The gig economy is booming, and it’s never been easier to earn some extra cash on your own time. In the US alone, nearly 60 million people are taking advantage of this trend. One of the most popular ways to make money is by using your car for food delivery or rideshare services. But these jobs require a lot of time and energy.
Luckily, the gig economy has also opened up new ways to earn passive income. Companies like Turo, for instance, allow you to rent out your car to others. This is a great way to make money from a car that would otherwise just be sitting in your driveway.
So, what exactly is Turo? It’s a peer-to-peer car rental service that started in 2010. It’s similar to Airbnb, but for cars. Turo operates in over 5,500 cities across Canada, the U.K., the U.S., and many other countries. It’s a convenient and often cheaper alternative to traditional car rental services. As a Turo host, you can list your car on the platform, just like you would list a property on Airbnb.
However, it’s important to manage your expectations when it comes to earnings. How much you make depends on your location and the type of car you have. Turo provides a tool called the Carculator to estimate how much you could earn per month based on your car’s year, make, model, and your city.
Turo accepts a wide range of vehicles, including cars, vans, SUVs, trucks, and luxury cars. However, the demand for different types of cars in your city will affect your earnings. You set your own prices, but it’s a good idea to stay competitive. You can also offer extras like vehicle delivery or allowing renters to return the car at any fuel level.
Turo has some requirements for the vehicles it accepts. For example, in the US, your car must be 12 years old or newer, have fewer than 130,000 miles, and meet Turo’s safety and maintenance requirements. Turo doesn’t accept motorcycles, RVs, limos, box trucks, or vehicles designed for off-roading.
You don’t need commercial insurance to list your car on Turo, but you do need to have personal insurance. You also need to purchase a Turo protection plan unless you can provide commercial insurance.
Turo offers different protection plans that provide varying levels of coverage in exchange for a percentage of your earnings. The plans differ mainly in terms of the deductible and the percentage of your booking price that you keep.
Listing your car on Turo is a straightforward process. You’ll need to provide some information about your car, set your prices, arrange pickup and return details, and then you’re ready to start earning.
Becoming a Turo host has its advantages and disadvantages. On the plus side, you can keep up to 90% of your gross bookings, Turo accepts most vehicles, and it’s available in many major cities. On the downside, interior wear and tear isn’t covered, and you’ll need to protect yourself by taking photos before and after each rental.
In conclusion, if you have a car that’s not being used much, becoming a Turo host could be a great way to earn some extra income. Just make sure to read through Turo’s policies and choose a protection plan that suits your needs.
