The popular car-sharing company Turo has announced they plan to start operations in British Columbia in the coming weeks, after securing an agreement with the Insurance Corporation of British Columbia (ICBC).
Turo, known as the car equivalent of AirBNB, allows owners to rent out their vehicles when they are not using them personally. According to Turo’s vice president Cedric Mathieu, that is most of the time, even before the COVID-19 pandemic.
“The car is an asset people already have […] and 95 per cent of the time cars are sitting idle in the garage or driveway.“
The company doesn’t set the rental rates for each vehicle, that is up for the owner to decide. Once the rate is set, Turo will take a 30% cut of each rental. While that might sound like a lot, Turo claims that in regions where they already operate, most owners on average earn $620 per month.
As mentioned, insurance was the sticking point for the company’s expansion into British Columbia. While no details were provided on the insurance coverage to be offered by ICBC, their website does provide some information on the insurance options.
Once you have signed up for the service, you are automatically “covered with up to $2M in liablity insurance provided by Intact Financial Corporation“. Owners also have the option of signing up for their own commercial insurance, which according to the website will allow owners to “take a bigger piece of the pie.”
Turo is a popular way for would-be Tesla owners to rent and try out a Tesla for an extended period of time. It is also popular amongst Tesla owners, as it is considered by some an easy way to help cover some, if not all, of their car payment. Turo claims that most owners can pay the average car payment by renting out their vehicle just 9 days each month.
Will you be renting out your Tesla in BC using Turo? Let us know in the comments below.