What insurance do you need to rent out your car as a business?
Answered independently in 2 episodes, by 2 different people. Every line below is verbatim from the transcript, timestamped to the moment it was said.
What the archive says
01Hold the car in an LLC and keep it separate from personal use; George does not recommend flipping your personal car back and forth onto Turo. source →
02Budget roughly $100-$110 per car per month for full coverage commercial insurance, or about $60-$70 for liability only. source →
03Expect about $1,000 a month in revenue per economy car, not the $3,000 claimed online; after co-host fees, insurance and maintenance, net is roughly $400-$500 per month plus the tax write-off. source →
04Use commercial off-trip rental insurance, not personal insurance. If your personal carrier finds out, they may keep collecting premiums and then deny the claim for breach of contract. source →
What 2 people actually said
If your personal insurance finds out about that, they're gonna probably cancel your policy or what they're gonna do, they're gonna let you keep paying for your policy and then when you wreck the car and have a claim, they're gonna say denied and they're gonna keep all the payments you gave them already because you breached contract. But thankfully, we do have this. I don't recommend people using their personal car and renting it on Turo half the time going back and forth.
Realistically, somebody's going to total this thing in the first three years of it being on the platform, and then you're going to get your money back, and then you're going to rent some repeat as long as you bought it right by another car and to keep it cash flowing. And sometimes profit off the difference from what you bought it and what insurance pays you.