Anyone has experience renting out their car(s) with Turo?

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taojaxx
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Anyone has experience renting out their car(s) with Turo?

Post by taojaxx » Wed Oct 12, 2016 7:23 am

Attractive at first blush with double digit gross yield and protection offered but like they say if it looks too good to be true etc...
Anyone done it and ready to share?
For those who never heard of it, just google "Turo"

overst33r
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Re: Anyone has experience renting out their car(s) with Turo?

Post by overst33r » Wed Oct 12, 2016 7:47 am

I haven't rented out, but I have rented a car. It was a pleasant experience and a great deal compared to an ordinary rental in san francisco.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by IowaFarmBoy » Thu Oct 13, 2016 7:50 pm

I haven't used Turo but your post made me curious so I checked out their website. I have a couple of observations. They will cover you for $1M in liability but this may not be enough. The issues of amount are similar to those of the "how big of a liability umbrella" threads that pop up frequently. It seems like you would be viewed as less liable if Turo is doing the vetting of drivers but if you have deep pockets you could still be sued. The second thought is that you want to be sure that you contact your personal auto insurance company to see if you need to enhance your policy and verify that you will still be covered. Many companies are now offering policies to cover the gaps in coverage offered by Uber and this seems like it could have similar issues.

taojaxx
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Re: Anyone has experience renting out their car(s) with Turo?

Post by taojaxx » Tue Oct 18, 2016 7:05 pm

Contacted my agent indeed (Nationwide). Very reluctant. Discourages the whole plan, suggests "commercial policy" to cover vehicles and does not sell these...

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Re: Anyone has experience renting out their car(s) with Turo?

Post by bottlecap » Tue Oct 18, 2016 8:17 pm

I can't imagine it would be worth the trouble to do with your personal vehicle. You'd have to do it as a business and be pretty good at it. Interesting thought, though.

JT

leonard
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Re: Anyone has experience renting out their car(s) with Turo?

Post by leonard » Thu Oct 20, 2016 10:10 pm

"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.
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Re: Anyone has experience renting out their car(s) with Turo?

Post by LadyGeek » Thu Oct 20, 2016 10:14 pm

This thread is now in the Personal Consumer Issues forum (renting your car).
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Re: Anyone has experience renting out their car(s) with Turo?

Post by F150HD » Fri Oct 21, 2016 6:56 am

leonard wrote:"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.


+1000 on that. No way.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by alpenglow » Fri Oct 21, 2016 7:25 am

There is no way I'd ever consider this - liability issues, abuse of the vehicle, etc.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by cannondale » Fri Oct 21, 2016 1:40 pm

Remember when airbnb started? Turo isn't for everyone. Think, as a business model, they can make more money than airbnb because they make money on both ends of the transactions. Though, if they are offering insurance, I wonder if they need to have reserves and regulated as an insurance company.

In any case. I know a guy renting out four teslas on there.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by Jack FFR1846 » Fri Oct 21, 2016 1:45 pm

I read a whole lot of reviews as the idea seems very cool. The guy in the Jaguar who Turo wouldn't pay on the damage and he ended up getting screwed threw me off it. Seems like a lot of used car dealers get into this with questionable condition cars.

I know my insurance policy right now has specific exclusions if my car is ever used as a ride sharing platform (Uber, Lyft). I expect it would also fail to pay if something happened and Turo didn't cover it (the technicalities stated).
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taojaxx
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Re: Anyone has experience renting out their car(s) with Turo?

Post by taojaxx » Sat Oct 22, 2016 5:53 pm

Need to sort out the insurance issue first. Commercial insurance needed. Need to see if it still makes sense with that cost added. Insurance companies will probably tailor product for this, as they did for Uber/Lyft

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Re: Anyone has experience renting out their car(s) with Turo?

Post by Broken Man 1999 » Sat Oct 22, 2016 6:43 pm

It might be just a generational thing, but the idea of renting out my home or car just creeps me out.

OTOH, my daughters have used airbnb several times to secure lodging on vacations, and frequently use Uber for nights out, especially if they are drinking adult beverages.

They have had positive results in their stays thus far.

Perhaps if I had a vacation house/condo, airbnb might be OK. But I just don't see any circumstances where I would rent out a personal vehicle.

No doubt the insurance companies will adjust to these type agreements, as there are more $$$$ to pluck from the insured.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by ClevrChico » Sat Oct 22, 2016 7:28 pm

As a customer, Turo is very compelling.

Great deals in my area:

- Alfa Romeo 4C -- $96/day
- Two year old Camry -- $20/day

Bad deals:

- Rav 4 -- $110/day
- New Camry -- $155/day
- Four year old Porsche 911 -- $260/day

It could fill a niche that the traditional rental car companies can't. I can see making a lot of money on the rental side with the right vehicle types in the right location. Renting out the family car seems like a bad idea, though.

leonard
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Re: Anyone has experience renting out their car(s) with Turo?

Post by leonard » Sun Oct 23, 2016 9:46 am

leonard wrote:"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.


