The ONE Thing You MUST Know About Turo Insurance
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- Опубліковано 5 жов 2024
- In this video I'll show you where hosts lose money when it comes to Turo's insurance and the 2 things you can do to avoid paying deductibles.
Turo Insurance Explained
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Turo Deductibles Break Down
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Just started my Turo journey here in LA last weekend and had the car booked within 24 hours. Being located only 8 minutes from LAX is a huge factor in my overall business model and how to attract clients. Looking to scale up in the near future and possibly partner with other colleagues I have who are hosts
Hello, if you don’t mind me asking what vehicle are you using for turo?
Hey i'm looking to scale up and looking for some sort of set up near LAX
Did you use your primary or secondary vehicle?
i am going to LAX next month i need a car but I am from another country...i dont get their coverage plan...if i damage someones car or someone hit the car i am renting...who will have to pay? i have no insurance in the USA
@@boogiedownbronx73 Your credit card may have insurance coverage. Contact your credit card company to inquire.
This is golden, binge watching your videos tonight thank you
Turo has to be so happy not having to play claims to all these new hosts that are just renting cars and not reading Turo’s rules
Im in Hawaii and I currently ask my guest to provide a copy of their insurance when they provide their ID at pickup. Figured if I asked after an incident they would be less likely to want to provide it. No one has had any problems with providing it. I did have a few international travelers and guest without personal vehicles at home that just didn't have insurance. I also had the hotel insurance repair the vehicle when it was damaged during valet moving it for a renter.
Thanks for sharing 🙌🏼
Can you go through their insurance?
Great idea. We should follow procedure just like when renting car from Hertz and other big rental co.
@@kamilwieczorek1267 Yes you can imo. If it is a renter's fault, then they should file claim with their ins first, and you can verify that.
Can you talk about the basic insurance that is mandatory above and beyond the Turo insurance that is required in certain states or provinces?
Personally, I never trust a guest to do anything with regards to settling a claim outside of the insurance. I lay that in the laps of liberty mutual and allow turo to go after the guest for any and all fees. If there’s any real exterior damage I head directly to the Bodyshop of my choice and connect them directly with turo claims.
Agreed! How are things going in Chicago?
@@saimahsexperience they’re going well.. i typically watch the trends and I’ll take my vehicles on and off depending upon various factors.
@@XX-166 How do you take your vehicles on and off Turo without having third-party insurance (Lula and ABI, for example) issues? I ask because I was told by ABI that if I take my car on and off constantly, they won't keep insuring me.
@@jonabrim1 here’s how you do it… one. You have your personal insurance on the vehicle in case it’s damaged or needs to be replaced and is the law in all 50 states secondly.. when you rent out your vehicles on turo you don’t CANCEL your personal insurance nor do you tell them you’re renting your vehicle out for commercial purposes or they will drop you immediately. Any and ALL incidents that occur from the moment that vehicle is picked up until it’s dropped off is to be directly reported to the TURO insurance ONLY. When the rental period is completely over is when all damage claims are handled by your personal insurance and the vehicle reverts back. You MUST take no less then 25 pictures BEFORE the vehicle is given out and the same upon its return to document its condition and if there’s damage that you’re gonna claim on turo those pictures will be a very important part of you getting everything taken care of.
I think pretty soon all insurance companies will have to accept coverage for rentals. I think that the gig economy and landscape where driving is a job, things will change insurance wise and even platform where we will be having w2 and considered full time employees. I don’t know but I think in 2022 Turo will make a colossal leap forward!
I would agree! I think we are going to see some major changes ahead!
No chance. It took insurance 10 years to even begin adopting Airbnb. Turo vehicles are terrible risks for insurance companies. They have absolutely no way to know who is driving the vehicle. If your renter kills someone in an accident, your entire net worth is GONE. It will FAR exceed the $750k provided by Turo.
@@IAmAo90s Can't you rent as an LLC and protect your net worth?
you explain everything about turo better then anybody else ! your a god send !
your welcome!
I have seen one turo owner say her claim was denied due to tires. Backstory is car was rented out with tires in good condition but the renter was doing burnouts or donuts. Turo denies claim because tires in bad condition even with owners proof of tire condition pre rental.
Oh goodness if that’s the case that’s definitely not good or fair.
Things like this are why imp reluctant to do sports/luxury performance cars.
