What: Rent out your car

Expected pay: $30 to $150 per day (depending on the car)

Husl $core: $$$$$

Where: Atlanta, Montreal, Boston, San Diego, Chicago, San Francisco, Denver, Seattle, Honolulu Toronto, Houston, Washington, D.C. Los Angeles

Requirements:

  • A spare car;
  • the ability to meet renters at a convenient drop-off point, most likely an airport

Review: The reviews of this site are all over the map, ranging from people who love it to those who have had bad experiences. However, the set-up appears to be attractive for those who want to rent out their spare car that otherwise is just going to sit in the garage. Turo allows you to register your car; say when it is available; and set a rental rate (or allow Turo to set that for you, based on its dynamic pricing formula). You can even restrict the number of miles the driver can put on the car without being penalized.

You get from 90% to 65% of the rental fees, depending on the type of insurance coverage you take out. If you go without their coverage, you get 90% of the rental fees (but, make sure your own coverage is valid when you’re renting out the vehicle before you do that. If you read our insurance post, you’ll find that most insurers will exclude coverage when your car is put to commercial –profit-making — use.) If you take out Turo’s premium coverage, which has no deductible, it will compensate you for lost rental fees and provide a replacement vehicle while yours is being repaired, but you get just 65% of the rental fees. The basic insurance package, which has a deductible of up to $3,000, gets you 85%; the standard coverage, which has zero deductible but isn’t quite as comprehensive, nets you 75% of the rental fees.

Turo is the best-rated opportunity in this category, handily beating poorly rated GetAround and HyreCar, but that doesn’t make it great. You should particularly hesitate before renting out an expensive or classic car. Turo’s insurance coverage is limited and may pay only the depreciated value of the car, if it is damaged beyond repair. The question arises: Why do you have an expensive car that you’re not using depreciating in your driveway? Even if you have a good answer to that one, you should check out Ron Lieber’s column in the New York Times about what could go wrong.

What their car listers say:

What happens when someone crashes your luxury car ; 

“This company has taken the concept of making money off of others cars to another level while dumping the owners of those vehicles along the roadside! No one available in a supervisor role that will ever come to the telephone. Claims resolution is a nightmare! After over 100 rentals of my cars and 3 cars listed; I can never get resolution with one phone call. Recently had a 21 year old renter that booked my BMW and I choose to deny the booking, yet Turo charged me $25 to cancel reservation because I felt uncomfortable with booking, despite calling them to warn that reservation was a fraudulent booking. “

“I rented out my mini Cooper to Sxxx, he returned my car with the scratches on the rim, cigarette burn on the seat and ashes all over the floor, and lot permanent scratch on the dash. I have reported this within 24 hours. I have seen policy required me to do so, but then to deny the claim saying that the renter says he have received the car in this condition although I had pictures to prove it that the car was immaculate when I give it to him but Turo decided not compensate me.

My second 2016 Nissan Rogue car was totaled by a renter. The cars KBB fair value was $18,000 But Turo offer me $3,854.77. Yes I’m not kidding. $3,854.77 was the balance of my finance so Turo offered me to pay my balance of the loan not the value of my car. Their excuse was that my car was in bad condition and was not safe for driving. But guess what the car pass MD state inspection like 2 months ago and the car has 32,867 mile a car that is still under warranty how bad condition could it have been. Turo just using those language to deny your claim. Turo’s first attempt is to deny the claim until you fight them.”

Try Turo