This article is relevant only for US hosts, as Premium is not currently available in Canada or the UK.
Hosts of vehicles on the Premium plan are eligible for Loss of Hosting Income due to vehicle damage caused by a covered event.
Turo will calculate loss of hosting income by multiplying (1) your average daily earnings for the vehicle over the past 60 days by (2) the number of days required for repairs, as long as the repair time is within a reasonable range. The 60 days start on the day right before the current reservation. "Reasonable range" is defined as one day of income paid per every four hours of labor on the estimate. Average daily earnings only include earnings from trip price, and not ancillary fees such as late fees, reimbursements, cleaning costs, tolls, tickets, excess mileage, etc...
Example: Your car is under the Premium plan, was damaged during a trip, and is in the shop being repaired:
Step 1: Turo calculates your average daily host earnings for the damaged vehicle over the past 60 days (starting the day before the current 'damaged' reservation). You have earned $1200 with that vehicle over the last 60 days. Turo divides $1200 by 60 to get $20.
Step 2: Turo uses the days to repair as listed on the estimate to determine how long the vehicle will take to be repaired. Your car needs to be in the shop for 8 days. This is a reasonable range based on the hours listed on the estimate.
Step 3. Turo credits your host earnings $160. Total earnings: $20 * 8 days = $160.
Turo does not cover lost income from trips canceled due to a damage claim. Most reservations are made within 24 or 48 hours prior to the trip starting. While there will sometimes be times when a host would benefit more if specific income lost due to cancellations were paid instead of the policy described above, we expect that the policy described above will benefit most hosts during the typical damage claim.
Turo will only pay a host for the number of days required for car repairs, not for the number of days in the shop. For example, if the repair requires 3 days but the host cannot pick the car up for 10 days, we will pay the host for 3 days Loss of Hosting Income.
While a host can receive Loss of Hosting Income for multiple cars if they have multiple vehicles undergoing repairs at once, they will only receive one replacement vehicle (if any).