece.
And so they that was when we really started seeing these increases.
And they're anywhere upwards of I've heard even like $8,000 per unit per year.
So yes, what he's saying is accurate.
I think you guys said something about
If it was transferred to TLC, they could have some kind of...
Deter, they could defer the cost of their insurance.
So people, and in New York, New York is also the, one of the hardest places to insure.
So I don't know all the ins and outs of that, but I do know that like for my insurance, because I am an owner operator as well.
They're not in New York, but I have worked there in the past.
So I kind of know some of these problems, but I have to sign the thing saying I don't operate in New York just to get my insurance.
So again, it is very complex there.
I'm not sure of all of the insurance issues there, but industry wide, I can't speak for that.