So to clarify, my renter has the minimum out of pocket $3000, damages are $3000, so she pays Turo $3000... AND I only get $1375 because I have the $1625 deductable? So Turo is MAKING $1625 on this accident? Literally they are making bank on hosts and guests making horrible decisions.
I suppose some would say they are not making a lot because if smarter hosts and guests all chose plans with lower deductibles then Turo is making up the difference.
But for some reason this is very unsettling!!! And not explained well by Turo. Argh. I feel like they keep this vague so that my scenario is more the norm, not the standard, and therefor they make extra money off of poorly understood choices!
You on the other hand are amazing for doing this video. You have helped me understand.... although only wish I had seen THIS video before the accident!
What about telling renters in the listing that the renter will be responsible financially before we agree to rent, perhaps maybe even for the deductible.
I believe you technically can't do that unless you're a commercial host
I would try it anyways so they feel liable and be more careful with your car. Turo can be complicated more than Airbnb if something bad happen besides Turo coverage imo like fatal accidents etc.
I had a guest get hit, I assume while parked. The damage was a bumper and a taillight. The collision shop quotes $2100. The guest has a $3000 deductible on Turo. He filed with his personal insurance Mercury, but I’m worried they will not cover it. In the event that they don’t, will he just have to cut me a check for $2100?
Any updates?
What ended up happening? So we can prepared what to do
Update?
Peace.. Shalom.. Salam.. Namaste and Thank You for All that you are doing for World Peace.. 🙏🏻 😊 🌈 ✌ 🌷 ☮️ ❤️
Best video on turo insurance on UA-cam!
Love your videos. Just starting my Turo business. Do you have any videos that talk about extra charges like going over mileage or EV charges. I see many charging for these things. How do you bill the customer for that? Thank you
Thanks for the info, had to file a turo claim on a guest earlier this week
You’re welcome :)
What kind of claim/damage ? What is the outcome? Thx
So what insurance information does the renter give if they’re in an accident? Does turo give them some kind of paperwork to provide?
Or do they rummage around your glovebox and provide yours? (Unlikely but what if this happens?)
Found my own answer. There is a document you print from your login that explains what to do IF anything occurs. They do not use your insurance, you’re covered by your protection plan.
Hi 👋
We’ve started up a new startup !
Here is our elevator pitch! You pick up a client from the airport and you hand them two keys 🔑 🔑, the key of your 🚗 and the key of your 🏠 (Turo & bnb)!
Very informative
The deductible for hosts is completely unreasonable. Charging the guest more for deductible will definitely act as a deterrent from wreck less driving.
You could always just sue the renter for it if they weren't willing to cover it, in the case that it's their fault. If it's a 3rd party you could just go with the 3rd parties insurance offer and not go through Turo. Turo's insurance should be be able to get the deductible covered by the 3rd party insurance.
@@brandonreed09I think there is something in the Turo contract that says the host cannot go after the customer directly for damages..
Very clear explanation 👍
In my 2nd trip with Turo, my car got totaled and not drivable at all. I get in tears when I see it in my driveway as I owe over ($60K) on the car. Do you think I can get the full value of my car from Turo? How tough it is to deal with Turo insurance agents? Should I hire a lawyer and seek for some help? I don't want to go with my insurance (GEICO) as I feel they won't be liable to it and will hurt my insurance.
What ended up happening to your totaled car?
Great video as always thank you for that info, I do have a question I was hoping you can clarify, what happens if someone gets into an accident while renting your car and there's a lawsuit, on the lawsuit is it going to be Turos name
Or the owner of the vehicle meaning us?
Great question
All of the above, but Turo's insurance SHOULD represent you against lawsuits. You need to stay on top of things though and if they are not communicating with you or ignoring important deadlines. Get your own lawyer to either contact them or handle the case. In the end you can probably sue their insurance be company for the additional expenses you incurred having to retain your own attorney. That's obviously something to discuss with your attorney though.
Following
This is exactly what I’m looking for. What is we get sued.
Awesome content for awareness Saimah thx
You’re welcome ☺️
Wow. People are out in these streets not knowing how basic insurance works smh
Wonderful video. what if the renter lets someone else drive the car and they get in a accident?
As a host do you have your own personal insurance on the car as well. You never mentioned that
You just so helpful! Thank you!
you're so welcome!
Can you have the renter agree and sign to be responsible for $250 fee if they get in an accident ? That would cover the deductible and it’s not a lot of money for an “IF” an accident occurs and they are at fault. Especially if they know that’s all they would have to pay and not thousands.
