Next Century Insurance President Gavriel Gavrilov and AutoMarketplace founder Dawood Mian sit down to speak about the NYC for-hire transportation (“TLC”) insurance market.
Gavriel started Brooklyn-based Next Century Insurance, an insurance brokerage that focuses on the NYC TLC market, in 2013. His previous experience also touched other parts of the NYC TLC industry, related to his father owning Concord Limousine, a well known traditional Black Car base. For example, Gavriel worked as a both a NYC black car driver and dispatcher, before starting Next Century.
The discussion between Gavriel and Dawood is wide ranging, but focuses on the NYC TLC insurance market. Some topics include:
Why NYC TLC insurance brokers exist when there are only a few insurance options?
Common TLC insurance claims
Why TLC insurance rates are increasing?
Why TLC fleet insurance is more expensive than individual driver insurance?
Thoughts about the issuance of new EV TLC Plates and its impact on leasing companies
Comprehensive & collision coverage insurance in the TLC market
You can reach out to Next Century at info@nextcenturyinsurance.com, check out their website at nextcenturyinsurance.com or call them at (718) 788-3585.
*TABLE OF CONTENTS*
👋 00:00 - Intro 🧑 00:28 - Gavriel's background? ☂️ 01:20 - Why start Next Century Insurance? 💸 03:35 - Why rates are getting more expensive? Black Car Service vs. Uber? ❓ 07:11 - What do TLC insurance brokers do? ❓ 09:21 - Why are there so few TLC insurance companies? ❓ 11:30 - What's the actual difference between TLC brokers? 🤕 15:00 - Common TLC insurance claims? Pedestrians? Bicyclists? 🛑 17:40 - Non-renewals ahead of March 1st?
🤑 21:37 - Most expensive TLC liability policies? 🗽 22:35 - New York Automobile Insurance Plan? 🚕 23:10 - Fleet vs. Individual Driver insurance rates? 🤐 26:15 - Undisclosed driver claims (or fleets not listing correct drivers) 👦 29:45 Under 25 years old? Inexperience surcharge? ⚡ 31:34 - Thoughts on EVs? New EV TLC Plates? ⚰️ 36:00 - Will new TLC Plates kill leasing companies?
⚡ 41:33 - 'Comprehensive & Collision' (full coverage) for TLC-plated EVs? 🗽 43:00 - NY admitted vs. non-admitted carrier?* 🏦 47:31 - Does Gap insurance exist for TLC industry? ⛈️ 48:30 - What % of TLC customers have full coverage? 📈 52:03 - Summarizing why TLC insurance rates are up? ☎️ 55:40 - How do people contact Next Century Insurance?
*Correction / Note: INSHUR has informed us that they do offers New York admitted TLC comprehensive & collision insurance coverage for Teslas. Transit General also offers New York admitted TLC comprehensive & collision insurance coverage.
As always, let us know your thoughts in the comments section below or by emailing us at info@automarketplace.com.
AutoMarketplace NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️
☂️🗽🎙️ NYC TLC Insurance Talk w/ Next Century: Brokers, Rates, EV Plates, Fleets, Full Coverage & More