"Mr Taojaxx, we can't quite make out the driver in this red light photo, but it's your car. Here's your ticket (and you'll probably hear from your insurance company in a few months)."

"Mr Taojaxx, we don't care you weren't driving - your car used the toll lanes. Here's the bill. And, the late fee."

"A bystander caught your license plate leaving the scene of a hit and run...."

Etc. etc.

This definitely wouldn't be keeping life simple.
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taojaxx
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Re: Anyone has experience renting out their car(s) with Turo?

Post by taojaxx » Sun Oct 23, 2016 7:30 pm

leonard wrote:
leonard wrote:"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.


"Mr Taojaxx, we can't quite make out the driver in this red light photo, but it's your car. Here's your ticket (and you'll probably hear from your insurance company in a few months)."

"Mr Taojaxx, we don't care you weren't driving - your car used the toll lanes. Here's the bill. And, the late fee."

"A bystander caught your license plate leaving the scene of a hit and run...."

Etc. etc.

This definitely wouldn't be keeping life simple.


All this has been discussed with a coworker owning 6 cars he has been renting out through Turo for months and none of this is a problem (tickets etc..) They are charged to the driver.
Drug issue has not materialized. Does not affect the business apparently.: the driver is the "guardian" of the car during the contract,
Insurance is the serious thing to solve, as I mentioned. No plan to rent family car but second/third car or cars purchased to be rented out.

leonard
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Re: Anyone has experience renting out their car(s) with Turo?

Post by leonard » Mon Oct 24, 2016 1:07 pm

taojaxx wrote:
leonard wrote:
leonard wrote:"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.


"Mr Taojaxx, we can't quite make out the driver in this red light photo, but it's your car. Here's your ticket (and you'll probably hear from your insurance company in a few months)."

"Mr Taojaxx, we don't care you weren't driving - your car used the toll lanes. Here's the bill. And, the late fee."

"A bystander caught your license plate leaving the scene of a hit and run...."

Etc. etc.

This definitely wouldn't be keeping life simple.


All this has been discussed with a coworker owning 6 cars he has been renting out through Turo for months and none of this is a problem (tickets etc..) They are charged to the driver.
Drug issue has not materialized. Does not affect the business apparently.: the driver is the "guardian" of the car during the contract,
Insurance is the serious thing to solve, as I mentioned. No plan to rent family car but second/third car or cars purchased to be rented out.


You glossed my examples, not dealing with each at any level of detail. I think it's self explanatory how any of these scenarios could be at a minimum a huge time sink. And, they only have to happen once to consume enough time that it tilts the cost benefit against. If any one of them goes beyond just wasting time to criminal or civil liability - the cost just goes up.

Even if the ticket goes to the driver, I am going to bet you will have to prove someone else was the driver when a photo speeding or red light picture is taken. Authorities aren't going to simply move on just because you say "Wasn't me".

By the way, you seem to want to generalize from a sample size of one ("a coworker").

You've obviously made this decision and are soliciting confirmation (bias?).

So, good luck and I hope it works out.
Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by inbox788 » Tue Oct 25, 2016 8:51 pm

leonard wrote:"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.

Like others have mentioned, Uber and Airbnb also had to start somewhere. I haven't tried it, but would if the option was to rent a car that was more expensive and less convenient. There are a few vehicles within walking distance, but the rates aren't that different from car rental companies.

As far as the drugs, "It's not my car" is a better excuse than if it were you car! Why a drug dealer would leave drugs in a rented car is beyond me, but I've heard of stories of bags of cash found in places, so I guess it could happen. I think it's rare enough I don't consider it a real risk. I'd be more concerned about the when the brakes were last checked.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by randomguy » Tue Oct 25, 2016 11:20 pm

leonard wrote:
You glossed my examples, not dealing with each at any level of detail. I think it's self explanatory how any of these scenarios could be at a minimum a huge time sink. And, they only have to happen once to consume enough time that it tilts the cost benefit against. If any one of them goes beyond just wasting time to criminal or civil liability - the cost just goes up.

Even if the ticket goes to the driver, I am going to bet you will have to prove someone else was the driver when a photo speeding or red light picture is taken. Authorities aren't going to simply move on just because you say "Wasn't me".

By the way, you seem to want to generalize from a sample size of one ("a coworker").

You've obviously made this decision and are soliciting confirmation (bias?).

So, good luck and I hope it works out.




https://support.turo.com/hc/en-us/artic ... in-my-car-

Reality is that this issue has existed forever. It basically comes down to when the police call you, you hand over the driver. You would have to talk to a lawyer to try and figure out your liability for big crashe. I know there have been cases where people have gone after parents for their kids actions but I am not sure for relationships like this between 2 unrelated parties. I figure the car rental agencies have figured it out but I would want to make sure.

My big question would be is the demand there to make it worth while where you are at? I looked at it a while back and most of the cars listed had less then 5 trips and only a couple (model S was super popular) with more than 15. Maybe I am in a dead market and a place like SF gets more traffic. At some point you will have some type of hassle and you want to make sure you are compensated for it.

