Interested in asking some questions regarding starting or running a Turo business? Please use the link to book a 1-on-1 call with me. calendly.com/marquardtconsulting
Great video can you help me understand why i need both regular and Turo insurance? Also if i have geico as my personal do i need to let them know my car is on Turo ? Also if it gets in a bad accident thats not a total loss regardless who is at fault when it’s being rented who pays for the damage and what insurance pays for it? Does it affect the personal insurance now that it’s a accident on record for the vehicle? Thanks for the information bro!
appreciate you and your videos bro! nobody on youtube has acknowledged this one particular situation. What happens if my leased vehicle gets totaled on turo?!
@@YoungCofRI you won't be getting the check since you don't own the vehicle. Hopefully the check covers the current market value of the vehicle. This is why I never recommend leasing for Turo.
@@StefanMarquardt so you recommend financing or buying outright more? for me its either financing or leasing because i want to enter market with a very competitive vehicle
There are some rude, arrogant, nasty, condescending aspiring Turo mentors charging for similar info online. We appreciate your knowledge, experience, professionalism, support, encouragement, and refreshing humility and kindness. Thankyou ☺️
@@StefanMarquardt Great video can you help me understand why i need both regular and Turo insurance? Also if i have geico as my personal do i need to let them know my car is on Turo ? Also if it gets in a bad accident thats not a total loss regardless who is at fault when it’s being rented who pays for the damage and what insurance pays for it? Does it affect the personal insurance now that it’s a accident on record for the vehicle? Thanks for the information bro
Don't sweat the video length. If your content is solid people will watch. As someone thinking about getting into this, this video was gold. Keep doing what you're doing!
Super informative. What a hassle to lend your car out and have some of them survive only a couple of months. So much time you must have invested with all the claims.
Awesome thank you for the info. You give numbers others leave out. I’ve had to deal with these claims and the first time it happened I was really upset but it’s all part of the business like you said.
Yo excellent video my guy, enjoyed the numbers breakdown and straightforward talk. PLEASE keep these type of videos coming, very informative as well as motivating. I'm planning on getting into this business myself pretty soon. Salute 💯
I appreciate that!! These comments definitely incourage me to push more content out. My goal is to also motivate so Iam glad I was able to help with that also 🙏
Best Turo info channel. Genuinely appreciate the transparency. Looking forward to seeing more content. You’ve inspired to start market research and find my first car to start.
You're one smart cookie! Thank you for sharing this with us! All great detailed info!! Sorry you had such bad luck with all these car wrecks. Seems like the drivers were very irresponsible.
The problem with Turo is the insane policy changes that have happened very recently including the wear/tear policy on scratches, dents. Do you have a whisker sized scratch on your rim? Now a rim that is completely trashed, been grinded through a curve, with scratches all over, won't be covered. Say bye to overmileage fees past a certain point. And the insurance has been getting stingier with payouts, cleaning, and other repairs. It's gotten significantly worse in the last 3-4 months.
Yea Iam making a video right now addressing these issue and my stance on Turo as a business amidst these new changes. I would appreciate your opinion when the video drops tomorrow afternoon.
Many years ago I was part owner of a body shop. We started a rental car business and we started with a lease we signed with Toyota for 5 camerys and 5 Corollas...we did real good with that then as the business got bigger we got more cars but a long story short we had more rental cars in the body shop then we had customers cars...our wreckers where always on call for our rentals we had 100 Toyotas when we broke off and had an offer for the body shop that we couldn't pass up...so hearing about your wrecked cars bought back some old memories of the hassle of owning to many rental cars
Great information. I have an auto detailing shop in NH. I currently have a lot of space that I can use to fill up some of those spaces. Thanks! I'M IN 👍
Hey Stefan I just started watching your videos and they're super informative! I do have one question that I came up with though. When you put that Malibu on your personal insurance and the car gor messed up, did your insurance get affected in any way or did turo take the hit for you? If they did take the hit, were you using the 60 plan or the 70? Thank you so much for your time for informing as many people as you can about this great business plan!
