For anyone who doesn’t use their vehicle every day, the idea of making money by lending the car out could be appealing. By using Turo – a peer-to-peer car-sharing platform that helps car owners connect with renters – the process is reasonably straightforward, too. But you do need to make sure your vehicle is eligible for the platform before you list. If you’re considering listing the car through the service, here is a closer look at how Turo works and the Turo car requirements your vehicle needs to meet.
How Turo Works
In the simplest sense, Turo works similarly to Airbnb; it just focuses on vehicles instead of accommodations. As a car owner – which is referred to as a “host” on the platform – you can list your vehicle as available, set a daily rental price, and use Turo to find renters.
Renters submit rental requests for specific vehicles, and if they’re interested in yours, you have the option to approve or deny each one based on information the renters provide. If approved, you block out the time for the period outlined by the renter and make arrangements for the drop-off.
After the rental period is over, you pick up the car at the agreed-upon location. At that time, the platform releases your payment.
The platform does have some other functionality. For example, if a renter damages your vehicle, you can contact Turo to file a claim and receive compensation based on your protection plan. However, its primary purpose is to connect hosts with renters.
Turo Car Requirements
Vehicle Type
The Turo platform restricts what’s eligible for listing on the platform based on the vehicle type. Generally, your car must be classified as a passenger vehicle to qualify for Turo, and specific vehicle types are automatically excluded.
Ineligible vehicles include:
- Motorcycles
- Three-wheeled vehicles
- Limousines
- Box trucks
- Vehicles that seat more than 10 people (including the driver)
- RVs
- Off-road vehicles
- Any vehicle that requires a commercial driver’s license
Car Registration
Turo requires that the vehicle you’re listing fall in one of two categories regarding the registration. First, it can be registered in your name. Second, if it’s registered in another person’s name, you have to be authorized by that person to list the car on Turo.
Additionally, the vehicle needs to have authorized permanent or temporary plates. Trader or dealer plates aren’t allowed.
For New York-registered vehicles, an inspection sticker that’s valid through the following month or longer is necessary. Additionally, hosts in New York must complete the Turo orientation before they can publish their listing.
Vehicle Condition
Unless your vehicle qualifies as a classic or specialty car, which is discussed in greater detail below, your vehicle can’t be more than 12 years old if you’re going to list it on Turo. Additionally, it must have fewer than 130,000 miles on it at the time of initial listing. You’re required to follow all platform requirements regarding maintenance to ensure safety, and once your car hits 130,000 miles, you can only keep it on the platform if it’s excellently maintained and meets all safety, mechanical, and legal standards.
Cars on Turo are required to have a clean title, so “branded” or “salvage” titles aren’t eligible. If the vehicle has ever been declared a total loss, it will not qualify.
Your car also needs a fair market value no higher than $200,000, as that’s the upper limit of what Turo will cover. At the time of listing, Turo uses a third party to estimate your vehicle’s value to ensure it falls within the requirements.
Car Insurance
While Turo does provide some coverage that protects hosts against damage caused by renters through its required protection plans, hosts must also have their own personal vehicle insurance. The coverage must align with all local insurance laws, requirements, and regulations, and a copy of the insurance card must be in the vehicle at all times.
If the car is valued at $125,000 or higher, then an active OEM tracker is needed to ensure that you qualify for all of the compensation available through the Turo protection plan. Without an OEM tracker, you may have to pay up to 20 percent of the covered damages (above the deductible) instead of just the deductible.
Exclusivity
When you list your car on Turo, you must agree not to list the vehicle for rent through another platform. However, you can use the car for personal use, ride-sharing, or delivery driving.
Classic or Specialty Vehicle Requirements
In some cases, the age restrictions outlined above don’t apply if your car is eligible to be listed as a classic or specialty vehicle. Typically, that can apply to cars that are at least 25 years old, though special considerations are possible for vehicles that are 12 years old but not yet 25 years old.
Cars in this category must be in excellent physical and mechanical condition, as well as have working seat belts installed. The fair market value must be $85,000 or less. Finally, all vehicles in this category are subject to additional review.
Do you think the Turo car requirements are reasonable, or do you believe the company should be more flexible? Have you ever listed a car on Turo, and do you want to tell others what it was like? Share your thoughts in the comments below.
Read More:
- Ways to Make Money with Your Car
- Use the Airbnb of Car Rentals to Make Money on the Side
- How to Make Quick Bucks with Pick-Up Trucks
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Image and article originally from www.savingadvice.com. Read the original article here.