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And because Turo requires hosts to provide, to sign up, its hard to square that circle., Car insurance companies are wary of peer-to-peer car-sharing services because theyre new, unfamiliar, and carry a lot of inherent risks, Most major insurance providers wont insure a car that you rent out with Turo, If youre trying to get into the car-sharing marketplace, youll need an insurance company thats willing to cover your personal vehicle while youre using Turo, pay-per-mile insurance may be an affordable option for Turo hosts in. Turos damage responsibility: 100% Your deductible: $0 Exterior wear and tear reimbursement included Up to 10 days of replacement vehicle reimbursement Liability Insurance. worked as a writing coach at Columbia University, the Rochester Institute of Technology (RIT), and the University of Rochester. Laura Walker On the 60 plan, for example, the 40% you dont earn from the trip price goes to Turo to cover: You have the option of going without Turo insurance when booking a car rental, or you can choose from three different plans offered by Turo: You should check with your personal insurance company to find out whether theyll protect you when driving a Turo car. It isnt likely to cover the full value of a $10,000 ring or a $7,000 painting. Advertiser Disclosure: We strive to help you make confident insurance decisions. Farmers also offers rental car reimbursement coverage, which helps pay for the cost of a rental car while your personal vehicle is being repaired for a covered claim. For example, you can rent a car for just a few hours if you need it for a short trip. Different states have different legal requirements and obligations for car insurance companies. But if you decline that coverage, will your private insurance company cover you? Your personal car insurance policy wont cover Turo as this constitutes business use of your vehicle. However, many car insurance companies are specifically excluding coverage for Turo vehicles. There are some car insurance companies that specifically exclude coverage for cars loaned through Turo. * Commercial host: A company offering a car for rental. The biggest pro of using a Turo car rental is saving some money on rental cars. Kayda Norman is a NerdWallet authority on auto insurance. Minimum $10/day. It seems that the business should be an LLC to shield the hosts other assets should there be an issue or denial of coverage. Depending on your vehicle and your location, you may be able to earn a decent income on the side by renting out your car on Turo. Never assume that your personal insurer will cover your interests because some insurance providers wont protect you when using a peer to peer car rental app. Turo isnt a car insurance company. And if you dont have When Your Standard Insurance Covers Rental Cars. If you never find your stolen car, remember that youre covered up to $750,000 for theft with your Turo insurance plan. You can purchase car insurance through Turo that is underwritten by.