Keeping a car running can be expensive. The gas money, maintenance bills, and all those upgrades that aren’t really necessary but you want them anyhow. All for a car that you only use for a couple of hours during the day. With a service like Turo, you can rent out your car when you’re not using it and make some money to cover the extra expenses or just to add some extra cash to your pockets.
Turo is often (to the point of it being a cliche) described as the Airbnb of cars. You sign up and list your car for rent, then Turo connects you with some “tenants”. Depending on how much you use your car, you can rent it out on a daily or hourly basis.
Who Is It For?
People with cars (obviously) can share their vehicles with some trustworthy tenants. According to Turo, most cars can sit for 22 hours a day. Translation? That’s 22 money making hours that you can take advantage of. If you’re going away for a holiday (preferably somewhere NOT within driving distance), you can rent your car out while you’re away so it can gather money out on the road, instead of gathering dust sitting in your garage. It’s a great way to earn money to use on your holiday for a car rental or something else not-car related.
Who Is It Not For?
If your work or daily activities require the use of your car at random times, it’ll be hard to find a fixed amount of time when you can rent the car out.
How It Works?
When you list your car, Turo sets the price using criteria such as market value, location, time of year, and other data sets. You can even manually set your own daily price instead. If your car is rented, Turo will pay you via direct deposit within 5 days. Your earnings will be 65% to 85% of the trip, and the exact percentage will depend on the vehicle protection package you choose. You can earn up to 90% of the trip price if you have commercial rental insurance to cover you, your car, and your customers and you choose to waive the vehicle protection provided via Turo.
With advanced features like Turo Go, you can remotely unlock your car for your guests and even track mileage. This feature is available in select markets and you’ll have to join a wait list to get exclusive early access to the Turo Go features.
What We Like?
•You’re covered with up to $1 million in liability insurance from Liberty Mutual so you can rent out your car with a peace of mind.
•Your car is contractually protected against theft and physical damage.
•You can set your own minimum daily price for trips or let Turo do the work for you.
•Listing your car is free and you don’t have to worry about charges like monthly fees and buy-ins.
•Your car works for you and you just get to spend the money.
•All travelers are screened before they’re allowed to book cars on Turo.
What We Don’t Like?
Making sure your car is protected by choosing one of their protection packages takes a chunk out of your earnings.
How Much Can You Make
You can get an estimate for how much you could earn by entering your vehicle’s year, make, and model on Turo’s carculator.
Conclusion:
Renting you car out is a great way to make money to cover your monthly car payments or earn extra cash for anything else you might fancy. List your car on Turo and let it do the work for you.
Pros:
•Guaranteed protection from a reliable insurance provider.
•No special requirements
Cons:
Turo offers 3 vehicle protection plans which are Premium, Standard, and Basic. With all 3 plans, $1,000,000 in liability protection is provided but the plans differ in how physical damage is covered. So if a renter totals your car, you may not be covered for that, depending on the protection plan you chose.
