When renting your car out through the Turo marketplace as an owner, you are protected for the actual cash value (ACV) of the vehicle (up to US$125,000 in the US and CA$75,000 in Canada), so long as you have selected a “Premium,” “Standard,” or “Basic” protection package. If you choose to “Decline” a protection package you will not receive any compensation should your vehicle be damaged or totalled. In the rare event that your car is so damaged in an accident that it is "totaled" as determined by Turo or its adjusters, you will receive the ACV of the vehicle with no deductible if you selected the “Premium” or “Standard” protection plan, and reduced by your $3,000 deductible if you have selected the "Basic" owner protection plan.
Actual cash value (ACV) is an industry standard method of valuing vehicles in the event the vehicle is deemed a total loss. Simply put, it’s the value of your vehicle at a given time. Your vehicle's ACV is determined by comparing your vehicle to similar vehicles.
We use third party software known as Mitchell WorkCenter™ Total Loss to run a detailed total loss evaluation that compares your vehicle to similar vehicles on the market. This means your vehicle's year, make, model, mileage, and its condition are compared to other vehicles as similar to yours as possible currently being sold or recently sold in your area. Mitchell WorkCenter™ Total Loss includes vehicle options and other value adjustments to determine reliable vehicle valuations.
Mitchell WorkCenter™ creates a detailed valuation report that lists all comparable vehicles and the current value of those vehicles. The valuation will also show any condition or mileage adjustments. All of this information is provided to you during the total loss process, so you can see exactly how the ACV of your vehicle was calculated.
Turo does not provide "gap insurance," which is designed to cover any shortfall between ACV and any outstanding balance remaining on a car loan or lease. If you have separately purchased gap insurance through an insurer or other third party, you should check the specific terms of that policy to determine whether the gap insurance would be effective if your car is rented out through a carsharing program such as Turo.
Furthermore, if your car is damaged (not totalled) and repaired, you are not protected for the diminution (or any potential diminution) in the value of your car.
If you declined a Turo protection package and your car and traveler are covered under your own commercial rental policy, Turo and its insurance partners are not liable for the damage claim. Any damage claim must be filed with your commercial insurance provider.
For more information on Turo’s owner protection plans:
Please click here for more information about claim payouts, provided by our insurance partner, Intact.
If you are a rental car company who has declined a Turo protection package in order to offer your own rental insurance coverage to renters, neither Turo nor its insurance partner is responsible for any damage or claim that arises from a trip.
Owners in other countries
Since your car and traveler are covered under your own commercial rental policy, Turo is not liable for the damage claim. Any damage claim must be filed with your commercial insurance provider.