Cachet aims to solve ridesharers’ insurance problems

A new company created by former MP Kalle Palling and startup entrepreneur Hedi Mardisoo aims to solve the problem of part-time ridesharing drivers who must currently pay taxi insurance that is several times more expensive than ordinary motor TPL insurance, irrespective of how much of their time they spend ferrying people, Postimees writes.

The article reads that insurance companies currently expect drivers to pay full taxi insurance as ridesharing platforms refuse to share ride activity statistics, with or without consent of drivers, while drivers prefer to hide their ridesharing activity from both the state and insurance providers.

Palling and Mardisoo have found a way for all sides to come to an agreement. They’ve created a new digital insurance called Cachet that promises drivers cheaper insurance if they agree to give Bolt, Uber and Yandex apps the right to automatically log their driving activity. The insurance side is handled by BTA.

Chairman of the Estonian Motor Insurance Bureau Mart Jesse said he hopes the service will be adopted by both drivers and platforms that would finally allow the latter to stop breaking the law.

“We are glad Cachet has introduced a novel dynamic insurance product that allows our drivers to work as often as they like while being able to pay a fair price for insurance,” said Karin Kase, spokesperson for Bolt.