What: An American peer-to-peer carsharing company. The company allows private car owners to rent out their vehicles via an online and mobile interface
Expected pay: $25 to $150/day
Commissions & fees: 10% to 35%
Where: Atlanta, Montreal, Boston, San Diego, Chicago, San Francisco, Denver, Seattle, Honolulu Toronto, Houston, Washington, D.C. and Los Angeles
Requirements: A spare car; the ability to meet renters at a convenient drop-off point, most likely an airport
- Turo allows you to register your car; share the availability; and set a rental rate. Turo can suggest a rental rate based on the site’s dynamic pricing formula. You can restrict the number of miles driven without being penalized.
- You get between 65% and 90% of the rental fees, depending on the type of insurance coverage. If you waive the insurance, you get 90% of the rental fees; if you choose full coverage, you get 65%.
- It is recommended that you don’t decline coverage without a back-up.
- Unless you have commercial lines coverage on your vehicle, your ordinary auto coverage is not going to cover your car when you have a renter. (See our insurance post.) A typical policy has a deductible that would prevent it from kicking in when someone dents or scratches the vehicle.
- If you choose Turo’s premium coverage, which has no deductible, it will compensate you for lost rental fees and provide a replacement vehicle while yours is being repaired.
- Seems to works best when you’re renting out an inexpensive used-car in a tourist area
- The reviews of this site range from people who love it to those who have had bad experiences.\
If you have a classic car, take a look at Giggster.