Turo Insurance Explained. MUST-KNOW for Turo hosts!

In this video I discuss a VERY important yet confusing topic which is even unknown to some, namely, the topic of insurance for Turo hosts. If you have any questions, please leave a comment.
❗UPDATES
9/4/23 - Turo's Car Sharing Regulations Info: help.turo.com/...
9/4/23 - There are a few states that prevent carriers from dropping Turo hosts. Please check your state's specific laws.
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[@dedalliance1]

So you basically have to pay 3 insurance companies? So, first being Turo you pay them part of your profits for their insurance, then you have to pay an insurance company that provides insurance for car rentals but doesn't cover you if you're driving the car personally, so then you need personal insurance for the car if you ever want to drive it personally. Seems really stupid to me.

[@robertatkins322]

Thank you yes you’re right. I appreciate video. Just experiencing all of the above ! It should be a requirement of Turo to explain this to Hosts. I think it would be of interest to the insurance commissioner of individual states. This seems like something Turo should be checking when clients become hosts. Like you I’m cautious. It’s not really ethical if not illegal for them to do this practice. I’ll let you know what I find.

[@robertatkins322]

Thank you yes you’re right. I appreciate video. Just experiencing all of the above ve

[@anthonyamato1288]

Wouldn’t it be better for insurance companies to have clients who have cars on Turo? Because then it’s less chance of you crashing it since your never driving it. And Turo will cover it with there plan. Like my car is rented 23 days out of the month. So for those 7 days I bearly drive it, why wouldnt they insure me, I bearly drive it

[@streetzchild]

@@anthonyamato1288 do u have to promote to get your car rented that many days ? Or do people just come to u

[@justinthomas3253]

Insurance companies are likely concerned about lawsuits. A lot of claims end up in court. I am sure they see the chance that you the insured attempt to sue them to force them to pay, or even a renter attempts to sue if they are injured. They are trying to avoid undue liability. They are associated with the car whether they are legally responsible or not and don't want the risk of being sued.

[@ForhisGlory2024dmv]

Clarification I just spoke to my insurance progressive does cover you in the state of md when you are driving your car personally if you have it in Turo. It is state specific and you are mostly correct that other states do not

[@EngineerUrLife]

Thanks so much! Yes, last I checked there are a few states that allow it, I believe some others are California and Oregon, but hosts should double check. That's so great that you can keep it on Progressive! Good luck and thanks again!!

[@JackOLanternBob]

I'm in Oregon. I hope this works. Maybe other insurers work too? Anyone know about USAA in Oregon?

[@reyannnassar3462]

Hello, Lulu now has a waitlist and im in michigan. So ABI and GMI dont cover here. Im wondering what are the other affordable options.

[@johnnysmith4514]

Thanks for video. Do u have guiding videos for beginners

[@23tola27]

Could you just start an llc and get commercial insurance?

[@JBRion22]

Farmers just told me they can insure the car when it’s not being rented, they are quoting me. Their quote for my family cars was more than double what I pay currently with Progressive though so not expecting anything good. I tried Lula and they thanked me for joining their waiting list. Thanks for the links to ABI and GMI. Going to try them next.

Excelente!!! Gracias

[@casabutterfly]

Lula is on a waitlist at this time. So I have to research the other options.

[@EngineerUrLife]

I heard they're on a 2 week for the private rental policy, but didn't know it related to the Turo (ORP) policy as well.

[@syedhss]

Nice video. But if you have LULA but you can't use LULA while your car in on rental. It's just for OFF rental. So my question is what insurance I can take to rent my car on turo ? I am bit confused please help me

[@MsLECB]

Turo has their own insurance when the car is rented out.

[@PaidipalaAnvesh-s2f]

Great info, trying to figure out the exact same problem. Thank you so much! 🙏

[@blakeaaron5698]

Thank you for the clear and comprehensive rundown on the subject.

