NYAB is one of the largest TLC insurance ☂️ brokers.
In AutoMarketplace’s latest podcast episode, Luis Quevedo, CEO of NYAB Insurance, and Dawood Mian speak about all things NYC for-hire transportation (TLC) insurance. From how Uber changed the industry to why brokers even exist to why there aren’t more insurance options! 🤔 Luis and Dawood also have a lengthy discussion about the TLC comprehensive & collision (a/k/a physical damage) market.
We want to thank Luis for the conversation and hope you find the discussion informative. Let us know your thoughts in the comments section below and/or on YouTube.
Also available on YouTube ⬇️
TABLE OF CONTENTS
0:00 Intro 0:48 Luis’ background 3:00 NYC TLC insurance industry before Uber 4:00 Car Service vs. Black Car Service 6:04 Uber a Car Service or Black Car Service? 8:25 Camry became a “Black Car” in NYC 11:13 Uber insurance risk isn’t Black Car risk now 13:53 Why do insurance companies use brokers vs. direct sell? 16:40 Why aren’t there more TLC insurance options? 20:48 Insurance can only work at scale 21:28 TLC insurance broker commissions & business model 22:20 Why don’t insurance companies direct sell? 24:03 Brokers are unconflicted vs. an insurance company 25:07 Summary argument for why insurance brokers exist 27:53 Why don’t more TLC drivers have Comp. & Collision coverage? Risks? 30:04 % of NYAB book with Comp. & Collision coverage? 32:17 Claims often drive Comp. & Collision policy purchase 33:40 How much does Comp. & Collision cost? 35:56 Gap insurance coverage in NYC TLC market? 38:00 Thinking about vehicle depreciation, especially EVs 39:44 Discussing electric vehicles (EVs) & insurance 42:11 Speak to your insurance broker before buying a vehicle 43:36 Technical DMV registration issues when TLC drivers purchase vehicles 48:10 Importance of technicalities in a world of NYC Uber & Lyft “lockouts” 49:16 How much does NYC TLC insurance cost? Why? 51:55 Important for drivers to keep accident records 53:01 TLC insurance discounts for drivers with no accidents 53:30 Important for drivers to have dash camera 55:00 When will 2025 TLC insurance renewal rates be available? 57:34 How to contact NYAB?
☂️🚕🎙️How Uber Changed NYC TLC Insurance? Conversation with NYAB's Luis Quevedo