What you need to know about Turo and Car Insurance

Are you thinking about starting a Turo car rental business?

I’ve had a few clients call me about car insurance to engage in a Turo start-up.  When I first heard about it and started making calls to my underwriters, none of them were familiar with Turo.  My first thought was that they might be able to endorse a personal auto policy if they were still using that vehicle for personal use.  But then after getting more details about the actual business model, I realized this was definitely a “commercial or business auto” insurance situation. I also found out that a lot of companies would prefer NOT to write this type of risk and it makes sense.  There is a huge risk involved in renting out vehicles to strangers and especially when you have zero experience doing so and when you don’t have an established business model.

However, we live in a day and age where lots of people are leaving their nine to fives to become entrepreneurs and a lot of people are making a lot of money with Turo.  At least that’s what they say on the YouTube videos.

Just last week one of my favorite clients (yes I have favorites – mostly the ones that pay their bills on time) called me and asked me about insurance for a Turo business he’d like to startup.  So I told him I would look into it for him and began my search on Google and YouTube and found some pretty good information on how it all works.  My favorite video, and what seems to be the most informative video I’ve found thus far, is by a young lady name Aubrey Janik.  I also found a really good article on Value Penguin called “How Does Turo Insurance Work”. 

Here’s the video

The Truth About Turo Insurance

 

Serving: Columbus, Pickerington, Central Ohio, Delaware County Ohio and surrounding areas

© 2024 Beasley Insurance Group