I'm about to rent turo next week. As a renter do i need to purchase the protection plan being offered since the host already have one? i'm confused
Unless you are independently wealthy you probably need insurance I'm case something happens to the car while it's in your custody. You can check with your personal insurance if they cover Turo rentals. If they don't you should get Turo's protection plan. You don't want to be held personally responsible for any damage.
I am confused also. If the host is required to have a protection plan, why would a guest ever buy a protection plan?
I have the same question in mind. If renter’s get the insurance from turo, does the host still responsible for the deductible?
Why not require a deposit up front..and then take it to satisfy the deductible when they crash the car? Especially if you are renting a premium car like a Porsche - require a deposit that matches or exceeds the deductible - and clearly state the basis for forfeiting. Smoking in car, accident resulting in damage/deductible, curbed wheels, etc.. get the deposit up front or you won’t get it later.
Awesome information
So what’s the problem mostly just the payment because that’s not an issue I need to know if anything crazy could happen that would leave me in debt
60 plan includes 0 deductible, covers wear and tear plus loss of income for up to 10 days max.
My son choose 60% and had lots of wheel rash from a renter , Turo would not cover it.
@@shepherdsknoll That's terrible
I chose the 80 plan when Turo gave back the 5%, and just leave $750 in my Turo savings account. Like anything of this nature, and Turo in general, it's a gamble. With a $500 difference between the 75% and 80% plan, on my earnings this month, I earned $350 of that. and likely $200 last month, and the same the previous month, which was when I switched to the 80 plan. I have already earned back the $500 difference with no issues, so I'm ahead currently. Then you have to decide, if you are staying ahead, does it make sense to move to the next tier. The increase in deductible from $750 to $1625 makes me think no.
Yes this is a great strategy to have a little deductibles savings fund so you’re always prepared. Love it! Thank you for sharing!
Great Video! Are you saying if the guest gets into an accident it is possible for their own auto insurance will pay for the damages?
I believe so if it is their fault - they must file, or the other party file again them. It can get varied though. Other can chime in.
New to Turo. Can I still have another insurance as plan B TO TURO/
I had a renter pay for additional insurance, damaged the car and I was still responsible for the $250 deductible as though he did not purchase coverage at all. It’s almost as if Turo just took his money for the heck of it. Why was he not charged with the deductible?
Unfortunately it’s just how the system works. It doesn’t matter if the renter has insurance or not - it’s also a way for turo to offset their cost
@@saimahsexperience Thanks for responding. Its unfortunate indeed. Luckily Turo was graceful enough to cover the $250 since it was my first incident and I’d only been on the platform for 3 weeks.
Question… So what is point of the renter paying for additional insurance?
@@mikehardee2613 Exactly. This is what I don't understand.
The guest buys additional insurance to protect himself, the guest. He isn't paying extra money to protect the host. If the guest totals the car and it's the guest's fault, Turo's insurance company could sue the guest in court and win a judgement against the guest, so that Turo's insurance company could recover the money they lost when Turo's insurance company paid the host. But.....if the guest bought this additional insurance from Turo, then the guest is protected against Turo suing the guest.
You are amazing 🙏 Appu
Do you have to tell your own insurance that you use your personal car for TURO?
Very sad to see no comment
All of these people that are talking about Turo pretty much working for Turo as their advertisers. 🤣 Having a UA-cam channel and telling people you are associated with Turo and pictures of different cars that you guys supposedly own don’t really mean you work for them. I could do the same thing and people will believe me. 😂 Show me tax deductibles or statements or even accident payouts from Turo and cross out all of your personal information. 😉 Future of advertisement. 😆
Shouldn’t the guest pay for the deductible if he is at fault ? Or at least part of it .. I’ll try to collect as much as I can from them if they’re at fault
Never ceases to amaze me how people can not understand the concept of insurance deductibles.
They are a cost of doing business. Plus the deductable pay out can be deducted from your income tax as a biz expense.
When Turo pays out on a claim I am sure they subrigate with whoever is at faults insurance carrier to get reimbursed for the amount Turo pays the host. My guess is Turo goes for dedutables to make themselves "whole" under insurance law.
However Turo does not share any deductables secured from the at faults insurance carrier and pockets recovered deductable as profit.
Because u as a host agree to Turo's terms it is legal for Turo to keep any recovered deductable money.
