This article is relevant only for US owners, as Premium is not currently available in Canada.
Owners of vehicles on the Premium plan are eligible for Loss of Rental Income due to vehicle damage caused by a covered event.
Turo will calculate loss of rental income by multiplying (1) your average daily rental earnings for the vehicle over the past 60 days by (2) the number days your car has been in the shop, as long as the repair time is within a reasonable range. "Reasonable range" is defined as one day of rental income paid per every four hours of labor on the estimate. Average daily rental 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 owner earnings for the damaged vehicle over the past 60 days. You have earned $1200 with that vehicle over the last 60 days. Turo divides $1200 by 60 to get $20.
Step 2: Turo calls your shop to verify the number of days required to repair your car. 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 owner 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 an owner 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 owners during the typical damage claim.
Turo will only pay an owner 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 owner cannot pick the car up for 10 days, we will pay the owner for 3 days Loss of Rental Income.