[@EngineerUrLife]

Thanks so much! I'll be doing an update soon, since Lula is no longer an option, and a new one has become available (Tint).

[@thisandthatfloridausa6112]

Good Informative video. Thank you. God bless you.✌️❤️🙂

[@EngineerUrLife]

Thank you so much!

[@RealElonMusk-x1j]

ABI and LULA are great for cars that you won’t ever really use for personal use, but not so great if you are just starting out and only have one car that you still want to use personally but just make a little extra money in the side for. Additionally both aren’t really all that great as they have fixed deductibles and coverage options. Lula 1000 deductible for acv under 45k, 3k for above. ABI is 2500k. And you can’t really use for personal use. Basically it’s cheap because you can’t use for personal, they don’t cover the vehicle while it’s rented and rely on Turo to protect you, and the chances of your car being damaged while parked at your home are slim to none.

[@SopaulC]

Trying to start of here and Thank you 🙏🏽 so much u just answered my question.

[@EngineerUrLife]

You're very welcome, so glad to hear!

[@PaidipalaAnvesh-s2f]

Great info, trying to figure out the exact same problem. Thank you so much! 🙏

[@durtydeedsREI]

Why does it say this on Progressives site: Does car insurance cover peer-to-peer rentals? No, your personal car insurance policy typically won't cover your car while it's being rented out via a car-sharing service. In some states, your insurer may even deny you coverage if you rent out your car. If you're thinking about renting out your car on a peer-to-peer rental network like Turo, you'll likely need to get the insurance offered by the rental service. Don't cancel your personal auto policy, though - peer-to-peer rental services typically require you to have your own car insurance, as well. They don't outright say they don't insure to people who use car sharing. It almost seems to suggest that they do but want you to know to get the car sharing insurance too.

[@dimodimov880]

How the insurance company will know your business

[@adrianrama]

What about the cars are financed? They require full cover and this companies is a minimum liability. What do you suggest to do ?

[@emmamartinez7331]

Hi, my brother keep asking me about this Turo thing, I show him your videos, I hope he finds the answer 🙏🏻

[@yumyaml4934]

Thank you for in-depth explanation

[@EngineerUrLife]

You're very welcome!!

[@manvsmachine1]

I feel like I could stare into your eyes forever 😍

[@clairvoyantcrypto4577]

Great info, appreciate you 🙏🏾

[@EngineerUrLife]

So glad to hear! Thanks so much!

[@leekcoy582]

Straight to the point and clear. With helpful recommendations thank you

[@EngineerUrLife]

Thanks so much!

[@PaidipalaAnvesh-s2f]

Great info, trying to figure out the exact same problem. Thank you so much! 🙏

[@EngineerUrLife]

Thanks!

[@LeighCrutch]

Great video. Thank you for the information. ❤

[@EngineerUrLife]

Thank you so much!

[@DealCircles]

Thank you so much, this is very helpful video.

[@EngineerUrLife]

Thanks so much!

[@mgildea67]

Hi, does this replace the insurance that a host buys on turo app?

[@EngineerUrLife]

Hi, no, the "insurance", or protection that you get through Turo, is for when the car is rented through Turo, for the rest of the time, and to meet state requirements, you have to have regular insurance or one of the ones mentioned, except Lula, which is no longer available.

[@Skinnymoss81]

Can I write off LULA insurance on my LLC

[@EngineerUrLife]

Lula insurance is a business expense, so you are able to expense it.

[@moneytree6276]

Always, well explained video.Thanks! If you don’t mind sharing with us, which Turo’s policy you chose since you have both insurances 🤔 ☺️

[@EngineerUrLife]

Thanks so much! I have the 90. I basically calculated what the cost of each plan would be, took into account a few other factors and then opted for the 90. I can provide a more detailed explanation, or maybe do a quick short on it, in a few days.

