{"id":1202,"date":"2019-11-10T03:51:05","date_gmt":"2019-11-09T20:51:05","guid":{"rendered":"https:\/\/moneymonarch.com\/?p=1202"},"modified":"2020-01-01T03:46:40","modified_gmt":"2019-12-31T20:46:40","slug":"turo-review","status":"publish","type":"post","link":"https:\/\/moneymonarch.com\/turo-review\/","title":{"rendered":"Turo Review &#8211; How To Make Money With Your Car"},"content":{"rendered":"<h1>Turo Review &#8211; Renting Out Your Car For Extra Money<\/h1>\n<p>First, there was <a href=\"https:\/\/moneymonarch.com\/how-to-be-an-airbnb-host\/\" target=\"_blank\" rel=\"noopener noreferrer\">Airbnb<\/a>. You could rent out extra rooms or entire homes to others with a few simple clicks of an app.<\/p>\n<p>Hosts made good money (enough to cover a lot of their rents\/mortgage), while guests found interesting and affordable places to stay during travel.<\/p>\n<p>At some point, someone thought \u201cwhy not take Airbnb\u2019s style of peer-to-peer renting and apply it to cars?\u201d<\/p>\n<p>Thus, peer-to-peer car sharing was born. Turo\u2019s by no means the first in this market, but they\u2019ve definitely made a name for themselves in recent years.<\/p>\n<p>But can you really <a href=\"https:\/\/moneymonarch.com\/passive-income-ideas\/\" target=\"_blank\" rel=\"noopener noreferrer\">make passive money<\/a> renting out your car on Turo? Is it safe for you and for your car?<\/p>\n<p>Don\u2019t worry, we\u2019ve got a full Turo review below. Keep reading to see if you should sign up!<\/p>\n<h2>What is Turo?<\/h2>\n<p><a href=\"https:\/\/moneymonarch.com\/go\/turo\/\" target=\"_blank\" rel=\"noopener noreferrer\">Turo<\/a> is a peer-to-peer car rental\/sharing service run by a company of the same name. It was founded as RelayRides in June 2010 by Shelby Clark.<\/p>\n<p>Turo connects renters to car owners through both its website and <a href=\"https:\/\/moneymonarch.com\/go\/turo\/\" target=\"_blank\" rel=\"noopener noreferrer\">mobile app<\/a>. It\u2019s most often used by travelers who want to rent something more exciting or more useful than the standard airport rental car, but some people rent on it just for some weekend driving fun.<\/p>\n<p>At the moment, Turo is available in thousands of cities across the USA, Canada, the UK, and Germany. However, they\u2019re always expanding into new markets as demand for car sharing grows.<\/p>\n<h2>How Does Turo Work?<\/h2>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-1237\" src=\"https:\/\/moneymonarch.com\/wp-content\/uploads\/2019\/11\/renting-a-car-on-turo-compressor.jpeg\" alt=\"renting a car on turo\" width=\"700\" height=\"393\" srcset=\"https:\/\/moneymonarch.com\/wp-content\/uploads\/2019\/11\/renting-a-car-on-turo-compressor.jpeg 700w, https:\/\/moneymonarch.com\/wp-content\/uploads\/2019\/11\/renting-a-car-on-turo-compressor-300x168.jpeg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h3>Turo for the Renter<\/h3>\n<p>Let\u2019s briefly go over Turo from the renter\u2019s side.<\/p>\n<p>Turo is quite simple. Renters first enter some information about their trip:<\/p>\n<ul>\n<li>Destination (city, hotel, airport, etc.)<\/li>\n<li>Dates of trip<\/li>\n<\/ul>\n<p>The renter is then presented with their options to choose from. Turo listings look a lot like Airbnb listings, and the rest of the process works about the same way as well.<\/p>\n<h3>Turo for the Owner<\/h3>\n<p>As the car owner, you can list your car within 10 minutes.<\/p>\n<p>First, you provide Turo with your car\u2019s make, model, and model year.<\/p>\n<p>Turo will then generate a price dynamically by considering the car\u2019s market value, your location, time of year, and some other factors to ensure you get the highest price without overpricing your ride. You can set your own price manually if you prefer.<\/p>\n<p>You can then complete your listing with photos and a description before it goes live. Remember, photos and the description can be the difference between one iffy renter and several renters clamoring for your vehicle.<\/p>\n<p>When someone requests your car, Turo notifies you instantly in-app. All you do is confirm or deny the trip; you can ask the renter questions as well.<\/p>\n<p>If you confirm their booking, you then coordinate a meeting time and place. Once you meet up, you simply inspect their license, do a final check on fuel and mileage, and hand them the keys.<\/p>\n<p>When they return the car, you can do a quick inspection to make sure everything looks good before retrieving the keys from them.<\/p>\n<p>That\u2019s the whole rental process!<\/p>\n<h3>Earning Potential<\/h3>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-1239\" src=\"https:\/\/moneymonarch.com\/wp-content\/uploads\/2019\/11\/turo-earnings-per-month.png\" alt=\"turo earnings per month\" width=\"700\" height=\"246\" srcset=\"https:\/\/moneymonarch.com\/wp-content\/uploads\/2019\/11\/turo-earnings-per-month.png 700w, https:\/\/moneymonarch.com\/wp-content\/uploads\/2019\/11\/turo-earnings-per-month-300x105.