HOW TURO INSURANCE WORKS/ HOW I PROTECT MY RENTAL ASSETS

[@StefanMarquardt]

Interested in asking some questions regarding starting or running a Turo business? Please use the link to book a 1-on-1 call with me. calendly.com/marquardtconsulting

[@joerice4390]

Do a video on what scenario would have to happen for turo not to cover a policy you pay for.....I think most people know that they won't be covered on their personal policy...what everyone worries about is what does the host have to do to avoid a situation where turo says, were not covering the claim

[@jerometruitt2731]

@@joerice4390 I was told that turo wont even pay unless you have a personal policy that authorizes ride share/rental

[@malcolmjoseph2580]

Instablaster

[@StefanMarquardt]

@@joerice4390 definitely have this video on my list.

[@StefanMarquardt]

@@jerometruitt2731 not true. I've had 10 total losses on the platform and have been paid on all.

[@arbest1982]

I’ve started doing research on Turo and I thought that they were double dipping with the insurance. I called Progressive commercial and they flat out told me “no” and gave me three phone numbers to some local insurance companies in my area. Thank you for addressing this topic!

[@ChrisMonroeSTL]

Great video bro! Looks like another problem to solve in the marketplace. Someone needs to offer insurance to people who rideshare their vehicles. This is where entrepreneurs are born! 👶

[@StefanMarquardt]

I agree, I think Turo is partnering with a 3rd party company to offer unique insurance for rideshare host. Iam gonna be diving deeper into different coverage options to share with my viewers. Thanks for watching!

[@ladyplantzalot6987]

@@StefanMarquardt please if you have ride share insurance info let us know ,I think that's awesome info

[@Teatimebarbi]

I was thinking the very same thing…I see a need for something that isn’t currently being filled. I need to do some research!

[@timothynewman6097]

That’s a very high risk business

[@ChrisMonroeSTL]

@@timothynewman6097 this is true!

[@lm8544]

Oh my god.....I'm about 99% sure I rented a car from him lol. I was only on here to learn the business and actually, someone else who worked at his shop told me about 2 years ago to get into starting a Turo business. By the way, the vehicle I rented from them was great.

[@marketbuy]

Progressive Commercial Car Insurance works well for my non Turo business. I don’t tell them I do Turo. It covers up to $750,000 coverage. Cost was about $90/month

[@enriquebarron4065]

This boy honest af

[@Max-uu2gs]

LOL. THE FIRST 10 SECONDS!!! the reality of insurance.. !!! GL w that!!

[@andrejerry2778]

I appreciate you taking the time to put this content together brother. Value-added for sure and I’ll be joining the club soon! 👍🏾

[@azinaamar4633]

Hello Stefan I have my dealers license in Ga just started turo I could not find rental insurance . I really appreciate your video thank you so much. In today’s society information is the new wealth.

[@StefanMarquardt]

Gmi and Sonoran

[@Uncledrewzzy]

Very informative video. Turo host here for 4 years. Had my car totaled in July, still have not received payment from them as of 12-15-20. Settlement is only around $8k. Before I usually get paid between 2-3 month, but never longer than 3 months. Not adding anymore to my fleet. Be careful.

[@StefanMarquardt]

Payouts have been taking longer but I never didnt get paid. Did you finally get the check?

[@Uncledrewzzy]

@@StefanMarquardt After mailing out a demand letter to their corporate i finally got paid 12-17, took over 4 months.

[@Sponsoredbylaz]

Don’t they pay every day that car is out due to damage

[@StefanMarquardt]

Only on the 60/40 plan. All my units are on the 75/25 plan

[@jasonhopkins8116]

I like your process of buying a used car outright versus buying an expensive car and having a car note. Yes Turo is double dipping with insurance but who cares, people just need to make sure they make the platform work for them. Nothing ever good comes out of counting someone else's money.

[@StefanMarquardt]

All facts 💯

[@bigntallvlogs3976]

Ditto! It’s called “cost of doing business”

[@bigntallvlogs3976]

Just got my first fully dedicated car for Turo today! Financed so I have full coverage and gap plus whatever Turo insurance. Understanding this is a guinea pig car! So long as the debt is serviced.. it’s a win for me! I’m hoping to get a Second car within the next 3 weeks before this one hits my credit!

