If you’ve heard of the phone app Turo or seen advertisements for it, you’ve probably been under the impression that the app is exclusively for rare, high-end exotic cars, but if you log onto the app you will see that there is a lot more on the app than just that. Turo is a user-based app where individuals can rent our cars directly to renters, and you can use the app as both for any reason – travel, pleasure, or work.
Turo has a lot of regulations for renting out a car on their app, but it doesn’t have to be a Lamborghini to fit the bill. Whether you just don’t drive often or are looking to make a little bit of money on the side, you can rent your car out using Turo.
What standards does Turo set
First thing is first, the car must be insured and registered in your home state unless you live in New York where the Turo app is not permitted. For most cars, they must be less than 12 years old. There are exceptions to the 12-year rule, however, which is obvious when you see the classic cars section of the app.
There are insurance requirements that must be met in regards to insurance coverage, to protect both the renter and the car owner. You can opt to get additional rental insurance through the Turo app for a small fee, and it can give you additional coverage.
The car must have a market value of under $150,000 but it doesn’t have to be that expensive to be eligible. There is a list of vehicles that Turo does not allow, like motorcycles, box trucks, or RVs, as well as a number of other cars
Back to the 12-year rule, there are some classic and specialty cars that are the exception. The car must typically be older than 1990 – though of course for certain cars there are more exceptions to that too – and be valued at $85,000 or more. They, of course, have the be in excellent condition and have working seatbelts, even if the seatbelts were not available from the factory.
Things you should do if you decide to rent out your car
General maintenance is an important factor in renting out your car, as you want to ensure you are getting regular oil changes and staying on top of your mileage-based maintenance, which can be found in your car’s handbook.
A GPS tracker is also useful in case something happens, and they make GPS trackers that can pair to collect data from your car’s computer, like speed or potential problems. Using something like this is important in case something breaks, or your engine or transmission becomes compromised, as you will have to prove that it is the fault of the renter.
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You can choose Turo to add a small amount of cash flow into your life, and even help to cover your monthly car payment, and most cars are eligible to rent out.