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>Earning potential varies drastically depending on the car you have as well as location. In most places, you\u2019ll earn top dollar if you own a high-end sports car.<\/p>\n<p>For example, Los Angeles has some Lamborghini Huracans listed for over $500 per day! Of course, not everyone can afford that, but we\u2019re happy to report that cheaper sports cars like the Mustang and Camaro are top Turo earners.<\/p>\n<p>Speaking of Los Angeles, convertibles will do well in most locations, but you can charge the most if you live in an area with warm weather.<\/p>\n<p>But you don\u2019t need to be supercar-rich to make a killing on Turo. According to Turo, Jeep Wranglers earn over double their monthly payment on average.<\/p>\n<p>It makes sense: Wranglers are a hot vehicle at the moment, and they\u2019re fun to take off road.<\/p>\n<p>However, you\u2019ll be surprised to find that minivans are a moneymaker as well. Traveling families need a reliable, spacious vehicle to carry the children in. Rental companies often run out of minivan rentals, so you could make quite a lot off your family van.<\/p>\n<p>To top off your earnings, you can add other features to your listing like unlimited mileage or prepaid fuel. Renters can then purchase those if they feel they\u2019ll need them.<\/p>\n<p>As for payment, Turo pays you <a href=\"https:\/\/moneymonarch.com\/what-is-direct-deposit\/\" target=\"_blank\" rel=\"noopener noreferrer\">via direct deposit<\/a> within 5 business days. They take anywhere from 15% &#8211; 35% depending on which Turo insurance plan you choose: the more comprehensive the insurance plan, the more commission Turo takes from your earnings.<\/p>\n<p>Speaking of insurance&#8230;<\/p>\n<h3>How Does Insurance Work with Turo?<\/h3>\n<p>Turo provides 3 levels of insurance coverage through <a href=\"https:\/\/moneymonarch.com\/go\/liberty-mutual-insurance\/\">Liberty Mutual you can choose from<\/a>:<\/p>\n<ul>\n<li>Basic<\/li>\n<li>Standard<\/li>\n<li>Premium<\/li>\n<\/ul>\n<p>All 3 provide up to $1,000,000 in liability coverage. More information on each of the <a href=\"https:\/\/support.turo.com\/hc\/en-us\/articles\/217043898-Detailed-explanation-of-host-protection-plans-in-the-US\">3 plans can be found at their website.<\/a><\/p>\n<p>You don\u2019t have to pick any of the 3, but then you have to provide your own car insurance directly to the guest. You\u2019ll have to speak with your insurance agent and you\u2019ll probably see a rate increase, so we\u2019ll suggest going with one of Turo\u2019s plans.<\/p>\n<h4>Car Damage<\/h4>\n<p>If you renter damages your vehicle, you must report it to Turo within 24 hours after the trip ends to begin the claims process.<\/p>\n<p>Then, unless the renter chose the Premier insurance package (with which they\u2019d owe $0), Turo retrieves their personal insurance information and charges them a damage deposit.<\/p>\n<h2>The Verdict<\/h2>\n<p>Unless you\u2019re very picky about who operates your car, Turo is an excellent passive income source for almost anyone that meets the requirements.<\/p>\n<p>I mean, look at the Jeep Wrangler: you could buy two of them, rent only one out, and pay off both each month!<\/p>\n<p>Although fancy cars do better, you can list your little economy car and still earn some cash.<\/p>\n<h2>How to Get Started on Turo<\/h2>\n<p>In order to become a Turo host, you need to be at least 21 years old. If you\u2019re under 18, you can still sign up if you want to rent cars from others, though.<\/p>\n<p>Anyways,<\/p>\n<p>Signing up for Turo is lightning fast. After clicking \u201cSign Up\u201d, you just give them your name (as it appears on your driver\u2019s license) and email address, create a password, and you\u2019re ready to list your car.<\/p>\n<p>To create your listing, just click \u201clist your car\u201d and Turo will walk you through each step. You\u2019ll need the following information to complete this process:<\/p>\n<ul>\n<li>Driver\u2019s license number<\/li>\n<li>License plate number<\/li>\n<li>Car details<\/li>\n<\/ul>\n<p>Once you provide all that, it\u2019s a matter of following the steps we outline when we explained how Turo worked earlier.<\/p>\n<p>So now that you know it\u2019s that easy, start making your car work for you on Turo!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Turo Review &#8211; Renting Out Your Car For Extra Money First, there was Airbnb. You could rent out extra rooms or entire homes to others with a few simple clicks of an app. Hosts made good money (enough to cover a lot of their rents\/mortgage), while guests found interesting and affordable places to stay during [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,26],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Turo Review - How To Make Money With Your Car - Money Monarch<\/title>\n<meta name=\"description\" content=\"Should you rent your car out on turo or use the service to rent a ride for a trip? 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