The Best Commercial Insurance For Car Rental Business | TURO & Private
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- Опубліковано 19 чер 2024
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In this video, I talk about commercial insurance for private car rental companies and Turo. Also, I talk about non-owner insurance which works with commercial insurance for car rental business
Timestamps:
0:00 Intro
0:25 Why Commercial Insurance Is Needed
2:58 Our Mistakes
4:11 The Solution. We Found The Best Com. Insurance
5:35 Pricing
7:10 Reasons You Need Non-Owner Insurance Policy
10:31 Non-Owner Insurance Pricing
11:48 $100 Bonus If Approved
12:37 Outro
![The Best Insurance Sales Systems: The 6 Questions vs the 5 Fundamentals [Similarities & Differences]](http://i.ytimg.com/vi/O96VgM9fxec/mqdefault.jpg)
Thank you very much! I searched for a very long time with no luck at all. This lead helps tremendously.
Bro you are the bestttt. I have been looking for someone know what he is speaking about for more than 2 months and I just found yours. THANK YOU SO MUCH.
Does this works in canada ?
super helpful!
They are now putting new customers on a wait list. Thanks for the great info and I hope they are able to cover my fleet
THEY RAN OUT OF BUSINESS
So what now
to the point man
great video....how can I find the non-owner insurance policy? you have any suggestions?
Great video , private rentals is the best way to go and lura just recently changed sadly as of December 2023 they wont cover private rental
This is true they stopped its like they raised money and then changed the rules
Yeah no more Lula. Wasn't a very good company anyways as they are not an insurance company. They use North America Risk Services..NARS.
Soon I will be getting my LLC and my EIN
Thanks a lot man.. always putting out great info and videos . I really appreciate you
I’m thinking about open car rental business . And this really helps me. I have a question since you said non owner insurance policy works with commercial insurance for rental business . When I open my car rental business and apply for commercial insurance from Lula . Should I ask them to get additional non owner policy with my commercial ? Or I have find a separate company that does that? And when someone rent my car every time I have to put their name on the non insurance policy?
Non owner insurance is done from different companies. Not Lula. You do non owner policy for every new renter you get.
Even though they are renting for less than a week?
Great stuff, Khush - thank you. Could you use the non-owner policy for renting out Uber Black vehicles to other drivers?
No. Non owner policy is only for personal use. Not commercial. Uner black is commercial use
Do you have a number to a non-owner policy or a website I can go to because I have Lulu for multiple accidents and I feel that they may drop me
thank you
The commercial auto plan is if you have 5 or more in your fleet
If you find a similar insurance for UK please do share this info 😩😩😩😩 I deal with this problem now
Hey, Khush, great video! Thanks!! I’m gonna open car rental in Miami. What process did you go through to open it? Make this useful video please. Nobody here can tell me what kind of licenses I need to open it. Is it required by law to have car lot or physical office?
LLC & business license or tax certificate of the city you are working out of.
Just know everybody, Lula only covers cars valued under 75k for the off rent program. Something to note..
Good to know
So anything under 75k is 100% insured right I don’t understand the off rent program. I want to buy a couple Hondas but I’m stuck on the insurance part
To have a car rental insurance you will need a llc
beat video ever
Thank You , any idea of which company provides the non insurance policy ?
I know only National General Insurance and Aspire insurance
Good information, are their any other businesses beside LULA
I don't know yet
Hi I bought my cars cash, what commercial auto insurance company can we use to register our vehicles at dmv since I heard they require insurance as a requirement for registration under a business name. N.b: I only have 2 cars
In california, they don't require insurance for registration
Thanks for the information. Who are you using for the non-owner policy? What company?
Aspire
Do you go directly to Aspire or do you have a producer"@@KhushnudNumonov ?
??
@@JoelPriceTriathlete aspire insurance
@@KhushnudNumonov How’s aspire insurance? I’ve heard bad reviews from them
Thank you for your tips. Can I use that insurance for Uber Black ?
No. It's a totally different insurance
Can you send me the insurance for Uber Black Information? Thank you 🙏🏼
@@aliduran1418 I have a video on my channel. It's called The best commercial insurance of uber black
@@KhushnudNumonov God bless you thank you so much I already got my LLC my EIN 🙏🏼
Do they have a mileage cap at signup? Like car has to have maximum amount of miles to sign up to be insured through Lula/ABI? I think it has to be under the Turo limit of 130,000 mile limit to be approved. Thanks.
