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Trov business insurance review Jun 2020

Last updated:  

On-demand coverage for your business's fleet or your customers' insurance needs.

AL, AZ, AR, DE, GA, HI, IA, MI, NV, SD, TN, WA and WY

Available states

Workers' comp

General liability

Product liability

What services does Trov offer?

Trov offers on-demand insurance products that helps your business either buy fleet insurance or offer ready-made insurance products to customers. What to consider about these services:

  • Fleet insurance. Trov calls this product mobility insurance. The product offers businesses with a fleet of rideshare, delivery or cargo vehicles insurance coverage that’s highly specific to their current risks on the road.
  • Insurance technology platform. Trov has built a cloud-based technology platform for a variety of insurance products your business could offer to customers. The platform includes billing, policy management and claims processing — essentially a ready-made platform for you to customize for your business.

How does Trov fleet insurance work?

Trov’s mobility insurance provides fleet insurance using technology that assesses your fleet’s risks in real time. It uses data from other connected vehicles to update your coverage based on the risks your business faces at that moment.

It also provides analytics to help you identify risks, so you can take steps to lower those risks. The outcome is that this insurance could save you money by keeping only the coverage needed and by improving safety as you go.

What does Trov fleet insurance cover?

Trov doesn’t detail the specific types of coverage for fleets on its website. It may provide the most common fleet coverage like:

  • Property damage liability — Covers damage to the other vehicles if your employees cause an accident. Can also cover other damaged property like signs or fences.
  • Bodily injury liability — Pays medical expenses if another driver or pedestrian gets hurt in an employee-caused accident. Also defends your business for bodily injury court cases.
  • Personal injury protection (PIP) or Medpay — These can help your employees or passengers in your vehicles with medical bills if they get injured. Also, PIP may cover childcare, lost income and housekeeping during the employee’s recovery or a death benefit if your employees die in the accident. PIP is required in some states.
  • Collision — Helps your business repair or replace its vehicles if your employees are at fault in an accident.
  • Comprehensive — Repairs damage business vehicles if they get damaged for reasons other than a collision like theft, vandalism or weather.
  • Uninsured or underinsured motorist — Protects your business from paying for car repairs itself if the other at-fault driver can’t take on that responsibility. The driver may not have enough insurance to cover your vehicle.
  • Roadside assistance — Offers a source for help if your employees get stranded on the road for flat tires, running out of gas, lockouts or a mechanical breakdown that requires towing.
  • Gap coverage — Helps your business recover costs for a vehicle loan if the vehicle gets totally destroyed in an accident. The insurance settlement may not cover the rest of your loan otherwise.

What types of vehicles are covered?

Trov covers many types of fleets including alternative types of transportation. Vehicles covered include:

  • Bike shares
  • Buses
  • Car shares
  • Cargo or freight vehicles
  • Delivery vehicles
  • Rental cars
  • Scooter shares
  • Self-driving vehicles
  • Subscription cars

How does Trov’s insurance app platform work?

Trov offers an app-based platform that businesses can use to offer insurance to their customers. The platform is unique in that it’s designed to let customers switch coverage on and off as needed. It also offers your business a full suite of tools your company can use to manage your new products, including:

  • Payments. The platform includes payment processing for monthly billing and claims settlements.
  • Administration. The back-end of the platform helps your business handle multiple types of policies offered in different locations.
  • Claims. Your business gets access to an online claims communication feature so you can talk with customers during the claims process.
  • Risk analytics. These analytics help you see your potential buyer conversions and assess risks and business costs based on current users.
  • Fraud management. The platform includes steps for authentication to prevent fraud from happening to your business.
  • API integration. Your business can integrate the platform to fit your business’s look and needs.

Pros and cons of Trov

Pros

  • On-demand coverage. Trov has designed its insurance products so customers can turn coverage on and off as needed. This feature is unique in the insurance industry.
  • Monitors risk in real time. You can see risks for your fleet or for the coverage you offer to customers based on current data.
  • Modern, online-based platform. While some insurers limit their online connections, Trov helps your business embrace it for yourself or your customers.
  • Covers different types of fleets or insurance needs. Many types of businesses can use Trov’s offerings. That includes ridesharing or traditional fleets or businesses related to the home, auto, property or business insurance fields.

Cons

  • Brand new company. Trov launched its insurance services in 2016 and has since changed from selling to consumers to a new business-to-business model.
  • Few coverage details. The company doesn’t explain what types of coverage you can get or offer on its website. You need to fill out its contact form to find out this information.
  • No platform for phone claims support. The platform offers only online communication with customers, leaving you on your own to set up more personal customer service.
  • Few business ratings. This startup doesn’t have many reviews or business ratings to confirm its credibility. However, it does hold an A+ with the Better Business Bureau and its insurance is underwritten by Munich Re.

How much does Trov insurance cost?

The cost to your business is based on a range of factors, including:

Fleet insurance

Trov hasn’t outlined what factors it considers for fleet coverage. But common factors other insurance companies consider are:

  • The value of your vehicles. Your insurance premium will rise or fall based on how much your vehicles could cost insurance to repair or replace.
  • Your location. If you live in an area known for traffic risks, you might see a consistently higher premium than rural or low-risk areas.
  • Type of business. Your industry could face more risks than another, such as freight trucks that carry heavy loads over long distances.
  • Number of vehicles. You might see lower premiums per vehicle the more vehicles you insure.
  • Mileage driven. A fleet that shares rides around town might cost less to insure than fleets that drive cross-country on a regular basis.
  • Amount of coverage. The types of coverage and annual limits you choose will affect your insurance premiums.

Insurance platform

While Trov hasn’t specified how it charges for its insurance platform, you could see prices affected by these factors:

  • Types of insurance offered. The type of insurance affects the risks your business will cover as customers make insurance claims.
  • Number of customers. You might see the cost of using the platform rise or fall based on your customer base. More customers could require more upkeep to the platform.
  • Platform customizations. Trove could have reason to charge more money if you need extra customizations to the platform.
  • Coverage locations. Since risks differ based on geographic locations, your business’s cost could increase if you’re offering insurance in a high-risk area.

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Common questions about Trov Insurance

Expert review

Sarah George

Review by


Sarah George is a writer at Finder who unravels complicated topics about insurance, business and finance. She's been wordsmithing for over three years after graduating with an English Education degree. You can usually find Sarah sipping hot tea and talking through movie plots in her downtime.

Expert review

Through Trov’s unique insurance offerings, your business can lower your fleet’s insurance costs and safety risks. Or you can offer an innovative insurance product with little work on your part for launching. The company stands out with its ready-made, on-demand insurance — powered through an app with the ability to take payments, show data about your business’s risk and deal with claims digitally.

On the downside, Trov’s startup status may mean you’re not getting the most experienced customer service. You’ll also need to pry a bit more to find out what coverage you can get or offer, while other companies might include these details online.

Overall, Trov might work best for mid-sized businesses wanting in on innovative products but can handle the extra risk of using a startup. But if you’re looking for a hassle-free claims process, you might look for other tech platforms or use a different commercial car insurance option.

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