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. 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, within limits. In the UK, Turo and Allianz Insurance Plc offered through Turo broker Aon UK Ltd. cover up to the vehicle ACV, within limits. See the country limits in the sections below.
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.
US protection limits for ACV
Plans available before July 1, 2020
If you chose the 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.
Plans available as of July 1, 2020
If you choose the 60 plan, you’re protected for the ACV of your vehicle up to $125,000 with no deductible. If you choose the 70 plan, 75 plan, 80 plan, or 85 plan, you’re protected for the ACV of your vehicle up to $125,000 after a deductible of $250 (70 plan), $750 (75 plan), $1,625 (80 plan), or $2,500 (85 plan). Read complete details of the current host protection plans in the US.
Canada protection limits for ACV
If you choose the Canada host protection plan offered by Turo, you're protected for the ACV of your vehicle up to the following amounts:
- Ontario, Alberta, Nova Scotia, Quebec - $105,000
- British Columbia - $75,000
UK protection limits for ACV
Plans available before September 1, 2020
If you choose the Standard protection plan offered via Turo, you’re protected for the ACV of your vehicle up to £75,000.
Plans available as of September 1, 2020
If you choose the 65 plan, you’re protected for the ACV of your vehicle up to £75,000 with no deductible. If you choose the 75 plan, you’re protected for the ACV of your vehicle up to £75,000 after a deductible of £250.
Turo doesn’t provide coverage for any Tesla models. Only Commercial Hosts may list Teslas 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 your car is eligible for physical damage reimbursement (in the US) or protection (UK or Canada), Turo in the US, Allianz in the UK, or Intact or ICBC in Canada will pay for the lesser of the cost of repair up to the actual cash value of the vehicle or the country or province limits outlined above. However, there is no reimbursement for any potential reduction in value resulting from damage related to a trip.