In my neck of the woods, you can rent a newish civic for 30-50/day. If I could do that for say 300 days/year, I could pretty much pay for one in 18-24 months (hand wave about taxes and deductions) and end up with a paid off car with say 30k miles. That seems like a good deal if I don't have to do a lot of work. Have to do 500 hours of work (particularly when the hours are dictated by someone else), and it doesn't seem as appealing.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by Jelloanddon » Wed Oct 26, 2016 3:50 am

My husband signed up with a similar service in SF called Relay Rides. Thought he'd make some extra money renting out his truck because it was not needed regularly. Worked OK for a while until someone rented it and apparently used it to move something heavy and damaged the frame. When he reported it to the company, they said he had to prove it was damaged by the renter and refused to pay for the repairs.

Ended up that the repairs would cost more than the truck was worth so he scrapped it.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by leonard » Thu Oct 27, 2016 12:04 pm

inbox788 wrote:
leonard wrote:"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.

Like others have mentioned, Uber and Airbnb also had to start somewhere. I haven't tried it, but would if the option was to rent a car that was more expensive and less convenient. There are a few vehicles within walking distance, but the rates aren't that different from car rental companies.

As far as the drugs, "It's not my car" is a better excuse than if it were you car! Why a drug dealer would leave drugs in a rented car is beyond me, but I've heard of stories of bags of cash found in places, so I guess it could happen. I think it's rare enough I don't consider it a real risk. I'd be more concerned about the when the brakes were last checked.


Simply because others have done it doesn't mean it's a good idea.

BTW - drug dealer? Suppose it's merely a smaller amount hidden by a former renter of the car. Easy to imagine such a scenario.

"Rare enough I don't consider it a real risk." Got it. Cause drug use is so rare.
Last edited by leonard on Thu Oct 27, 2016 12:32 pm, edited 1 time in total.
Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by leonard » Thu Oct 27, 2016 12:08 pm

randomguy wrote:Reality is that this issue has existed forever. It basically comes down to when the police call you, you hand over the driver. You would have to talk to a lawyer to try and figure out your liability for big crashe. I know there have been cases where people have gone after parents for their kids actions but I am not sure for relationships like this between 2 unrelated parties. I figure the car rental agencies have figured it out but I would want to make sure.


The fact that it has existed forever proves my point.

It would only take one such legal entanglement - the time involved plus any hard dollar costs - to wipe out a couple years of profit. That's a real business risk.

I agree that rental companies have figured it out. But, experience matters and corporate liability protection matters. Considering most rental companies have a rental fleet >1 - they have a lot more experience and systematic ways of dealing with such issues. If you are new to the business and have a rental fleet of 1 - what level of experience, protection from liability, and processes & procedures do you have in place to systematically handle bad situations? I am going to guess the learning curve would be difficult and expensive.
Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.

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Re: Anyone has experience renting out their car(s) with Turo?

Post by an_asker » Thu Oct 27, 2016 12:26 pm

inbox788 wrote:
leonard wrote:"So Mr. Taojaxx - how exactly did these drugs get in your car?" Said the police at a traffic stop.

This is the first scenario that came to my mind and I have thought of another 3 writing this. It's hard to enumerate all the ways this is a bad idea.

Like others have mentioned, Uber and Airbnb also had to start somewhere. I haven't tried it, but would if the option was to rent a car that was more expensive and less convenient. There are a few vehicles within walking distance, but the rates aren't that different from car rental companies.

As far as the drugs, "It's not my car" is a better excuse than if it were you car! Why a drug dealer would leave drugs in a rented car is beyond me, but I've heard of stories of bags of cash found in places, so I guess it could happen. I think it's rare enough I don't consider it a real risk. I'd be more concerned about the when the brakes were last checked.

Well, I am not in the deal, but I had heard about it from my friend in Australia in August. He was turning in his old SUV for just this kind of arrangement (assuming I am understanding Turo properly). Here, in summary, is my best understanding of how it works in Australia:

Owner "sells" car to the company, but owns the right to use it a few days each month (if so chooses). The car's insurance, care, etc will be taken care of by the company. The car will be kept at a third-party location, a carsitter if you will. The carsitter will be the liaison with the renter(s). In return, the carsitter earns some money each month and get to use the car when it is not needed by a renter or by the owner.

mikaye
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Re: Anyone has experience renting out their car(s) with Turo?

Post by mikaye » Wed Oct 04, 2017 9:06 pm

There's a lot to consider when weighing the risks and rewards for Turo, Getaroud, Outdoorsy, etc... Besides, I’ve had a sneaking suspicion that many of the claims to high earnings have been overinflated. With that in mind, I decided that the only way to convince my CFO (Chief Family Officer) that peer-to-peer car sharing would be worth a try was to run the numbers myself. To that end I put together a cash flow calculator at carsharehustle.com. I also summarized much of the research I did on the risk vs reward continuum especially as it relates to Insurance.

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