[@davidpham9353]

you will be surprised that 99% your gap will be denied if you get total loss. You cant lie who is in that car during the accident happens and bum, denied.

[@bigntallvlogs3976]

@@davidpham9353 sure! But what’s life without a little risk and excitement! God got me Bro! I’ve only been going up!

[@davidpham9353]

@@bigntallvlogs3976 little risk is a whole different story with a sure 99% being denied from the Gap. I'm a former car sales manager and surely I'm familiar a lot with the auto insurance to see many people get denied for Gap when their friend is behind the wheel. Also speaking from at least 8/8 cases happened to my friends who have been doing Turo. My point is U never need to buy Gap because its useless if you do Turo.

[@bigntallvlogs3976]

@@davidpham9353 it was 895 over the loan life! So even so... I’ll take take that chance of maybe me totaling it!

[@StefanMarquardt]

There's been plenty of host to get the gap kicked in and there's been host that get the gap denied due to commercial use. I wouldn't build a business plan around it tho.

[@LearningGrowingLovingLife]

You give the BEST info! I always appreciate you 💕

[@StefanMarquardt]

I appreciate you watching 🙏🏼

[@korenezcarter7807]

You added value for me sir. Thanks for allowing us to journey with you!

[@StefanMarquardt]

Thank you 🙏🏼

[@upaharjungshah8536]

Really loving your videos. I have been considering buying some cars and renting them out on Turo. Thank you for making such informative and helpful videos.

[@dp9897]

I have my retail dealer license with fleet insurance glad I watched your videos tnx a a a lot.

[@StefanMarquardt]

Such a great advantage!

[@ralphcadeau7423]

Hey D P How did you obtain your retail dealer license

[@ralphcadeau7423]

@@StefanMarquardt how did you obtain your retail dealer license

[@dp9897]

@@ralphcadeau7423 am in c.a gotta take n 8 hour dealer course rent a place with 2 minimum parking spaces and a 50k bond which depending on ur credit ull pay 1k or less . After that u take a test at dmv occupational office .

[@dp9897]

Also license cost about 800 after including broker and 2 Dealer plates

[@troytalbot5746]

As someone that used to sell insurance, you can answer the rideshare question by saying: I will not be driving the vehicle on a rideshare platform. If you're only getting liability coverage, that should be all you need to say. The question is mainly for people that they themselves are driving on the platform. Now, I was never licensed for claims. The difference though, liability follows you, collision follows the vehicle.

[@StefanMarquardt]

Right, or if asked will you be renting the vehicle you can say no because technically you're "sharing". Great input, thank you 🙏🏼

[@troytalbot5746]

@@StefanMarquardt When I worked in a call center for a major provider, most agents didn't ask cuz they didn't want to risk losing a sale...The pressure to sell at a call center was stupid high, but if you get someone that probes more intensely, 100%, be truthful, but try just repeating the above before calling back and getting another agent. Yadda yadda. super helpful video!

[@abtheraptivist]

Good info. Sounds like If a drunk driver hits your vehicle, while parked (and not being rented) you will still be liable for damages though… “Full coverage” may be worth it for that reason (or theft while unrented as well).

[@StefanMarquardt]

You're right. I have a lot so chances of that is slim and my average car price is low enough that it's worth that risk.

[@SurferBum1002]

Your videos are well put together and provide real value. Thank you!

[@StefanMarquardt]

Thanks for watching. I try to make sure these videos can be helpful.

[@bcar1ify]

I called liberty mutual and they have no problem with the Turo platform. Others will forbid it. It’s noted on my account which cars are used for Turo. That’s all. Trying out 2 cars and then eventually will move them into an llc.

[@JUANMA24202]

Amazing video, keep it bro, I’m intending to start thanks to your videos

[@StefanMarquardt]

Thank you 🙏🏼

[@JUANMA24202]

@@StefanMarquardt will use the link most definitely

[@Big-Head-Vid]

I appreciate this video definitely

[@StefanMarquardt]

Thanks for watching

[@mukeshsutar8499]

Hi Stefan, You are doing a great work here by creating these videos. I really love your content and the style of videos you are creating. I was actually somewhat surprised to see only 1.58K subscribers for such great content, I am sure your channel would soon grow exponentially.. Good luck and wish you great success! Mukesh

[@StefanMarquardt]

Thank you, I really hope so!

