Editor’s note: This post was originally published in June 2017, and has been updated in February 2019.
CAR SHARING THAT’S STRONGER & SAFER THAN EVER
It’s been a whirlwind few years — with millions of rental days to date, three million signups, and over 150,000 vehicles listed for rent on the Turo marketplace, business is bustling and we’re working hard to provide the best, easiest, and most useful experience for our community as we put the world’s one billion cars to better use. Now heading into our booming high season this month, I thought it might be a helpful time to update our community on our robust, and newly elevated and reinforced safety protections.
Turo partners with top North American insurers
As you may have noticed, there are some new logos peppering our site. We’re proud to announce that we’ve recently joined forces with top-tier insurer Liberty Mutual to support insurance offerings for both our host and traveler communities in the US. With this new Liberty Mutual partnership, hosts have peace of mind in $1 million in liability insurance with one of the country’s most trusted insurance providers. Similarly, north of the border in Canada, we have the support and backing of Intact Financial Corporation, our insurance partners in Canada and one of the leading insurers in the Canadian market.
As I mentioned in our last insurance update in November 2013, I’m proud of our insurance offering for our host community, and now, by partnering with Liberty Mutual and Intact, I’m more confident than ever in its effectiveness. It continues to function exactly as we masterminded it all those years ago — namely, that our hosts’ personal insurance policies aren’t impacted for accidents that happen during Turo transactions. On the contrary, Turo’s coverage for liability, now backed by Liberty Mutual in the US, protects our hosts from being liable for incidents that are completely out of their control. And it in fact continues to provide a higher level (and caliber) of coverage than all state-mandated minimum insurance requirements, as referenced in the below chart.
Protection packages available on Turo create a safe space for everyday people to transform an expensive cost center into an earnings engine, so anyone can recoup the costs of their significant investment in their personal automobiles without worrying that they’ll be held accountable for accidents.
Accidents are a terrible part of life, and are just that — accidents. The whole insurance industry exists to safeguard us against accidents, and Turo is committed to keeping our community as safe, secure, and happy as possible. Within the emerging and ever-evolving sharing economy, we’ve proudly pioneered fresh, vanguard approaches to a previously obtuse and monolithic insurance industry. And we’re inspired and invigorated to see insurance giants like Intact Financial Corporation — who actually rewrote their rules to make way for peer-to-peer car sharing for their policyholders — and now Liberty Mutual, forge into the future by recognizing the promise and potential ubiquity of peer-to-peer car sharing.
A bustling, earnest community
Our community is rich with entrepreneurs of all sizes — from single-car owners trying to make ends meet to mom-and-pop independent rental agencies trying to connect with more customers. Fifty two percent of Turo hosts use the marketplace to pay off their car payments, 33% use their Turo income to pay off credit card debt or student loans, and others use Turo simply to supplement their savings and retirement accounts. And we’re committed to supporting and protecting each and every one of them.
I don’t mean “committed” in some jargony, disingenuous way that many behemoth rental car companies may use. I mean it from the bottom of my heart. Without you, our business wouldn’t exist. We’re proud to support everyday people doing everyday things, who use technology and its fount of opportunities to make their lives better. Our community is the heart, soul, arms, and legs of our business — we’re here to serve you, and if you’re not safe, we’re not safe. We applaud you, we support you, and we’re thrilled to be a part of your journey to financial empowerment.
Cheers to safe, sizzling summer
As we head into summer — the best time for road trips, outdoor activities, festivals, parties, and adventures of all kinds — let’s go into it safely, mindfully, confidently, with our eyes on the road, forever looking toward the horizon.