What is Turo?

Turo is a peer-to-peer car rental service that replaces traditional rental agencies. Turo’s allows everyday people to rent their cars, and the platform provides these hosts with booking, pricing, payment processing, and insurance.

How much money can you make on Turo?

Your starting goal on Turo should be to cover your car payment plus insurance. If you have priced your car correctly, you should have 15-20 rental days per month. After you build up your reviews, you should start to see a couple hundred dollars per month of profit. The most important aspect of Turo is paying the right amount for your car. If you bought your car brand new with all the warranties you’ll have a hard time covering your payment and insurance. However, if you purchased a used car at or below market price, you should have no trouble making several hundred dollars per month.

Keep in mind, Turo charges a percentage fee for listing your car. You’ll have the opportunity to choose from several levels of insurance protection. Depending on the level you choose, you’ll keep 65%, 70% or 85% of the trip price. If you have commercial insurance already, you can decline Turo’s coverage and keep 90%

What if someone messes up your car?

Accidents happen, and it’s important to cover your ass. Turo’s insurance plans cover most incidents during the time your car is rented out. Before and after each trip you are required to take photos of the car. Turo requires at least 6-10 pictures but I always insist on taking 35-50. Because of this, I always have proof if any damage occured during the trip.

Turo’s standard insurance plan covers up to $1 million in damages caused by your renter. They will also cover repairs to your car with no out of pocket costs. Only the premium insurance plan covers wear and tear. Also, you are able to request reimbursement from your guest for things like returning the car late, smoking, or not refueling.

What are the risks?

Most Turo rentals go smoothly, but there are still risks. Some cars have been stolen during rentals, either by the renter themselves or just bad luck. It is important to install a tracker in every car that you have rented out. I personally use https://automatic.com/ as it reports not only the location but also maintenance and crash alerts.

As I said before, most insurance plans don’t cover wear and tear. You should expect to do regular oil changes, and probably more frequent brake replacements. If you have a fast car or rear-wheel drive car tires will burn out much more quickly than normal. It’s smart to know a good mechanic, and a body shop that can help you deal with scratches and scrapes quickly and cheaply.

Does Turo only work for expensive cars?

Not at all! The most popular rentals on Turo are BMWs, Teslas, and any car under $30/day. As you will likely see in your own research, more practical cars can perform much better. Minivans, hybrids and older trucks garner good rates and get rented very frequently. Check out Turo’s “Carculator” and Market Guides for a better idea of pricing strategies. As long as you set your listing up in the right way, price your car fairly and provide solid customer service, you will have the ability to make extra money on Turo.

Turo
Rent my car on Turo!

How do I get started?

You can get started right away by going to Turo.com and listing your vehicle. The following information will be required:

  • Name
  • Email Address
  • Phone Number
  • Car make and model
  • VIN Number
  • Transmission Type
  • License plate number
  • Mileage
  • Street Address where the car can be picked up
  • Photos of the car
  • Current, valid registration and insurance

Once you list your car, you’ll have the ability to set your calendar for the dates that you want your car to be available. Next you’ll set your prices, minimum trip length, mileage allowed and any other rules. Lastly, decide if you’d like to offer delivery to nearby airports or other locations. After that, publish the listing and wait for your bookings!

Tips for listing your car

Most of the listing process is pretty self-explanatory, but a there are a few key tips you can follow that will help you get the most out of your listing:

  • Take good photos. Make sure that you are taking photos with a decent camera in a well lit area. Clean your car before you take photos.
  • Write a good description. Think about the things that people are going to want to see when they consider your car. Be sure to include features like Bluetooth audio, USB chargers and anything else unique.
  • Respond quickly to inquiries. Even if you are not going to rent to the person, make sure that you respond right away. This will help your profile in the long run and show that you are a responsible car owner who provides good customer service.
  • Set the ground rules. Put any rules you have in writing in the listing. Don’t count on guests to remember anything! Be sure to consider things like pets, premium gas, car washes, etc.

That is a quick look at why I love using Turo to make extra income, but do your research and see if it fits with your goals and what you are trying to accomplish financially. Be sure to let me know in the comments how it works out for you and feel free to leave any questions you may have. Happy renting!