Now offering insurance coverage in Illinois with plans to expand into additional states and product lines
Stable, a new insurtech company built specifically for rideshare drivers and fleets, announced that it has launched its first insurance product for owner operators – drivers who own vehicles that they drive on rideshare networks like Uber and Lyft.
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Stable is a trusted insurance partner and experienced driver advocate that helps drivers fully protect themselves and their businesses with commercial-grade insurance coverage and technology tools that enable them to run their businesses more efficiently and profitably.
Stable currently offers insurance to owner operators in the state of Illinois, and it will begin to offer this coverage in Arizona, Georgia, Tennessee, and Texas later this year as it expands rapidly state by state. Stable has a goal of going live in California and Florida in the next 12 to 18 months. By the end of 2022, it will introduce insurance coverage designed for rideshare fleets and carshare vehicle owners.
Stable’s products are developed by insurance experts and tailored, based on input from hundreds of drivers and fleets, to meet the unique needs of drivers, cover their specific risks, and adequately protect them. With Stable, drivers purchase insurance digitally at competitive rates through a user-friendly purchasing process, and they have access to dash cam technology that lowers costs while enhancing safety.
Stable also provides custom reports that enable owner operators to operate their businesses more effectively. The analytics available on Stable’s dashboard offer a holistic view of risk levels and earnings, allowing owner operators to make more informed decisions as they build their businesses, and it provides drivers with discounted cameras to reduce their claims cycle times.
Doug Ver Mulm, co-founder of Stable, said, “As Stable works to become the leading insurance partner for people and small businesses that use vehicles to generate income on a mobility platform, we are pleased to have achieved this important milestone in our journey. Because we were solving our own problem as fleet owners, we understand, better than most, the needs of rideshare drivers. These drivers need more than just insurance – they need a partner that understands them and tools that save them time and money while making their work safer. We look forward to bringing these compelling benefits to more and more rideshare drivers as well as to fleet owners as we continue to expand.”
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Stable has a strong partnership with MLTPLY and Resolute Global Partners, which work together to empower insurtech entrepreneurs and help bring their ideas to market quickly. Since their investment in Stable, MLTPLY and Resolute Global have facilitated the company’s growth and development and delivered on their promise to bring the company to market within six months.
Other notable investors in Stable include Brooklyn Bridge Ventures, a pre-seed fund focused on New York City startups, and angel investors Dave Delaney of Lancer Insurance, VJ Dowling of Dowling & Associates, Christopher Cavallaro and John McKenna of ARC Excess & Surplus, and Harry Campbell, founder of The Rideshare Guy.
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