Turo Review 2023: Is This Car Sharing App Legit and How Can You Make Money With It?Other Passive Income Ideas
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Searching for a review covering the ins and outs of Turo to decide if the program is right for you? Look no further.
This 2020 Turo review takes an honest look at the car rental service’s facts and features, highlighting the information anyone considering the program needs to know.
Let this Turo review be your guide as you decide if making passive income from your car is the right way to go.
Table of Contents
What Is Turo?
At this point, you may be wondering to yourself, “what is Turo?”
We’ve all heard about renting homes, apartments, and even rooms. Turo car sharing is similar.
The same space-rental concept has been implemented on a car-sharing app called Turo. Basically, the concept behind Turo is that if you have a car sitting in the garage or your driveway, you can put it to work and earn a passive income.
All you have to do is list it with Turo, which is an online peer to peer car rental or car sharing platform. This platform allows private car owners to rent out their cars.
You choose the time of your car rentals and the renter. For example, if you live in Toronto and have a spare car, you can list it on Turo.
Someone who is flying from New York City to Toronto and wants a temporary car can check out Turo on what types of cars are available when they get to Toronto.
Turo has images of the car, the make, model and the year. It lists when the car is available, the rate and other special features, if any.
If the renter likes the car, they can book it via Turo. The owner of the car can meet the renter at a prearranged place, or the renter can simply go to the location to pick-up the car.
When the renter is done with the trip, the car is dropped off at a prearranged place, and the business is closed. It’s a simple, uncomplicated process which generally costs people less than renting a car from a rent-a-car company.
Key Facts about Turo.com
- Turo was founded in 2009.
- Turo was originally called RelayRides but then its name was changed to Turo.
- It offers services in 5500 cities around the U.S., Canada, UK, and Germany.
- Turo cars are available for pick-up at over 300 airports.
- You can find over 850 makes and models of cars on Turo.
- Turo has a $1 million insurance policy in place for its users.
The platform was created to provide people the opportunity to make some extra income without putting in any major investment. All you need is a car which is in good, working condition and which you can share with other people to generate income .
Since we live in a sharing-economy, and we’ve already seen how successful ride-sharing companies have been, Turo is a natural transition to another application of the same ride-sharing model.
The only difference is that instead of you driving passengers to their destination, you are using your car to run your very own rent-a-car operation. But the operation is much smaller (unless you have multiple vehicles registered and operating on Turo.
This is an ideal gig for people with extra vehicles, stay-at-home moms and people who do not commute every day to work. Make money on Turo by turning something you’re not even using into a passive income.
Is Turo Free?
Turo.com is a completely free platform. You can register and list your car clearly specifying its price and availability. Once listed your car can be viewed by people who want to rent via Turo.
Turo is also free for people who want to check out what types of car are available at Turo. In other words, there is no fee to browse the website.
How Does Turo Work?
When a potential client is interested in your car, the owner immediately receives a notification. This is the point where they can evaluate the applicant and determine if they want to approve them.
If all goes well and both parties are satisfied with the transaction, they can agree to meet at a prearranged place for the vehicle pickup and drop off.
What About Insurance?
First of all, anyone who wants to register their car with Turo must show proof that they have valid car insurance. However, when your car is rented and driven by the renter, it is covered by Turo’s commercial insurance.
The period of coverage only lasts while the car is being rented out. Once the deal is over, your car is then covered by your own motor vehicle insurance.
Keep in mind that once you decide to participate with Turo ridesharing, you must inform your car insurance company about this matter.
Insurance companies are very particular about these things. In case of an accident, it is best to keep them in the loop because they might refuse your claim on the grounds that your car is being used for commercial purposes.
The best way to avoid any headache with your insurance company is to keep them informed of any changes to your vehicle and its usage.
Who Can Rent Their Cars with Turo Ride Sharing?
Any individual can join Turo provided that they have their own car(s). The car must be a registered vehicle and must be insured.
In general, if you only have one car, it may not be practical to rent it out. Also if the car gets into an accident, it may be in the body shop for a while, and you can be left without a car.
In general, Turo ride sharing is ideal for people who have multiple cars sitting idly at home. However, there are no restrictions as to who might use the website to earn some additional money from their vehicle as long as they have valid ownership and registration.
