NEW HAVEN, Conn. (WTNH) — More and more businesses are helping you find creative ways to save or make money using your home or car. Air B’n’B and Uber have proven to be successful and now a new take on a similar concept.
Turo is a company you may not have heard of yet but the concept is simple and similar to that of Air B’n’B. Only this could save car renters money or make car owners a little bit of extra cash if you don’t mind handing the keys over.
“If you have a car that is newer than a 2005 and has less than 130,000 miles on it, you can actually offer your car up for rent on this service,” said Sarah Bernard, a lifestyle expert.
Here’s how it works: you list your car in detail and people rent it from you. Could be a few hours or a couple of days.
Lifestyle expert Sarah Bernard says it makes for a cheaper option for car renters and a real opportunity for you to make money on that car sitting your driveway.
“The cool thing about it is on average, active owners make about $600/month. You can really off-set the entire cost of owning a car if you do this,” Bernard added.
The site also has a rating system, similar to Uber so you have a better idea of who’s taking your car and how reliable the person is you’re renting a car from.
So, what does this mean for your insurance if someone gets into an accident using your car?
Bernard says renters would be covered under a Turo renters policy and your personal insurance wouldn’t be impacted. That is certainly something to ask more about before you hand over the keys.