Assurant backs HyreCar’s new insurance program

Los Angeles-based car sharing marketplace for rideshare and delivery HyreCar announced a new auto insurance program with Lloyd’s Apollo 1969 syndicate.

HyreCar also just completed moving its primary and excess automobile insurance liability programs over to Lloyd’s Apollo 1969 syndicate, an insurance provider in the gig economy that provides insurance to many of the top companies in rideshare transportation and food delivery.

Hyrecar’s new insurance program was issued by Assurant , with the backing of Apollo 1969.

“We are very happy that our weekly rental days have now quickly rebounded to over 19,500, putting us back to pre-Covid 19 growth, and we set a new all-time high month with over 79,000 days in May. We believe this is because our business model and platform allowed us to leverage new opportunities within this crisis and create a larger market with ridesharing and delivery. As states reopen we should continue to see steady revenue growth in the second half of 2020.” – Joe Furnari, Chief Executive Officer of HyreCar.

“We are excited to partner with Apollo 1969 to provide the very best insurance programs for our car owners and drivers, an important part of our value proposition. Apollo is the clear leader with the most relationships in the gig economy space for ride-sharing and delivery, and working with them should significantly improve our cash flow going forward and allow us to operate at a more cash neutral basis and grow cash on the balance sheet for the remainder of 2020.” – Scott Brogi, Chief Financial Officer of HyreCar.

“We are excited to partner with HyreCar to provide insurance solutions that support their continued growth in an ever-expanding marketplace. We believe that both companies will benefit from our goal to provide flexible insurance solutions to innovative growing companies.” – Christopher Moore, Head of ibott at Apollo 1969 of Lloyd’s.

The company also reported it is witnessing a return to pre-COVID operations.

“We are very happy that our weekly rental days have now quickly rebounded to over 19,500, putting us back to pre-Covid 19 growth, and we set a new all-time high month with over 79,000 days in May. We believe this is because our business model and platform allowed us to leverage new opportunities within this crisis and create a larger market with ridesharing and delivery. As states reopen we should continue to see steady revenue growth in the second half of 2020.” – Joe Furnari.