[@aleksmith2808]

Keep making videos, all of these have been super informative.

[@StefanMarquardt]

Thank you I will!

[@BossladyInRealLife]

I was definitely thinking the same thing

[@Stimmykimmy]

I needed this video! Appreciate you. ❤

[@jdpark351]

Appreciate you doing these videos they help a lot. You are a blessing!

[@StefanMarquardt]

Thanks for the support 🙏🏼

[@DD-xt9vq]

Ok you made that very clear good job bro!!

[@gryfab71]

Checking Turo out and appreciate your detailed videos about insurance.

[@christineharmon4496]

Thanks for this video it’s super helpful. I’m wondering if when purchasing vehicles and financing them what type of LLC this should be under? Do you list as a commercial host or peer to peer?

[@ladyplantzalot6987]

I like the fact you made a point of expressing to watch your own pocket/pocketbook, I hate when people pocket watch figure out how to utilize the ladder instead of being a back seat driver all the time.

[@StefanMarquardt]

Exactly!! Won't get any money on Turo because Turo makes more money? 🤦🏽‍♂️

[@Bill-NM]

Stefan thanks for the informative video. I've subscribed. Quick comment, at least for this one video from Oct 2020, it sounds like you have your mike volume set to "automatic"...each time you started a new clip, the mike volume is loud and a bit distorted, and then over a few seconds the volume lowers and the distortion goes away. Then the next clip the changing volume repeats. I'd suggest putting your mike volume/gain on "manual", so the volume stays constant.

[@StefanMarquardt]

Yes I was having beginner issues, I considered doing this video over. Thoughts?

[@Bill-NM]

@@StefanMarquardt Well sure...it's always good to update especially considering there might have been insurance changes in the interim. This question of insurance is a big one with renting on Turo, so I'd think you'd get a decent view count.

[@bigmatt1987hawaii]

Thats good detail on insurance. I couldn't have done it better. Hawaii Turo

[@StefanMarquardt]

Thank you!

[@jwanders10]

Lolol haaaaaaa I love that insurance company intro. That intro is sooooo accurate.

[@StefanMarquardt]

😂💯

[@truckingwithal7880]

Thank you brother I'm a truck driver but am definitely thinking about buying two car to start doing turo

[@StefanMarquardt]

Multiple income streams 🔥

[@wideolink]

Very informative video ! Seems like Turo double charges for insurance as host and renter pay to Turo.

[@StefanMarquardt]

Yes very smart for them. I think their end goal is to be more of an insurance company.

[@CHASINGPROFITS]

@12:00 you said you have a company you purchase collision policy for your customers can you tell me the company?

[@demariodewaynewhitejr2951]

I love your information

[@StefanMarquardt]

Much appreciated 🙏🏼

[@beatsdddx]

Thanks I always wondered how it worked.

[@stefanjeffrey5446]

Great Turo rental insurance video brother!!!

[@CCpro83]

Outstanding presentation Young Man!

[@coachrovagurl1889]

You added much value to my new TURO business….Thank you for awesome content 🙏🏽

[@DEEBRIDGE91744]

The exact video I was looking for

[@Darklyn559]

Bro, put the compressor in your voice slow release to prevent ups and downs of the volume

[@StefanMarquardt]

It was the volume setting in my camera

[@christinearoundtheworld]

Great video. Can you do one on storage and maintenance?

[@StefanMarquardt]

Absolutely!

[@xyzjuan]

Great video man looking to get started soon. Keep the videos coming!

[@patriciaochoa9284]

Great advice, thank you

[@alisongilmoreazrealtor6543]

Great video and tons of information! Thanks

[@danielgosselin3933]

Just stared using turo and have had a couple of rentals already. Im curuous about all the negativity behing turo screwing the hosts over. I saw alot of posts about the turo insurance being a scam. I would just appreciate some insight and peace of mind of knowing what im getting into.

