New quarterly report reveals key data trends for New York area TLC drivers
INSHUR, the mobile-first TLC insurance provider, has released a report highlighting key trends around drivers, vehicles, premiums and behaviors. The report data covers quotes and policies from 3,400 TLC drivers in New York.
INSHUR is the fastest growing and easiest way for TLC drivers to find and set up competitive cover for their vehicles. While traditional policy administration requires days, INSHUR can be set up in minutes, in fact, the record from quote to purchase is 171 seconds to be precise.
Dan Bratshpis, co-founder of INSHUR, said: “Our inaugural state of the nation report underlines the importance of digital transformation in the insurance industry. TLC drivers need to spend as much time on the road; it costs them every minute that they are not. From spotting trends in the car’s owned to average claims and premiums, our report provides a snapshot of the landscape. We have access to this data in real-time and plan to share regular reports on the changes.”
The data findings at a glance:
– Q1 2017 Average premium for an owner driver INSHUR liability policy was $3,651.57
– Q1 2017 Average premium for an owner driver INSHUR collision policy was $1,592.97
– The average combo policy premium was $5181.00 with 30% of drivers purchasing collision policies
– The most popular vehicle is a 2015 Toyota Camry
– Average cost of a new INSHUR vehicle is $29,002
– Average cost of a used INSHUR vehicle is $14,927
– New York and Passaic County have on average the most expensive vehicles
– Westchester County has on average the least expensive cars
– There are a total of 157,000 licensed drivers in the New York City area
– The number of new drivers applying for licenses in the past quarter was 6,020
– The three most popular places for drivers to live, based on INSHUR policies sold are: 1/ Queens. 2/ Kings. 3/ Bronx.
– New York as a whole only has 3.21% female drivers
– The counties with the highest level of female drivers are Kings, Bronx, New York and Nassau. All with around 4% female drivers.
– The fastest time recorded in the past three months, from quote to purchase insurance with INSHUR, was 171 seconds
– Tuesday at 14:00 is peak buying time for an INSHUR policy
– 64% of quotes on INSHUR are provided between 6pm and 8am
– 2/3rds of drivers are using IOS for quotes v Android. Android users are more likely to purchase.
Summarizing INSHUR’s report findings at the launch, Bratshpis, said: “There is a clear sentiment in our industry that technology will help address the legacy of systems and processes which frustrate customers. As a new entrant in the market, we are fascinated to see the appetite for new ways of providing insurance in the commercial sector. Our aim is to reduce the friction, focus on the needs of customers and aid the digital transformation of auto insurance.”
Access the full report here.
INSHUR is the only and fastest growing, mobile-first digital provider of auto insurance for TLC drivers. Founded in October 2016, the experienced management and technical team are based in offices in New York and London, address the growing market for fast and simple insurance via a mobile app. Convenience and efficiency workflows sit at its heart, INSHUR provides customers with the ability to get on-demand quotes and cover in minutes and not days. The INSURE five step mobile process uses the camera to scan the TLC license, combine with user input data and delivers a range of quotes from leading carriers. To date, INSHUR has seen excellent customer feedback and reviews, high conversion rates and significant premium growth.
Using anonymous customer data, the report analyzed 3,400 quotes and policies from TLC drivers in the New York area.