Welcome to Ask Clark, a column designed to answer your financial questions, by money expert Clark Howard.
What Are You Thoughts on Becoming a Turo Host?
Shane from Georgia asks: "What are your thoughts on becoming a Turo host with the increased demand right now?"
Clark’s Take on Becoming a Turo Host
Clark says: "I love the idea of you becoming a Turo host, but you need to know that your own automobile insurer may not like you very much."
Turo is like the Airbnb of cars, so that’s why you need to review your auto insurance policy before you sign on to become a Turo host.
“You put your car available for rent. And with the inflated rates of car rentals right now, you’re doing people a favor by adding to the inventory of vehicles available for rent,” Clark says. “You’re likely saving them money and this is potentially a win all the way around.”
The hassle comes if there's an accident. Clark says while Turo gives you up to $1 million liability coverage, there are other risks involved if you're involved in a crash.
So here’s Clark’s advice on how to protect yourself if you decide to put your car up for rent on Turo.
“You need to make sure that they don’t require that you add some kind of rider to your automobile insurance policy or some kind of amendment to it,” Clark says.
But overall, Clark says, “I do love the idea — if you have your eyes wide open — of being a Turo host.”
To hear Clark’s full take on this question, listen to the segment:
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