Unfortunately, owning a car is pretty expensive, but you have a good opportunity to earn actual money with your car. Didn’y you know that? As RelayRides in the recent past company Turo nowadays bills themselves as the service which allows you to rent out the car!
That’s so. This service makes you able to list your vehicle to other participants of Turo when you are not using it. In average, one person makes not less than $540 a month if he let use his car, but it’s defined by how much time your vehicle is available.
The alternative is another opportunity: when you need a car, Turo offers a more effective and cheaper alternative to your rental company. Read below my Turo review.
Turo is a marketplace of vehicles where everyone can rent any car they need, wherever and when they want it. Since the year of 2009, when it was created, cars owners can earn extra money when they’re not using the vehicles that belong to them. Let’s look at main features of Turo’s:
- Pick up at more than 3 hundred airports
- Available in more than 35 hundred Cities
- $2 million insurance for users
- Choice of 800+ car models
In last several years Turo has grown quickly. Originally the only country where service was available was the U.S. Nowadays it’s expanded to the U.K. and Canada. The appeal of Turo should be obvious, rent a vehicle to save money, or rent out the car to earn some extra money.
Despite the fact that some people could consider it weird to rent vehicles directly from its owners, everybody had similar thoughts about Airbnb at it launching. These days the economy of sharing can be applied to enything, so it’s completely natural that such a service spread its activities to vehicle rentals. Plus, as a car owner, it’s much easier to earn money using Turo than driving a car for Uber.
How service works?
It’s a simple process and broken down for people that want to list or rent a car.
Listing the car:
After creating an account at service, your eligibility and identity will need the confirmation before you get an opportunity to list or rent a car. When your application gets approval, you will have to make a description and images of your car and upload it. Turo also has guidelines for pricing your vehicle, but it’s up to you to decide what to charge. You will be able to respond to requests as soon as you can.
Renting: When your account is setup, find a vehicle by searching necessary parameters. After finding the car you may just book it! The owners still have 8 hours to approve your booking, but also there are instant bookings.
What responsibilities does a renter really take on?
Like Uber or AirBnb, Turo is based on the trust sharing economy. Basically: If you break, you pay. It means that if a Turo rental got a flat tire, you are responsible for fixing — unless you prove that it’s the result of a preexisting excessive wear or defect. That also means that renters can make “before” pics (the vehicle when you get the keys), since you will take responsibility for pre-existing car damage that was not documented.
We’re assuming you are not here to read a thorough rundown of fine print of Turo. So, if you are considering vehicle sharing through the Turo service, we recommend you to study their coverage FAQs before making decision if this service is fitting to you.
How To Share Your Vehicle With Turo
Your car collecting dust? The Turo service claims that a vehicle with a value of $18,000 could help its owner to earn for sharing $5,792 over 15 days per month. Sure, that is an averaged estimation over a year, but also Turo says they got the data to back it up.
Turo offers you potential extra income. And If that caught your attention, here is the three ways the service lets you earn:
1) Local pickup: Turo’s clients can enjoy all the convenience of renting vehicle right out of your driveway.
2) Deliver your car: earn even more with meeting guests at airports or other local locations.
3) Park and earn: drivers willing to leave vehicles at Los Angeles (LAX) and San Francisco (SFO) airports for several weeks at a time will bring you at least a guaranteed sum of $425 a month.
It works fairly straightforward: client creates a listing for his spare car, respond to received requests and meet at chosen location, so you can “kick back and earn.” Claims of easy pocket cash that Turo offers sound hunky dory. However, what happens if someone makes a wrong turn to Risky Business territory with your joy and immaculately maintained pride? Turo proposes vehicle owners coverage with insurance policy of a $1 million. It includes protection against damage up to your vehicle’s actual cash value for most “comprehensive” causes. This is good news, because most of personal lines insurance companies specifically exclude rentals and livery from coverage. And, when they find out that you regularly rent your car, it can terminate your policy — that decision could haunt you when you want to replace coverage (most applications ask you something like, “Has your coverage been declined or canceled for underwriting reasons?”).
Turo even offers up to $30 a day if your vehicle gets into an accident when it’s being rented out — plus Turo promises its clients that they will be guiding you at every step. How legal is renting out a car? Some might find the answer of Turo less reassuring. Essentially, there is no law against renting out a car, but this is not a risk that most personal lines auto carriers will knowingly insure. The final liability is resting on client’s shoulders.
Should You Share Your Car Using Turo?
On one hand, we can say the horror stories that we associated with peer-to-peer sharing gradually become much less prevalent. “Now we worry about whether the Uber service has inopportune influence over local governments, or the effect of Airbnb on real-estate markets.” However, sharing a vehicle brings far more liabilities to you than renting out a spare apartment!
While the concept of Turo sounds great, reviews give potential clients and partners a solid impression that they still got a few kinks to iron out until providing a desirable service.
The owners that considering sharing their car, should realize that you are putting on the line the price that doesn’t correspond the market value that your vehicle has. Despite their fun-for-all attitude and catchy messaging, it appears them skirting over some of more serious legal aftermaths of sharing your vehicle.
What if the driver of your car seriously injures someone or, heaven forbid, even kills in an accident? And what if they drive your car drunk? A $1 million policy does not cover those worst-case scenarios, so the services’ attitude like “it’s-up-to-you” regarding legalities isn’t really reassuring.