[@joelvigil6012]

Great intro 😆 . That's how it feels for real tho .Great overall video I hope this works out for me. Have a blessed day

[@KaranSharma-do5er]

Which insurance is the cheapest for a beginner. I am trying to put my first vehicle on insurance and plan on taking the 2nd insurance as TURO 75 plan. But this question is in regarding 1st insurance. Should I just open a llc(My dad has a llc open for his clothing business so probably use that)and put the car under that, so I am not personally liable. Main question is should I start with fleet or commercial or regular insurance?? Which one is cheaper

[@arte1989]

So you have: Fleet Insurance General Garage Insurance Personal Insurance and Turo Insurance

[@frankelse745]

No personal insurance. Only fleet and Turo became cars are under business name.

[@paulkromah5838]

Great video, good start up business strategy brother, I'm interested n would love to do this! Well done and keep doing what you doing.....

[@m.houston8064]

Very informative. Thank you for taking your time to make this!

[@Msflex11]

Hi, great information. How do we get the personal policy.. what do I tell the insurance company what the car will be used for? its a business loan on the car.

[@Dimitrius1]

I’ve got a question for you: since you are a licensed retail dealer, obviously you should already have an umbrella insurance policy on all of your inventory and you talk about it @9:25. So do you still have to personally register each vehicle there or can you just rent any vehicle that is in your dealer inventory , in stock, passed safety inspection?

[@StefanMarquardt]

The cars have to be registered and the insurance provided for dealers (garage liability) is not attached to a car but instead covers dealer transport tags. You would need a seperate policy and the car would need to be registered and taxes paid. I made an insurance video with detail you should check it out also.

[@southernswaggerauto9620]

This video was very informative! We are used car dealers as well..

[@StefanMarquardt]

Thank you 🙏 what state/city?

[@southernswaggerauto9620]

Marietta, Ga We wanted to know could we register the cars in our business name, that we would like to place on Turo and use the commercial liability insurance we currently already have for our dealer tag?

[@StefanMarquardt]

@@southernswaggerauto9620 no that insurance only covers cars being transported and the DMV won't let you register cars with garage liability.

[@southernswaggerauto9620]

@@StefanMarquardt Wow!💡, Thx Stefan This has been very helpful, so we will have to get the fleet insurance, that you talked about in the video, if we are going to place cars on Turo.

[@trelpaige]

Thanks for the info on the insurance, very helpful. I just put my first vechicle on Turo last week.

[@StefanMarquardt]

Nice! What kind? Any bookings yet?

[@trelpaige]

@@StefanMarquardt yes I have a book for one week right now going and one for Thanksgiving weekend Thursday to Sunday

[@trelpaige]

I'm trying to figure out how to put this under a business that I haven't even started yet

[@trelpaige]

A 2020 Nissan Maxima, is the vehicle I listed.

[@mq8543]

Hey how much have you made so far, if you dont mind me asking. Im looking into get into this too. Thanks in advance!

[@SkiiMaskE]

👀 = taking notes

[@theohioinsuranceagent]

Hello Stefan, great video. Question, this was two years ago, have things changed for you with how you're handling your insurance needs or have you heard of any updates as far as companies that will insure these vehicles on a personal auto policy or as a stand alone commercial auto policy?

[@StefanMarquardt]

Some of the ones I know are Metromile, ABI and Liberty mutual had a program when they were partners with Turo, not sure if that’s still going on. I suggest anyone who can start with a commercial policy to do so, or transition ASAP.

[@johnnycalderon8261]

So just keep your personal insurance don’t tell the agent and then insure with toro for the renter ?

[@sdot842]

Great video very informative

[@elieelyas7107]

Hi Stefan I wanted to ask what if I will be delivering the car to the customers do you think I will need full coverage through another private insurance other than turo’s. Thank you for the great videos.

