Are you thinking of renting your car out with Turo? The Airbnb-esque car sharing app has exploded in popularity and the car sharing market as a whole is poised for massive growth.
If you have a car that’s not in full-time use, you could make some nice cash on the side by renting it out through Turo. According to reports, the average host on Turo makes $545 per month on the app.
But, before you can start making passive income from your vehicle, you’ll need to get wise to the Turo car rental requirements. You’ll also need to take every precaution to ensure your asset is safeguarded when you’re renting it out.
If you’re eager to make some extra cash, but are worried about the safety of your vehicle—keep reading for a list of safety tips and Turo car rental requirements.
Basic Turo Car Rental Requirements
Before we get into how to keep your car safe when lending it out on the Turo car rental app, let’s go over the main Turo car rental requirements.
If you want to hire your car out through Turo in the US, it has to:
- Be in good working order
- Have less than 130,000 miles on the clock
- Be less than 12 years old
Besides this, you also can’t list a vehicle that has a “salvage” or “branded” title, or a total claim loss in its history. The vehicle also can’t be listed with any other car rental or ride-sharing program.
Finally, your vehicle will need to be clean when you hand it over to guests.
Any Turo host listing a vehicle with a market value of $125,000 or higher needs to show proof of an original equipment manufacturer (OEM) tracker.
High-Value Vehicle Requirements
One of Turo’s selling points is it allows guests to hire all kinds of vehicles, from vans to vintage cars, supercars, Teslas, run-arounds, and more.
If you’re listing a vehicle with a high book value, this can count in your favor. Some Turo guests use the app especially to hire and get the experience of driving in a luxury vehicle.
However, there are certain Turo car rental requirements for big-ticket vehicles. If the market value of your car is more than $125,000, you will need to provide proof of an OEM tracker.
OEM stands for “original equipment manufacturer.” In other words, your vehicle will need to come with a built-in, manufacturer GPS or tracking system for Turo to list it.
Turo Coverage Options
When you list a vehicle on the Turo car rental app, it will give you three coverage choices, Basic, Standard, and Premium.
Basic coverage costs 5% of your total rental fee and offers a $1 million liability insurance policy.
Standard coverage costs 25% of your total rental fee and offers:
- Third-party liability insurance
- A replacement vehicle should your vehicle suffer damage or be unavailable for use due to repair (this comes in the form of a credit on the Turo app)
Premium coverage costs 35% of your total rental fee and includes:
- Third-party liability insurance
- A replacement vehicle (available via a Turo credit)
- Exterior wear and tear coverage
Under this plan, Turo also takes responsibility for your car’s potential earnings. This is based on the car’s earnings for the last month. Or, alternatively, the average earnings for your car for a year.
Why a GPS Tracker Is Always a Good Idea
The reason why OEM trackers are required for high-value vehicles under Turo car rental requirements is because trackers can be pivotal in safeguarding your vehicle.
Currently, only 78 million cars on US roads have inbuilt tracking software. If your vehicle doesn’t have OEM GPS software installed, we’d highly recommend you install your own tracker.
Inconvenience, Lost Time, and Lost Earnings
Overall, the coverage options Turo offers are adequate for ensuring the security of your vehicle as an asset. However, this doesn’t mean that you shouldn’t take extra safeguards.
Just because your vehicle is covered, doesn’t mean you want anything to happen to it. If your car is damaged while it’s lent out on the Turo car rental app, this could cause you a lot of inconvenience as well as lost earnings.
If you use your car when it’s not rented out, you won’t have transport. Even if you’re not relying on your car for personal transportation, having it damaged or stolen will mean you have to spend extra time liaising with auto shops, the police, and the Turo app.
Even though Turo only requires proof of OEM trackers for high-value cars, you should consider installing a tracker no matter the value of your car. Renting your car out with a tracker will allow you to see exactly where your vehicle is at all times. If something untoward happens, you can instantly furnish the police, or Turo, with a detailed report of where your vehicle has been.
The Best GPS Tracking Solutions
Here at Lonestar Tracking, we specialize in asset tracking technology. If you need a GPS tracking device for your vehicle, our top two recommendations would be the Oyster3 and the ScorpionLTE.
The Oyster3 is battery operated and doesn’t require any hardwiring. Simply hide it in your vehicle, and you can track its whereabouts all over the US via 5G.
The battery lasts for up to 10 years, and the housing can withstand mud, water, and impact.
The ScorpionLTE is another (literally) solid option. All it requires is easy under-dash wiring, with only two wires.
The ScorpionLTE can track your vehicle within 2 feet. It also has an internal battery backup and a driver scorecard feature. This tracks and scores driver behavior.
Other Safety Tips
Installing a GPS tracker is one of the best safety steps to take when renting your car out via that Turo app.
Besides this, you should also take care to select a coverage option on the Turo app that will meet your needs and safeguard the value of your car.
If you need to meet hosts for vehicle handovers, make sure that it’s always in a safe, public area. As per Turo’s guidelines, you should also take the time to photograph the vehicle’s interior and exterior before handing it over.
If your car comes back with cosmetic damage, you can prove that this wasn’t there before you handed the car over.
Do You Want to Track Your Asset While It’s on the Road?
Renting your car out via the Turo app can be a great way to earn passive income. However, you need to take steps to safeguard your vehicle. One of the easiest ways to pre-empt misuse of your car is through a GPS tracking device. This is the reason why Turo car rental requirements stipulate that high-value vehicles can only be rented out with proof of OEM trackers.
If your car doesn’t have an inbuilt GPS tracking device, don’t stress. We offer a range of GPS tracking devices that can pinpoint your car’s location to within meters, and even provide you with driver behavior reports.
Browse our selection of GPS tracking solutions today.