by Turo
posted on June 25, 2024
Now eligible hosts can get financing and insurance, custom-designed for Turo hosts!
These brand-new financing and insurance offerings are both part of an exciting expansion of services to help hosts start, manage, and grow their businesses.
Access to competitive vehicle financing
Over the years, we’ve heard from many hosts who are interested in buying more vehicles but have had trouble securing financing, making it one of the largest barriers to growing their businesses.
Now, qualifying US Power Hosts have a new option to finance additional vehicles or refinance existing loans at competitive rates and terms.
Powered by trusted Turo lending partners, this financing is custom-designed for Power Hosts, who can get up to $10 million in financing through lines of credit, TRAC leases, and refinancing.
The coverage hosts need between bookings
Similarly, we’ve heard from hosts over the years that high car insurance costs cut into their margins and that they’re frustrated with a lack of off-trip insurance options and poor customer service from existing options.
To help hosts save money and improve their margins, we’re excited to introduce a new, affordable, car insurance option, in partnership with Tint, that covers hosts’ vehicles when they’re not on a trip and are being used for business purposes.
Monthly coverage starts at $89 per vehicle for liability and damage insurance, and $56 per vehicle for liability coverage only. Additionally, hosts can get up to a 10% renewal discount if their vehicle is booked at least 60% of the time.
Tint was actually founded by former Turo employees and their customer service representatives understand car sharing inside and out. Plus, some claims are paid out in as little as one business day.
How to find these offerings starting July 1
US Power Hosts can easily find the vehicle financing offering in their “Earnings” tab and in the “More” tab.
All US hosts can find the insurance offering in the “Vehicle protection” tab within the “Vehicles” tab of the Turo app, as well as the “More” tab.
Turo is not a financial services provider, lender, or broker. Each lender will decide for themselves if a host’s business meets the criteria and requirements.
Tint Embedded Insurance Services LLC is a licensed property and casualty and surplus lines insurance producer in the states where it transacts insurance. Turo is not soliciting, selling, or negotiating this insurance.
