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 Vanpool Insurance Needs - by Diane Utz - GW RideConnect
 

Vanpool Insurance Needs - by Diane Utz - GW RideConnect

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Vanpool Boot Camp: Marching Orders - November 7, 2011 - Part 12

Vanpool Boot Camp: Marching Orders - November 7, 2011 - Part 12

A close up look at traditional insurance and the ADVANTAGE Self-Insurance Pool Program

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     Vanpool Insurance Needs - by Diane Utz - GW RideConnect Vanpool Insurance Needs - by Diane Utz - GW RideConnect Presentation Transcript

    • Vanpool Insurance Needs
      • A close up look at traditional insurance and the
      • ADVANTAGE Self-Insurance Pool Program
    • Insurance Types
      • Family Auto Policy Plan – not recommended, not enough coverage
      • Commercial Insurance – good choice, need a minimum of $1 million of coverage plus comprehensive and collision
      • Self Insurance Pool Program – good choice, need a minimum of $1 million of coverage plus comprehensive and collision.
    • Lancer Insurance Features
      • Traditional full service insurance company
      • Provides vanpool driver training tapes and other items
      • Provides driver background checks
      • Coverage Limits range from $100,000 to $5 million
      • Contact - http://www.lancer-ins.com/
    • ADVANTAGE Self Insurance Pool Program Features
      • A self-insurance pool that provides limited liability protection
      • Provides $1 million of liability protection per person per claim.
      • Provides up to $15 million of liability protection per vanpool.
      • Cost includes comprehensive and collision with a choice of deductibles
      • Website oriented – self service
    • ADVANTAGE Self Insurance Pool Program Features
      • Cost Calculator
      • Roadside assistance
      • Division of Risk Management staff assistance at no cost to the operator
    • ADVANTAGE Self Insurance Pool Program Features
      • Traditional claims agency is used
      • Vanpool pays no traditional insurance company overhead.
      • State attorneys defend Advantage members in court
    • ADVANTAGE Self Insurance Pool Eligibility
      • Open to all Virginia Vanpools that are registered with a Virginia TDM agency
      • All vanpools must come through the George Washington Regional Commission
      • Program is operated by the Virginia Division of Risk Management, DRPT and GWRC
    • Advantage – How does it work?
      • Advantage members join the pool and pay “membership” dues instead of premiums
      • The membership dues are deposited into a pool at the Virginia State Treasury. The pool continues to grow and pays for any incidents and claims.
      • The pool was started with $500,000 of seed money from DRPT.
    • ADVANTAGE – How does it work?
      • Vanpool Operators who want to join contact GWRideConnect.
      • Operators can register their vanpools into the program through the Advantage Website.
      • Invoices, insurance information and glove box cards and manuals can be downloaded.
      • DRM staff is available to assist at any time.
    • Why ADVANTAGE?
      • Advantage provides the highest level of liability protection available
      • Advantage provides a cost savings to the operators
      • Lancer Insurance lowered their rates to match Advantage’s rates
      • Advantage is protected by DRM and the State
      • www.advantagepool.org
    •