What Type Of Cars Can Be Rented On Turo Ride-Sharing Services?
If you are thinking of joining Turo and your goal is to earn some additional money, it is important to have a decent car.
When people rent cars, they usually like them relatively new and of a decent brand. For example, if you have an old beat up Toyota Corolla 1990, the chances are that it won’t be rented.
If you take the time to scan the Turo platform, you will note that many of the cars available for rental are high-end luxury vehicles. But that does not mean you cannot rent an older car, as long as it is roadworthy.
Not everyone wants to rent a Tesla as it can be expensive. Some people prefer compact cars and sedans.
Almost every type of car that you see on the road is available for rent from Turo, from the regular sedans, sports cars, luxury vehicles. SUVs and trucks of all sizes are available for rent. The most popular vehicles on Turo are generally SUVs of all makes and models.
The basic vehicle requirements to be able to register on Turo.com include:
- Valid registration and ownership
- Valid personal insurance
- 2004 or later model of car
- Less than 130,000 mileage
- Should be a car, van or SUV. Motorcycles, limousines, RVs, passenger vans or cargo vans cannot be listed on Turo.
How Does Turo Benefit the Renter?
In general, renting via Turo is a lot cheaper than going to a rent a car company. In general, people save anywhere from 20-30% on the cost of car rentals to get the same benefits.
What Happens If There Is an Accident During the Rental?
The process of handling an accident claim with Turo is pretty much the same as one would have with a rental car from a company.
Before the renter drives away with your car, you have to give him your contact number in case there is an accident. In addition, he or she must be told to call 911 if there is a serious accident.
Drivers are required to follow the same protocol such as exchange of insurance policies, contact number and so forth.
If the accident was not the fault of the renter, the other party would be responsible for the repairs. If the fault was of the renter, the Turo commercial policy would take care of the problem.
Since your own personal insurance isn’t involved, your rates will not go up, and you will not be penalized.
How Much Money Can I Make with Turo?
Turo is a relatively new platform. The amount of money you make will depend on your vehicle, value, how long it is rented for and for how much. Current estimates from freelancers indicate that on average people make anywhere from $400-$600 a month.
Where Can I Get More Information about Turo?
For those who wish to seek more information about Turo, it is best to visit their website. Turo is now operating out of Canada, the U.S., Germany, and the UK.
Make sure you read the website information that is relevant to your region. There are specifics related to insurance requirements as well as general car-sharing policies and rules that you must understand before you sign up on Turo.
Is Turo Legit?
Turo is a legitimate platform. When you visit the website, you will immediately realize that it does not look like a scam operation.
However, keep in mind that since anything related to cars comes with a risk of accidents, there is significant policy information that must be read and adhered to on the Turo website.
There is no doubt that you can make money with Turo if you have an extra car(s), but you must abide by the legal requirements of owning and operating a vehicle in the city and country where you intend to list it. Moreover, you must be aware of the complexities involved in an accident situation.
Turo has a liability insurance policy in place, but we all know that insurance companies can often prove to be difficult when it comes to dealing with accident claims. Make sure you read the fine print before you sign up and before you list your car.
The website is authentic; its services are legitimate.
But since there are multiple people listing their cars, you cannot possibly vouch for everyone. There is an inherent risk involved in these types of applications and platforms, but Turo is not the first or the last one to have this problem.
There is no guarantee that every car listed on the site is good, although Turo does have a vetting process.
If you’re seriously looking for an avenue to earn some extra money, and if you don’t use your vehicle frequently, Turo is a great way to put it to good use. Just make sure your car is in good condition, meets Turo’s minimum requirements and is insured and up-to-date on all its safety and emission tests.
It is also important to understand that while Turo provides you the platform to find potential clients, you are the one who holds the authority to approve or reject a car sharing request.
Make sure you don’t approve anyone and everyone. It’s your vehicle and your responsibility. Turo might pay for repairs in case of an accident but its best to avoid getting into such a situation.
Choose your clients wisely. Vet them and screen them properly.
This will ensure that your vehicle stays in good hands and you can continue generating income from it.
Are you familiar with Turo? Do you have any other questions about how the service works?
Don’t hesitate to let us know by commenting below!
Logan is a practicing CPA and founder of Choice Tax Relief and Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.