[@PeaceChanel]

Peace.. Shalom.. Salam.. Namaste and Thank You for All that you are doing for World Peace.. 🙏🏻 😊 🌈 ✌ 🌷 ☮️ ❤️

[@tmoney5911]

I've been thinking about listening my 2015 lexus on turo the only thing that scares me it the "liability" insurance from turo doesn't liability insurance only cover the other person's vehicle if ur a fault 🤔

[@StefanMarquardt]

As long as you do the check in process correctly your vehicle will be covered by the protection plan you select. With this sort of vehicle I would do the 60/40 no deductible plan which also covers wear and tear.

[@bgoodvibez2398]

Thanks for all of the information!

[@StefanMarquardt]

Thanks for watching 🙏🏼

[@princegold1927]

youre a good man thats why i found your channel

[@StefanMarquardt]

Thank you 🙏

[@glennberger9797]

Another Turo renter told me this. My policy is with ABI. It's a period policy. When the car is idle the coverage is on with a 2500 deductible. When the car is in a trip the coverage is off and the car is covered by Turo protection plan. Your thoughts?

[@frankelse745]

It appears you were told that by a host not a renter.

[@yasirmajeed6319]

really useful content I appreciate you

[@PaigeMadison-gl4pu]

You recommend just listing your personal car with your personal insurance when starting out but my concern is if something happens i.e gets stolen or wrecked within that time period how would you handle that especially if you are financing the car. Can you file the claim with turo? Would gap still cover ?

[@pibaltop]

Great video, but in the end it left me more confused about insurances. I understand the personal car insurance. I understand the turo side. But what is the reason for commercial and/or fleet if you have those 2 already? If you're getting the 60/40 turo and paying your own insurance, any other insurance you're left with 20% of the pie. correct me if i'm wrong?

[@StefanMarquardt]

I have a commercial policy but I use Turo protection plan 75/25 while rented on the platform

[@pibaltop]

@@StefanMarquardt ahh. so it's best to get under a commercial policy. thanks!

[@StefanMarquardt]

@@pibaltop yes if you have the minimum units required, it’s always best to separate your personal from your business.

[@D.SmooveENT]

Yo where did u get that instrumental from 🎶 that was heat

[@TheVeryfunnydude]

did you have experience with turo insurance? how are they at paying out claims? also, did you ever have anyone personally sue you after an accident if they got hurt? to cover the risk of someone suing you do you have general business liability insurance and who is your carrier?

[@fhoofe3245]

this is the only important question here, that none of these Turo "experts" address. anyone know anyone who has actually been paid by Turo? guessing you pay for repairs up-front, like animal/veterinarian insurance?

[@marcussumbler4814]

Thank you brotha for sharing and your unselfishness! It's plenty for us all to eat!

[@StefanMarquardt]

Sure is! thanks for watching 🙏🏼

[@johnnylanzi1872]

Great video, information is even better. I have a question for you… during a claim under Turos insurance. Can I take my car to own bodyshop preference to get it fixed ? Or will Turo provide a place where I must attend to? Thanks!!

[@darrylcatay2295]

Great Info ! Thanks.

[@chrishart3186]

Hey Stephen! Great video w valuable content. Do you have any info on the insurance turo offers to guests, and how this works? One of my guests damaged my car- he bought the standard plannin the assumption any damages would be covered. Now Turo is telling me this is not the case. What’s up w that I wonder?

[@zouhir9468]

Hi Stefan, I have a question please hope you answer it for me. What if your guest was driving your car on turo and got into an fatal accident and went after you, what is the best way to cover yourself ? my turo feet all register and insurance under my name I do have an LLC. Please try to answe me, big fan of you man.

[@JamieReneeVonTeez]

Turo has said they are going IPO this year and they are cutting all costs to show more profit as they have not made money yet since starting. Unfortunately that cost cutting is mostly coming out of the Hosts profits. They have to have a healthy balance sheets to IPO successfully. Hopefully they will be bought out by an Insurance company!

[@StefanMarquardt]

I hope they let us get in on the IPO like Airbnb let its host do!!! Any reason you want them to be bought out by an insurance company?

[@jameslove7069]

Great job well done ,

[@ricardogarcia5946]

Hi, thanks for all the info, What insurance company you use for collision for direct rentals?

[@amplify1802]

Thank YOU! For putting this out! I know you don't have to do this, THANKS

[@genuviemendes6719]

Thanks no one talks about insurance and business set up.

