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Riders Share launches collision insurance product

Peer-to-peer motorcycle rental company Riders Share has developed a branded offering for collision insurance to lower the cost for customers, President Guillermo Cornejo told Powersports Finance.

Launched last month, Riders Share Insurance Co. allows Riders Share to reduce insurance costs by applying machine learning to calculate the probability that the consumer will get into a collision on a Riders Share motorcycle. As the system learns more every month, it will allow the company to better predict risk, thus lowering insurance costs for certain customers.

“We mainly launched it to decrease insurance costs, control the claims experience and keep all collision data to ourselves,” Cornejo said. “Basically, we keep the insurance carrier’s profit, and we also use claims adjusters specialized in the sharing economy and all the fraud specific to it. It gives us a cost advantage, and as we grow, you will start to see it in the form of lower fees for our users.”

Riders Share Insurance Co. covers collisions, while a third-party provider supplies liability coverage. A consumer does not have to purchase a collision damage waiver before renting a bike on Riders Share. “We provide insurance for all owners in case the renters decline to buy the damage waiver, can’t afford it or do not have a personal insurance policy to cover an accident on a rented motorcycle,” Cornejo explained.

Marina del Rey, Calif.-based Riders Share has 2,600 bikes listed on its site, Cornejo added.

Join us for Powersports Finance Summit 2019, October 23-24, at the Hilton San Diego Bayfront. At the Summit, lenders and dealers will have the opportunity to learn new information that will help their business grow, discuss the latest industry data and trends, and network to form new relationships with fellow attendees and vendors. Register now at www.powersportsfinance.net.

Matthew Wood

Matt Wood is the Associate Editor of PowerSports Finance, where he is responsible for covering all the latest news, trends, and innovations with powersports lenders and dealerships. Previously, Matt was a writer for Auto Finance News before switching full-time to PowerSports Finance. He is also an experienced entertainment news writer covering pop culture, movies, and TV shows. Matt received his Bachelor’s degree in Communication from Rowan University in New Jersey.

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