☂️ NYC TLC Drivers Scramble To Find Comp & Collision Insurance For Teslas

Many insurers are nervous to underwrite physical damage insurance for NYC TLC-plated Teslas (& other expensive EVs). For Model 3 (maybe Y), Chicago-based Transit General appears willing

With the reinstatement of the EV exemption to the FHV License Pause (a/k/a TLC Plate Cap), many NYC for-hire drivers are rushing to buy electric vehicles (EVs) (Note: the vehicle must be FULLY electric-powered, not hybrid).

Just like many other people, TLC-licensed drivers usually finance the majority of their vehicle purchase, agreeing to 5 to 6 year auto loans with 8-10%+ interest rates now 👀. Versus the zero interest rate world with low inflation that existed a few years ago, many might (incorrectly) label today’s financing terms as “predatory”. Obviously, to any person with a basic understanding of finance and markets, the interest rate and inflation dynamic has significantly changed.

This is what annoys us about regulators like NYC Taxi & Limousine Commission Chair David Do and non-financial journalists like Evan Simko-Bednarski, who works for Alden Global-owned Daily News. They misuse the word “predatory” because it gets cheers & clicks. They are not business people, do not und…