[@aliatv8651]

Thanks for this, I’ve been stressed about the whole insurance thing.

[@jerometruitt2731]

I was informed that getting Turo to pay out on damages is next to impossible with their new format, unless you have an insurance that authorizes use on rentals. Thing is no personal insurance companies will sell you a policy for renting your car out.

[@StefanMarquardt]

You were misinformed. If you follow terms of service turo will cover damages up to $750,000

[@jerometruitt2731]

@@StefanMarquardt thank you for your quick response.

[@bcar1ify]

Liberty mutual has no problem with it.

[@SheedaStyleZ]

Thanks so much for the knowledge, I enjoyed it!

[@eliadesynga3658]

Hi, question. When there is a total lost, how do you notify DMV and your personal insurance about that. Does that affect you in any way?

[@richardbrown6591]

Great informative video thanks man been thinking of this business

[@StefanMarquardt]

Thats great! Definitely learn from my experience and give it a shot.

[@redtee946]

Great video what company do you use for you Direct rental car company you said they offer you comp and collision @11:58 ?

[@DeRussellMasina]

Outstanding information video. Thank you for the education

[@StefanMarquardt]

Thank you 🙏

[@staceystory9622]

Thanks for info 👍

[@amillertaco]

What about commercial renters insurance, that's what I'm looking at. Customer would have to buy your insurance policy or use their personal insurance that you have to verify with their company. Same as another rental company

[@StefanMarquardt]

Yes I do have that option, it adds more work on my end for pretty much the same amount of earnings so I mostly use Turo unless I know the renter directly.

[@BLANCHARDMUSICGROUP]

can I put a car on turo that has had minor fender binders

[@StefanMarquardt]

You can but you won't get paid for additional damage to an area of the vehicle that already has pre existing damages.

[@ChinoEEE]

I just put my first car on Turo last month and it’s been booked since ! Should I open up a llc for Turo ?

[@apollowins2760]

Genius! Love the video editing

[@StefanMarquardt]

Thanks bro!!

[@isaacgaskin8429]

The info in this video is great, but at the same time I'm kinda sad to learn about the reality of the situation. As someone who only has a single listing and no physical space to store a fleet of cars, I decided to unlist my vehicle from Turo. Since its personally owned and insured, I just can't run the risk of personal liability in a worst case situation. How are individuals without LLCs or commercial insurance suppose to operate safely as hosts on the platform?

[@StefanMarquardt]

Thanks for watching. Turo will cover you as long as you don't violate TOS. I've had a claim denied for an error on my part but I've had so many claims go flawless. I even had a fatality once but getting on the commercial side is the best. I know people who lease cars out in their personal name and that's way more risky in my opinion.

[@zouhir9468]

@@StefanMarquardt Hi stefan would you please make a video about fatal accident you had and how did it go?

[@lomaxedwards6974]

This was great…Thanks bro

[@akhiker01]

Thank you for all your valuable information . You are really good at communicating in a understandable way. Will there be any issues when you have GAP insurance to pay out when needed ? We do have GAP for that reason.

[@StefanMarquardt]

Thanks for the complement!! Ive heard of gap going thru no issues and I've also heard of Gap denying for commercial use.

[@JamesD-HB]

Warning, if you start a Turo business without checking with an asset protection lawyer, everything you own can be taken by an injury attorney ambulance chaser.

[@emiliocortez7422]

Thanks brother great info.

[@StefanMarquardt]

Thanks for watching!

[@_prbtmx]

Hey Stefan. Great video bro 🙏🏽 Im a new subscriber, love the content. And you seem very responsive in the comments, so I had a question for you and maybe you Can answer. So I had a scare today with one of my rentals. Someone was arrested for drunk driving in my car and vehicle was impounded, going to pick it up tomorrow. Cop told me that, had there been an accident, it would get reported to dmv which would then go to my personal insurance. Which I’m unsure about since I have turos protection plan. Will my rates still be affected since my insurance is going to be notified regardless? Good to note that I was honest w my insurance and they said they don’t cover renters, and just let me continue with my personal policy anyways.

[@TequanATL]

Hey Brandon... which insurance company did you contact?