What is actual cash value (ACV)?
Actual cash value (ACV) is an industry standard method of putting a value on vehicles in case they’re damaged and deemed a total loss. Simply put, it’s the value of your vehicle at a given time.
How do you calculate ACV?
We determine your vehicle's ACV by comparing it to similar vehicles. We use the third-party software Mitchell WorkCenter™ Total Loss to run a total loss evaluation. The evaluation compares your vehicle's year, make, model, mileage, and condition to other vehicles in your area. It looks, specifically, at vehicles that are as similar to yours as possible and are for sale or were just sold. The software also looks at vehicle options and other value adjustments to come up with reliable valuations. We provide you with a detailed valuation report so you can see exactly how the ACV of your vehicle was calculated.
What are the ACV limits?
In the unlikely event your vehicle is totaled or deemed a total loss, Turo covers up to the actual cash value (ACV) of the vehicle, with these limits:
- US: up to $125,000 USD
- Canada: up to $105,000 CAD
- UK: up to £75,000
In the US and Canada, Turo provides up to the ACV with no limits for the Tesla models X, S, and 3. In the UK, Turo doesn’t provide coverage for any Tesla models. Only Commercial Hosts may list Teslas in the UK.
If you chose Turo’s Premium or Standard protection plan, you’re protected for the ACV of your vehicle up to $125,000 with no deductible. If you chose the Basic plan, we’ll pay you the ACV of the vehicle minus your $3,000 deductible. Read complete details of host protection plans in the US.
If you chose Turo’s host protection plan (the Standard plan), you’re protected for the ACV of your vehicle up to $105,000 CAD. You can learn more about claims payouts provided by our insurance partner, Intact. Read complete details of host protection in Canada.
If you chose Turo’s host protection plan (the Standard plan), you’re protected for the ACV of your vehicle up to £75,000. Read complete details of host protection in the UK.
Do you offer gap insurance?
Gap insurance is designed to cover any shortfall between ACV and any balance due on a car loan or lease. Turo doesn’t provide gap insurance. If you’ve purchased gap insurance through an insurer or other third party, check the policy terms to learn whether you’ll be covered if you list your vehicle on Turo.
Do you cover diminution?
If your car is damaged (not totaled) and repaired, you’re not protected for any diminution in the value of your car.
If you’re a Commercial Host, Turo and its insurance partners aren’t liable for any damage claim. You must file your damage claim with your commercial insurance provider. This is true for Commercial Hosts in any of the countries listed above as well as in other countries where Turo is available.