Vanpool Insurance Needs - by Diane Utz - GW RideConnect

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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

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

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