Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

Owning, registering and insuring a car is often very expensive. While some people can live without owning a car, others require it as a necessity. Moreover, the price is usually worthwhile when you think about the convenience that the average car provides. So, if you’re looking to offset some of the costs associated with owning a car, you might want to consider renting it out on Turo. Read this to see our review of Turo.

Who Is Turo?

Like Airbnb, Turo is an online marketplace where you can rent cars or earn passive income by renting out your car. This peer-to-peer platform was founded in the United States in 2009 under its former name (RelayRides) and their services are currently available in the United Kingdom, Germany and Canada.

Plus, Turo allows independent car rental companies and entrepreneurs to sign up as “Commercial Hosts” in over 50 other countries. They’re also the only peer-to-peer car rental platform in Canada at the moment, which means you can make a decent profit when you’re not using your vehicle. 

How Does Turo Work For Owners? 

You can list your vehicle for rent on Turo in four easy steps:

1. Register And List Your Car

Register for a free Turo account and create a rental post for your car, which takes about 10 minutes. Afterward, you can access your account via your computer or mobile device.  

2. Customize Your Listing

Once you have full control over your account and rental listings, you can customize it. You can set your daily rental price and rules for drivers. Alternatively, Turo can adjust your price automatically to maximize your income.  

3. Book Renters

From that point on, you’ll get notifications when potential guests request bookings. Guests are screened for suitability and it’s up to you to accept or deny them. Then, you simply arrange a meeting spot and hand over the keys.      

4. Get Paid 

Once a rental period ends, you’ll receive payment by PayPal in 1 – 5 days. Turo pays 65% – 90% of a trip’s price if you buy one of their insurance packages. They’ll reimburse you for other costs too (gas, extra mileage, etc.).

Turo Car Requirements

To get potential bookings on Turo, you’ll need to provide various details in your listing, such as the make, model and license plate number of your vehicle, along with your location and several clear photos to show viewers. Additionally, your vehicle must:

  • Be less than 12 years old
  • Be registered in one of the following provinces:
    • Alberta
    • British Columbia
    • New Brunswick
    • Newfoundland & Labrador 
    • Nova Scotia
    • Ontario
    • Prince Edward Island 
    • Quebec
  • Not have dealer, temporary or trader plates
  • Meet Turo’s insurance, maintenance and safety requirements 
  • Have a maximum fair market value of $105,000
  • Have less than 200,000 KM on it
  • Feature a clean title (not “salvage” or “branded”)

Can You Rent Out Specialty Cars On Turo?

You may also be able to list your car as a “classic” or “specialty” vehicle if it:

  • Is at least 25 years old
  • Has a fair market value of $105,000 or less
  • Has safe and functional seatbelts 
  • Is in fantastic condition (physically and mechanically) 
  • Can be subject to further review, if necessary   

Keep in mind that these are just the general requirements to post a vehicle on Turo in Canada. Go to Turo’s help center for more information about hosting or renting cars.

How Does Turo Car Insurance Work? 

To become a host on Turo, you must buy their in-house vehicle insurance or have a commercial rental policy from an acceptable third-party provider. That’s because renting your car out on Turo means you’re using it commercially, which can void any personal insurance policy you have and leave you with a lack of coverage for unexpected events.

Insurance Plans Offered By Turo For Owners (Hosts)

Turo offers owners a standardized insurance plan across Canada through Economical Insurance Company and ICBC. Through it, owners would be protected from physical damage costs caused by collision or any qualifying event. It would also be covered for events such as theft. 

  • Get up to $2,000,000 in third-party liability insurance
  • Get up to $105,000 in physical damage (up to your car’s actual cash value)
  • $0 deductible
  • Get up to $500 for your replacement vehicle 

The cost of this plan is 30% of the trip price, meaning your get to keep 70% of the profits. 

Insurance Plans Offered By Turo For Renters (Drivers)

Turo offers protection plans for guests in every participating province. Guest insurance prices vary according to the level of coverage you want. 

Turo displays the amount of third-party liability insurance and the out-of-pocket physical damage limit for each plan. The physical damage coverage included in your plan will limit the amount you have to pay for damaging a host’s vehicle but doesn’t remove the costs associated with any mechanical or interior damage you’re responsible for.

When renting a car on Turo Canada, in-house coverage is secondary to any personal insurance you already have. Otherwise, Turo offers 4 protection options for guests:

CostThird-party liability coveragePhysical Damage Deductible
Minimum Plan18%-25% of trip’s price
(minimum charge of $7.50 per day)
$2 Million$2,000 
Standard Plan 40% of trip’s price$2 Million$500
Premier Plan80% of your trip’s price
(minimum charge of $15 per day)
$2 Million$0
No Plan$0$2 MillionNo Coverage

Minimum Plan

  • Up to $2 million in third-party liability coverage
  • Limits responsibility to $2,000 of physical damage to the host’s vehicle 
  • Cost depends on your trip’s price:
    • Less than $250 = 25% (minimum charge of $7.50 per day)
    • More than $250 = 18% (minimum charge of $7.50 per day)  