[@onyshiaharris5449]

@@EngineerUrLife I think it’s important to explain to the previous question that, you choose the 90 plan, BUT an individual should be prepared to pay at least $2500 out of pocket with a claim, IF they utilize the 90 plan.💜

[@markgorman3842]

Very interesting! I'm in the UK, in the north of England, and looking into renting out one of our cars on Turo. Most of the week it's just standing on the drive doing nothing. It seems like an untapped market with only 9 cars available in a 100 mile radius. I'm quite nervous about the insurance risks and there doesn't seem to be much readily available information out there.

[@EngineerUrLife]

Thanks! I think it's a great idea assuming you can get the insurance sorted out as well as of course if you can confirm that the demand is there (although it doesn’t cost anything to list it.) For the insurance, I would take a look at the links below and then also, more importantly call around a few insurance companies and inquire, and of course make sure to get all details in writing in your policy if you ultimately do sign up with any. As for the demand, if you haven’t already, there’s a few ways you can get an idea. The first is by simply checking the current availability of cars in your area, and comparing it to the availability a few months out. That should give you a ballpark figure as to what is being rented. There’s also a browser plug-in called Turrex Explorer (turrex.com) which allows you to research and download demand data as well as a lot of additional information. By the way, I will be doing a livestream soon with another host who has a fleet of about 20 cars, and so if you any other questions, make sure to check it out live. Good luck! help.turo.com/en_us/personal-insurance-requirements-or-hosts-S1TvINxVq support-resources.turo.com/incidents/UK%20Motor%20Insurance%20Certificate.pdf

[@markgorman3842]

@@EngineerUrLife Thanks very much 🙏

[@pcstocolorado]

Thank you so much for making this information available. Which tracker do you personally use and prefer?

[@EngineerUrLife]

You're very welcome! Sorry about the delayed reply, but check out this livestream where we discussed your question about trackers. kzbin.info/www/bejne/Y5m6e6xnmrN6n7c

[@pcstocolorado]

Hi! Since Lula is going out of business, what is your insurance recommendation?

[@MontyElav]

Hey thank you touching this subject, a guest had a small accident on my car and a claim was filed with turo. Progressive found that a claim was made with my car vin and then reached out to me. They tried to trick me into admitting that the car was being rented out, nope. They didn’t cancel me but i am thinking of making the switch due to being on their radar now.

[@EngineerUrLife]

Oh wow. Yea, and the issue is, if you were to personally be in an accident and be at fault, then they will most likely deny your claim, which would be horrible. Definitely look into it as soon as you can. Good luck!

[@slapskate]

I'm confused so what did you tell them? Obviously if your car has a turo claim it's being rented out. Sounds like they wanted clarity lol

[@rafaeltorres4597]

This has to be one of the most informative video on Turo about insurance I've seen yet! Absolutely appreciate the in's and out's and even putting up additional information on the insurances. Right on! 🎉

[@EngineerUrLife]

Thanks soooo much!!!

[@mr.p9496]

Once I choose a plan, let say 75%, I am stuck with it? I can choose another later on?

[@EngineerUrLife]

You can change the plan whenever you'd like, but the change will apply to new bookings, any existing bookings will remain on whatever plan it was when it got booked.

[@mr.p9496]

@@EngineerUrLife thanks 🙏

[@jumnehbaby714]

Thank you so much for this information

[@EngineerUrLife]

You're very welcome!

[@lilyhuang6206]

Amazing info!! Thank you so much!

[@EngineerUrLife]

So glad to hear! Thanks so much!!!

[@El__Cherry]

Awesome video well explained ‼️🙌

[@EngineerUrLife]

Thanks soo much!

[@tonianthony4984]

Thank u!!

[@EngineerUrLife]

You're welcome!!

[@kxlamour]

lula doesnt exist no more ?

[@EngineerUrLife]

No. there's a couple of new options. I'll be doing a video on it soon.

[@blueclawz]

@@EngineerUrLifefollowing! Would be great if you could glean some info on commercial car insurance options during rental periods, in case hosts are nervous of turo insurance not coming to save the day during a claim