The Truth About Turo Insurance
How does Turo insurance work? Let's talk about it!
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00:00 - Intro
What's up you guys! In today's video, we are going to be breaking down how Turo insurance works, what happens if your car is in a car accident, what packages (and insurance) I use as well as what I recommend you do if you are a host wanting to reevaluate your insurance needs. Let's go!
00:54 - Turo Protection Packages
In order to understand Turo insurance, you first have to understand Turo protection packages. This is the protection that you get as a Turo host, and it is important to understand that a Turo protection package is NOT insurance. It does not replace your state-required insurance and it is something Turo offers for the platform alone.
To learn more you can follow the link here: https://turo.com/us/en/insurance
03:12 - Personal & Commercial Liability
Since Turo is NOT an insurance company and they are NOT providing you with insurance, you do still have to have your car insured through a traditional insurance provider. When choosing which company you want to go with you have a few options to choose from, you can do personal or commercial. Both of these options have their pros and cons and depending on what you are wanting to accomplish with your fleet will dictate which route is the best route for you.
06:03 - What happens During an Accident
Now, if you are renting your car on Turo chances are you have been curious about the question - "Well, what happens if there is an accident?" and that is a really good question! When there is an accident with a Turo car there are a few things that need to be done. First, you will need to file a damage claim within 24 hours of the car getting returned. Once that claim is filed Turo will work with you to resolve that claim either internally through a system called Snapsheet or through their total loss partner IAA. In both scenarios, Turo will look at photos and will determine how much to pay you, whether the car is totaled or not, and how to proceed from there.
09:06 - My Tips
If you are a Turo host trying to reevaluate your current Insurance situation, I do have a few tips for you. Number one, make sure that you are running the numbers of your fleet to ensure you aren't overprotecting yourself. For example, if you are on the 60% plan but you have not had a claim in 2 years, you may be overpaying for coverage. Next, familiarize yourself with the state and local laws and make sure to get coverage that adheres to them. Lastly, do your research on commercial vs. personal insurance to determine which route is the best for you.
11:16 - Closing
I hope you guys enjoyed this video, make sure to hit the like, subscribe, and the notification bell and I will see you guys in the next video.
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Disclaimer:
I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Aubrey may have an ownership interest in them – Please do not make buying or selling decisions based on Aubrey’s videos. If you need advice, please contact a qualified professional.
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