Standard Plan 

  • Up to $2 million in third-party liability coverage
  • Limits responsibility to $500 of physical damage to the host’s vehicle
  • Cost = 40% of your trip’s price (minimum charge of $12 per day) 

Premier Plan

  • Up to $2 million in third-party liability coverage
  • Limits responsibility to $0 of physical damage to the host’s vehicle
  • Cost = 80% of your trip’s price (minimum charge of $15 per day)
  • Only available for trips of 2 or more days, on cars valued at under $25,000 total 

No Protection

As they do with their host insurance plans, Turo allows you to rent a car without any in-house guest protection. While you still get up to $2 million in third-party liability coverage, you and/or your personal insurer are responsible for all costs related to physical, mechanical or interior damage and administrative claims or appraisal fees.

What Happens If Your Car Is Damaged? 

If your car is damaged during a trip, the renter should report the damage by contacting Turo. However, if they don’t and you notice damage at the end of the trip, you can report it to Turo. 

To make an insurance claim following an incident, notify Turo within 24-hours of the end of the trip. Make sure to provide clear photos of your vehicle’s condition before and after the damage occurs. After that, within 1 – 3 days, you should be contacted by a Turo agent, who will assist you with the claims process and help reimburse you for any eligible damage.  

Pros And Cons Of Turo 

Turo is a recognized company but there could be things about their platform or rental process that you don’t like, so remember to weigh the pros and cons before signing up: 

Pros Of Turo

  • Customer Service – They offer excellent customer service and 24/7 roadside assistance.
  • Earn Passive Income – It can be a flexible way to earn passive income on your unused car.
  • Fast Payments – Payments are made via PayPal, which is fast and convenient.
  • Customizable – You’re allowed to set your own schedule and prices.
  • Ability To Incentivize – You can gain more traction by offering extras (unlimited mileage, prepaid refuels, etc). 
  • Insurance Plans – Turo offers a standardized plan that has comprehensive liability insurance and physical damage protection. Similarly, they also offer renters a tier of insurance plans. 
  • Safe – All renters are verified and you can choose to accept or decline bookings.    

Cons Of Turo

  • Treatment Of Your Car – It can sometimes be uncomfortable and stressful to let strangers drive your vehicle. Guests aren’t always respectful and can damage or lower the value of your car. 
  • May Be Hard To Rent -Listings may not receive traffic if your vehicle is in a remote or less popular area.
  • You May Not Qualify – Your car is ineligible if it’s more than 12 years old or doesn’t have a clean title.

Turo FAQs

Is Turo legitimate?

Yes! Everyone has their own opinions but Turo is a real business with mostly good client reviews from forums like Consumer Affairs, Best Company, TrustPilot and Highya.   

Is Turo worth the effort and cost?

This depends on your personality and how comfortable you are lending your vehicle to strangers. Basically, if your car isn’t getting used regularly and you’re okay with the potential downsides of renting it out, Turo might be a great way to earn extra money.  

Do I need personal car insurance if I’m renting my car on Turo? 

While your personal car insurance will not be used for any Turo trips, it’s still required by law in Canada. 

Thinking About Listing or Renting a Vehicle On Turo?

Then don’t forget to learn everything you can about their platform beforehand. Although Turo offers a flexible way to make passive income, there are risks involved with their rental process (for hosts and guests), so their marketplace may not be exactly right for you. Visit Turo.com or contact their customer service department for more information.   

Bryan Daly avatar on Loans Canada
Bryan Daly

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/10/How-To-Pay-Your-Taxes-With-A-Credit-Card-Through.png
How To Pay Your Income Taxes With A Credit Card

By Lisa Rennie

If you’d like to pay your taxes using a credit card, you’ll need to use a third-party service provider like Plastiq or PaySimply.

https://loanscanada.ca/wp-content/uploads/2021/08/Climate-Action-Incentive-CAI-1.png
What Is The Canada Carbon Rebate (CCR)?

By Bryan Daly

The Climate Action Incentive Payment (CAIP), or Carbon Tax Rebate, is quarterly benefit paid to eligible Canadians in

https://loanscanada.ca/wp-content/uploads/2021/03/Canada-Workers-Benefit-CWB.png
Can You Claim The Canada Workers Benefit (CWB) In 2024?

By Bryan Daly

The Canada Workers Benefit is a refundable tax credit for individuals earning a low taxable income of $3,000 - $24,112.

https://loanscanada.ca/wp-content/uploads/2020/12/Student-Tax-Credits-and-Deductions.png
Student Tax Credits In Canada

By Chrissy Kapralos

Similar to how there are specific tax credits and deductions for businesses, seniors, and parents, there are student tax credits in Canada.

https://loanscanada.ca/wp-content/uploads/2021/04/Pay-Less-Taxes-Canada.png
How To Pay Fewer Taxes In Canada

By Bryan Daly

People are always trying to figure out how to save money on taxes in Canada. We present the best ways to legally pay less tax in Canada.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card