E-bike Rental Service
08-01-22, 08:53 AM
#1
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E-bike Rental Service Insurance Policy
Hello, my brother and I are starting an e-bike rental service in rural MA, and we are currently looking for information on the best way to go about finding the right insurance policy. Currently we only have 6 e-bikes that would technically be loaned out privately. We initially received one insurance quote that blew our minds considering it was over 10k per year. Is this number totally outrageous? Should we be looking into any specific agencies that accommodate for this asset sharing business model?
Looking forward to hearing different thoughts.
Looking forward to hearing different thoughts.
08-01-22, 10:38 AM
#2
Clark W. Griswold
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That probably isn't far out from the actual number. It is a lot to do rentals and insurance isn't cheap.
08-04-22, 09:21 PM
#3
Banned
What you are quoted on is a general liability policy and usually they have a $2 million dollars of coverage. $10,000 though is very high and usually a sign that the company is not in that part of the market. Check with your local bike shop and see who provides them with insurance as they have the same potential liability issus with bikes they sell to their customers.
Important to set up a limited liability corporation so that your own assets (house, car, etc.) are protected if there is a lawsuit for any reason. With accidents the attorneys look for as many people to blame and in particular who has deep pockets. Two teenager in San Jose CA bought beer at a liquor store and then later in the day bought more at a 7-Eleven store and the driver drove off the road and into a wall and killed his friend. The lawers sued the liquor store owner and sued 7-Eleven and sued the used car dealer that sold the car to the teen and sued the parents of the teen who was driving and they sued the city of San Jose as it was a wall built by the city. The reason to have insurance is so the insurance company's lawyers to the work on the company's dime.
Important to set up a limited liability corporation so that your own assets (house, car, etc.) are protected if there is a lawsuit for any reason. With accidents the attorneys look for as many people to blame and in particular who has deep pockets. Two teenager in San Jose CA bought beer at a liquor store and then later in the day bought more at a 7-Eleven store and the driver drove off the road and into a wall and killed his friend. The lawers sued the liquor store owner and sued 7-Eleven and sued the used car dealer that sold the car to the teen and sued the parents of the teen who was driving and they sued the city of San Jose as it was a wall built by the city. The reason to have insurance is so the insurance company's lawyers to the work on the company's dime.
08-07-22, 01:08 PM
#4
Senior Member
Yep, rental insurance can be crazy. Keep calling.Keep looking. you will find one. I do have a bike rental company that sends me emails, but I cant find their messages at the moment. If I find it I will post here.
-SP
-SP
08-08-22, 09:03 AM
#5
Senior Member
And today I have an email from that company-
https://www.rentle.io/
I hope they have some usable info for you. I havent looked at it much since I am not actively renting product.
-SP
https://www.rentle.io/
I hope they have some usable info for you. I havent looked at it much since I am not actively renting product.
-SP
08-08-22, 01:43 PM
#6
Newbie
Hello, my brother and I are starting an e-bike rental service in rural MA, and we are currently looking for information on the best way to go about finding the right insurance policy. Currently we only have 6 e-bikes that would technically be loaned out privately. We initially received one insurance quote that blew our minds considering it was over 10k per year. Is this number totally outrageous? Should we be looking into any specific agencies that accommodate for this asset sharing business model?
Looking forward to hearing different thoughts.
Looking forward to hearing different thoughts.
