While some draw comparisons to Airbnb (but for cars), Turo is much different from modern peer-sharing apps. Different liabilities - including variability amongst state laws - open the doors for heightened risk.
Should you rent your car to a stranger? Maybe, depending on how you might answer the following questions:
Are you able to detach yourself emotionally from your vehicle?
It is not matter of if your vehicle will be damaged; it is a matter of when. You cannot lose sleep over these damage claims - remedy the situation and move on with your business.
Can you handle taking on additional liabilities?
Many Reddit and Facebook Turo veterans recommend hosting under an LLC to avoid potential third-party insurance claims coming after your personal funds. Others suggest purchasing commercial insurance. Regardless, renting your vehicle out on Turo is a liability. If you cannot handle additional risk or stress in your life, peer-to-peer car sharing may not be for you.
Do you stay organized?
Everyday new expenses, revenue, and analytics come down the pipeline. It is imperative that you track and keep good record of all financials (as with any small business endeavor).
Can you set aside time during the workday and weekend?
Many renters book during weekends; are you able to take time off your own to accommodate? Other scenarios may arise during the workday. Will your boss be okay with you leaving for an hour to help a renter with a flat tire?
Do you have good social skills?
Whether it is speaking to the technician at the auto shop or texting your upcoming renter, being a good communicator will allow the Turo process to go smoothly and efficiently. Confused renters will eat into your productivity time.
While this list does not serve as a comprehensive checklist for potential hosts looking to join the car-sharing market, it does provide insight into hosts that excel vs. hosts that fail. Feel free to reach out if you have any further questions or concerns.
Note: All recommendations & advice provided should not be taken for gospel. Turo T&S change continuously; due diligence is required for Turo hosts. I may earn commission for referrals.
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