Yes. Under 130k miles
Okay. I think I'll just lie to them on the form and just tell the cars mileage is under that amount. I'll do this with salvaged vehicles too. Thank you and Happy Thanksgiving to you! 🦃 🍽️
Lula was 140,000 miles varies with all companies.
Hi, what kind of insurance would you recommend if you’re renting your car to Uber/Lyft drivers. How would this work? And what commercial auto policy will allow this?
This will not work. I don't know any insurance that would allow that.
There's companies that do these policies otherwise Uber wouldn't be able to rent vehicles to their drivers. Also if it's a rental to a person how do you know if they're using it for Uber or not? Lastly, I rented a vehicle to a friend and I believe he may have used it for work etc never asked but I did add him to my policy. He just needed to change his address to mine.
State Farm, All state insurance will charge you additional $30-$40/month if you tell themnthat you drive for rideshare.
Khus what about a good commercial insurance to do Uber black
I have a video about commercial insurance for uber black in my channel.
Lula recently stopped providing coverage on the 19th. Any alternatives?
Don't know any alternatives yet
Anything other than Lula ? Without a waiting list
If you finance a car through a personal loan and intend to use it for a car rental company like Turo, can you still obtain a commercial insurance plan? Or is it necessary for the car to be under a commercial loan to be eligible for such insurance?
It can be under any loan, but the car should be under the business name or the name of the owner of the company
@@KhushnudNumonov ok cool thanks man.. truly appreciate you!!
Hi, thanks for the video! Have you already ha accidents covered my Lula? Was it easy to handle? How long have you waited for the payment? Thank you in advance
Going through one right now. We will see how long it will take for them.
Got you, maybe that would be another interesting content for your next video… Good luck by the way!
I agree, what is renters want to know is HOW the do company LULA handles claims. From my experience NEVER use Abi period X!! HORRIBLE COMPANY!!
Also heard recently from a friend who had a claim, that it only covers third party loss up to $10k, now that’s a problem!
@@KhushnudNumonovany updates?
Where do you park your rental cars when it's yet to be rented out?
On the street
I allow the guest to park at their property and charge to pick up. 💵
Hey, Do they insure selvege cars?
No
Lula doesn’t cover on and off for private rentals anymore I have Lula and received an email saying they don’t do it anymore
Even your previous cars are not covered? Or only your new cars?
Can you recommend commercial insurance for Uber black
NARS
I’m having a hard time getting in contact with Lula! Any advice or can you refer me to someone?
For claims or sign up?
I think they’re going out of business 🤦🏽♀️
Lula have waiting lists
Sooooo......I have used Lula. That is not that acutal insurance. It is covered under NARS. North America Risk Service. I thought this was great at first for my rental car business. But to find out it is not a primary car insurance. The renter still needs to have insurance. They are horribel at claims. Some take over 8 months and some of mine never got paid out, on a vechicle that was rented out and in an accident by a renter i never got the money for my totaled out Mercedez.
Do you use any alternative insurance company?
@@KhushnudNumonov I am in process now. Bc I have been looking into what I really need insurance for....1-owner of vehicle has liability coverage or state minimum whatever they're comfortable with. Now, my company has power of attorney over the vehicle while I am renting it out. So, I would have to carry the insurance bc when an accident happens it is of no fault of the registered owner of the car. So lets just say the car is parked on the street in between clients not under contract of anyone renting at the moment. Car gets hit by someone not paying attention and wreck. This would now fall under insurance of the rental company usually being a commercial policy. Now this commercial policy is not the main insurance for when it is getting rented out under contract. Lowers the risk of liability that my insurance would have to pay. When car is rented out in contract it is using the insurance the renter purchased or currently has rental car cover on their own policy to the amount of the value of the car. So owner of car does not put in a claim. I would now go to my insurance and take up the claim. This insurance is not very expensive as the liability is fairly low. When it is parked between clients and maintenance. The highest risk of insurance is going to fall on the policy purchased by the renter and or their insurance policy covering rental vehicles.
YOU FIND ANY OTHER INSURANCE
@@baptismking7314 not yet
Lula is terrible!!! Been waiting on them to pay out on multiple cars for almost a year. Do you have any other recommendations?
We had 1 accident with them and they paid us. It's tough to find commercial insurance in California. I do not know any other company yet.
same!!!!! There's no way this is legal it's crazy.
@@AmorDinero-jq5ho you don't do turo?
Lula is not covering fleets anymore.
What state?