I think I missed something. Why would a renter ever give their insurance details to the host, what's in it for them?
For example I'm a host on turo? And I rent out a new car leased and the driver totals the car and I only have 90% insurance
Who pays for the damages or any balance on car?
gold!!
thank you so much!
Can someone educate me why a renter/ guest should take insurance with turo if the host has to pay for insurance?
Does the Turo insurance plan you choose affect your ranking in the listings? It would make sense they prioritize cars they get a higher percentage.
hmmmmm I can't say for certain but this is something I have always wondered
I choose 60% initially and it took a full month for the first renter, even though I was competitively priced, so I’d say no, but who knows.
If host is at fault (failed to maintain car) and cause injuries or death, this can disaster for a host??
If the host is at fault will turo still cover or are you fully liable?
can you add on the turo description that renters are responsible for the deductible?? will turo allow that??
Hate to tell you but you really shouldn’t pretend to be an insurance professional. You are missing the plot. Have not seen you consider this situation…what if one of your renters kills/dismembers/paralyzes someone in your vehicle? Hint: Your personal insurance DOES NOT cover vehicle sharing / Turo. And this will FAR exceed the $750k coverage provided by Turo/Liberty Mutual.
You are running a RENTAL CAR BUSINESS. And need RENTAL CAR BUSINESS INSURANCE. Calculate those costs into your business model, and it completely nukes it. Sorry for the reality check.
Agree. Things can go really bad when you are dealing with accidents and people's lives. That is my big concern - if you are unlucky and have a fatal accident. Hope this will not happen to hosts. It is easy to just think about making money without possible big risk of bad things that can happen. Does Turo coverage cover injuries and deaths - probably but no exceed 750k?
This is my biggest concern with Turo. You rent out a car - then there is a fatal collision. it doesn’t matter if the host was at fault, or a third party is at fault - the injured parties / surviving family are going to sue EVERYONE - including the owner of the car. The liability will far exceed $750k once you have fatalities…
Keep it up 🙏🙏🙏🙏
Can I use regular insurance for my car as well as turos?
Turo recently transitioned from Liberty Mutual insurance to Traveler's which is an excess insurance policy which is a complete joke. I understand that Turo needs to finally make money, but they are becoming increasingly more cheap. I've pulled and sold my cars after my last claim nearly went sour because of this change in insurance.
What if the renter paid for Turo insurance. How would the host avoid paying for the deductible in this case
Turo needs to be sued bye every host at one time they double dip charge both parties insurance and if a host has a 80-90 split the host pays out of pocket for damages and turo keeps the renters insurance money that should be against the law to collect insurance money and keep it if both parties don't pick the bigger splits
I think the deductible makes it hard to be a host. If I get $200 for a rental and the guest damage the car and I have a $250 deductible so the trip cost me $50 plus downtime to get it fixed!
Does Turo allow older classic cars on the platform?
yes! they do allow specialty cars 🚘
is it ok to ask them to send you proof of insurance 24 hours hours prior to rentals? trying to start a rental business Turo but the insurance part sounds too complicated.
You could be a teacher!!!
Hello Saimah hope you are doing well. What do you think of a Chrysler Prowler, do you think it would do good on Turo? I have don’t research and that vehicle is nonexistent on Turo.
If the renter opts in for the insurance offered by Turo, does the host still have to pay for the deductible?
Just starting out and I'm having an issue finding regular personal insurance for my vehicle (financed w/lien) that will allow me to host my vehicle on Turo. Progressive, Geico, and State Farm all said that they do not allow my vehicle to be used on Turo. I know for Turo trips I need a Turo plan in addition too, but I'm talking about everyday auto insurance just to own and drive my vehicle?
Curious if you found an insurance company to work with you?
Great information. Even if guest files with their insurance company they still have a deductible. Do you typically ask the guest to pay the insurance deductible to you or to your shop of choice?
usually to me but if they are more comfortable paying the shop that is ok as well
@@saimahsexperience Will Turo eventually end up charging the guest for the deductible in order to reimburse you? Or do you just have to hope they will and then just eat it if they don't?
@@saimahsexperience I guess you can contact a renter to get deductible, or file claim against a renter to collect deductible, gas, cleaning fee, and other little things?
What happen to money that you are loosing when the car is in shop for repair?
What if the person renting your car is injured. Does Turo ins cover all of the cost of their injuries? Or in worst case scenario death?
