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 $125,000) so long as you have not declined a Turo protection package and provided your own commercial rental liability insurance instead. In the rare event that your car is so damaged in an accident that it is "totaled", you will receive the ACV, determined according to insurance industry practice, and possibly reduced by your $3,000 deductible if you have selected the "Basic" owner protection plan.
Turo does not provide "gap insurance," which is designed to cover any shortfall between ACV and any outstanding balance remaining on a car loan. 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 while your car is being rented out.
Furthermore, if the car is damaged and repaired, you are not protected for the diminution (or any potential diminution) in the value of the car.
If you declined a Turo protection package and your car and renter is covered under your own commercial rental policy, Turo will not be liable for the damage claim. Any damage claim must be filed with your commercial insurance provider.
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 not 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 will not be liable for the damage claim. Any damage claim must be filed with your commercial insurance provider.