APP OF THE DAY: 'Turo' putting extra cash in vehicle owners' pockets
Would you let a total stranger drive your car or truck? I'd assume many, if not most car owners would say "absolutely not," but if you don't have a problem with it, you might make some extra money using a smartphone app and service called "Turo.”
You may have seen an ad online for "Turo.” It's similar to Airbnb, only instead of homes, car owners list their vehicles for rent.
To list a vehicle on Turo you must have proof of insurance. Vehicles can not be over 12 years old (except for some classic cars) and may not have an odometer reading of over 130,000 miles.
To rent a car or truck on Turo you simply must have an account. Search for a city and dates of your visit or when you need a vehicle. I searched for a weekend in San Diego and found dozens of choices ranging from a Toyota Yaris for $15 a day, to a Tesla Model X for $159.
If you are in need of a truck to move a few things in your hometown you might find one listed on Turo.
At its heart, Turo is perfect for people who want to spoil themselves (or show off at a class reunion maybe) by renting an expensive car that draws "oohs" and "ahhs" from people on the street. True, many of the vehicles listed are high-priced high-performance cars such as Porsche, BMW, Tesla, Lexus, Maserati, and Cadillac.
Turo takes a percentage of the rental price and according to its website, owners can take between 65%-90% of the rental price depending on the level of insurance they decide to get on their car or truck. Turo has partnered with Liberty Mutual to cover up to $1 million for liability, theft, and damage.
Just like with Airbnb, renters deal directly through the app with the car owner and the app says some will bring the car to you. After spending a bit of time in the app I found vehicles available in just about every city and the number of cars and owners is growing.
If you'd rent your house to a stranger on Airbnb, you just might be okay renting your car to the person staying there.