vanpool insurance needs - by diane utz - gw rideconnect
DESCRIPTION
Vanpool Boot Camp: Marching Orders - November 7, 2011 - Part 12 A close up look at traditional insurance and the ADVANTAGE Self-Insurance Pool ProgramTRANSCRIPT
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Vanpool Insurance Needs
A close up look at traditional insurance and the
ADVANTAGE Self-Insurance Pool Program
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Insurance TypesFamily 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.
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Lancer Insurance FeaturesTraditional 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/
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ADVANTAGE Self Insurance Pool Program FeaturesA 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
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ADVANTAGE Self Insurance Pool Program FeaturesCost Calculator
Roadside assistance
Division of Risk Management staff assistance at no cost to the operator
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ADVANTAGE Self Insurance Pool Program FeaturesTraditional claims agency is used
Vanpool pays no traditional insurance company overhead.
State attorneys defend Advantage members in court
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ADVANTAGE Self Insurance Pool EligibilityOpen 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
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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.
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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.
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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
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