They do have protection in place for this - you can read all the details here turo.com/us/en/insurance
My question is have you ever seen turo pay the damages directly to the auto shop? $6000 worth of damage, I file the claim and give turo $2500 deductible, then they give me $3500. I pay the shop $6000. So far I’ve paid $8500 minus $3500 from turo. So essentially for a $6000 damage I paid out of pocket $5000. Does that make sense? I would understand the system if turo paid the shop directly but they make us pay the shop
you don't pay the deductible to Turo its just used as a deduction from the total payout
Why would you pay the deductible to an insurance company?
If I received cash to pick up at airport do I Forfeit coverage
Do you have customer claim the full insurance claim or just the deductible since Turo has cover a portion
Since you have an LLC does your commercial insurance cover anything?
looking like Kim K
Turo charges guests too much money for insurance and fees
I NEED HELP!! My husband rented a car in Phoenix. An hour before the 24 hour deadline, the host send a text saying that he damaged the rims and wants us to send $500 for damages. It looks like a curb scuff on one wheel, less than 2 inches. The other one has some marks but they have been there so long there is RUST on them.
Sounds like a scam to me
@@EvolDeadx yes. I thought so. We refused to work outside of the Turo app so the host gave him a 1 star rating and Turo sided with the host. My husband was back in the area a few days later and went back and took pictures with a measuring tape. The Turo rep initially said that was gray market and the host would be fined, then they later said it was ok. We keep getting the run around and now he's locked out of the app which sucks because he uses it for work travel and we're a small business.
I recently had an accident from a 3rd party on turo. I got picture of their Insurance and they are paying for everything. I never filed anything with turo. My question is should I have just filed a claim with turo minus my deductible and still work things out with their insurance to pay the shop?
No, dont get Turo involved if 3rd party is at fault and provided the insurance.
I am on the 80% plan with $750 deductible. 2 similar cars listed at $40 a day and are always rented out. I thought about switching to the 75% plan with the $250 deductible and increasing the price to $45 a day to compensate. I think the cars will rent out the same frequency because of my location. any suggestions?
I think that's a great idea and it should work. Smart thinking!
Host deductible system seems ridiculous. Why punish their hosts? Along with these deductibles for the hosts, what has to come out of the renters pockets for these?
Are you In Canada or the US
US :)
I am trying to learn about becoming a host. Please clarify.... If I buy a new car for the Turo platform, do I have to have my regular car insurance and Turo insurance? Or just Turo insurance only?
you need insurance outside of turo as well. Turo only covers your vehicle while its out on a Turo rental.
@@saimahsexperience THANK YOU!
Does Turo accept all models of KIA?
@@saimahsexperience Do you not tell and keep it secret your existing personal car insurance that you are using cars for Turo as they will deny it?
75%/TAXE.
I would think you (as the host) have to pay the deductible no matter the situation since you are the policyholder. If you get into an injury and someone caused that injury, you still have to pay the deductible under your health insurance plan - not that third party.
Just me...or is this video blurry?
❤
Cheekbone Saimah!! Lol.
So how does that work when Turo says “try to work it out with the guest”, we go the way of copping the 250 on the chin, the guest pays the deductible and then Turo goes knocking on their door for the 3k damage they’ve caused and the guest basically says, “but I already paid the host 250”… would that risk being kicked off the platform???
Hi Saimah , i just subscribed to your channel and thank you for all your information.
I’m trying to buy a pre owned 2014 tesla model s @$44000 and an finance the car @1.49% payment of about $500 Monthly…
what’s your thoughts for my purchase to put it on Turo ?Good decisions? please give me your input.
thank you 🙏
I’m impatient and talk fast so I have to watch at 1.5 speed lol
Just leave guest bad review if they don’t wanna pay deductible the end
TOTAL BS by Turo! If I have NO fault I should incur NO loss! If a customer is irresponsible and causes damage or ESPECIALLY a 3rd party causes damage to my investment, I should be totally entitled to FULL OEM repairs, loss of use / earnings and ALSO my vehicles lower resale value reimbursement due to the accident!!! Also WHY does Turo charge its hosts for insurance AND also sells the customer Insurence??? Sounds like double dipping! After 4 year with 3 cars and now just 1, I am very much considering leaving Turo! They DO NOT cherish thier hosts! And I have been a total5 Star host the whole time!
Saimah your beautiful ❤️❤️❤️
get to the point