Thank you for taking the time to create such an informative video like this. I'm definitely weighing these factors as you've presented very beneficial financial numbers. Thank you!
Turo Host Chicago 2 vehicles for 1year- Awesome video!!!! I got soooo much really good info from this video. Like you said know one is talking about this stuff. You have been a great help! I want to start figuring out how to buy at auction. Thank you!
Look on your local marketplace for dealer listings. Reach out to them letting them know your a starting a rental business and looking to partner with a dealer for access to wholesale vehicles. The bigger guys won't bite but a smaller dealer struggling to pay some bills will take the opportunity. Good luck!
Subscribed: what kind of fleet rental insurance do you have? Should I use fleet rental insurance if I only have 1-3 cars? does this make sense thanks!!!
Love the videos! I really like the idea of renting on the lower end. What fleet insurance do you use when renting vehicles that aren’t eligible for Turo? I remember another video you said you rent an older Camry.
For the Camry I actually transferred to my friend who runs a lease program so he insures the vehicle and we make money together. I also have another insurance company that I can purchase daily coverage but its much easier if the guest has a comprehensive policy.
Great video! 👍 Thank you for showing us so much and breaking it down. I’m going to try listing my Toyota cause we barely use it. Quick question? Do you use GPS trackers for your cars?
Thanks for this video, really appreciate you sharing your numbers which is what I am looking for and especially with loss and who is paying out. So simple that Turo will take care of it and not deal with personal insurance.
ive heard a few peoples videos talk about how difficult it is to deal with turos claims and insurance, have they given you a hard time with any of these? Are they usually quick to respond or rather take so long that its not worth it?
at first i was planning to finance my dream car & use turo to help pay for it but watching these videos I've changed my mind realizing if the car gets into a accident i would cry myself to sleep every night 😆
We don't need Turo to rent cars out, just use renters' personal insurance, they will cover your car much better and you get 100% of the money. Good luck getting your car fixed by Turo if a major accident happens. My Daughters Tesla has been in the shop since September 2020 and Turo is trying to find ways not to pay for it while I still have to pay $700 a month
First of all thank you for the information you shared! I just wish you had the same energy at the ending of the video through out the entire video. Definitely great advice just would’ve been easier to listen if was delivered differently. At the end of the day though, just my opinion! Thanks again! 😁
With the used car market being so jacked right now are you still able to buy cars for that cheap? Because these prices you paid were pre-Inflation prices…..
i love your videos! so question if you don't mind answering in another video. How should i set up my turo business? do i put it all under my name? can i get sued? what is an LLC? and how are taxes calculated when using turo?
If you have more than 3 cars then I suggest getting an LLC. Turo covers up to 75k with insurance coverage and my commercial policy is an extra layer of protection. If you gross more than 20k Turo will give a 1099 so its best to consult with a tax expert. I will say I love depreciation.
Love the videos , just got started myself , how and where do you get fleet insurance ? And how do you file insurance claims with Turo as well as your insurance company? Ex. Your total loss vehicles, did you file a claim with your insurance company? Or just drop them off the insurance after Turo paid you?
I file my claims through Turo directly, or through the at fault party's insurance. I never file a claim with my own policy. If you do it right you wont have to either. Good luck.
Stefan Marquardt thanks, looking for a second vehicle now , getting ready to head into winter so I’m trying to find an AWD vehicle just a little tougher without dealer license to buy at auction for super low cost, so I’m in the process of that now . Love the business model.
New subscriber here brother. I want to get in . How do you know if the city that you are in has enough traffic to pull the trigger? My city is not on the turo list . Pittsburgh
Ohhhh I just learned something significant!! Thanks for that. I was gonna not give it a try. Your method makes sense. Why buy high end? Duh!! I don’t believe in cars so I will have my dream car and rent it out when I don’t need it. I’ll get some beaters like the ones you have for cash flow!!
Thank brother for the information. Amazing video. Question: how do I research if turo is big in my area/ how do I find out if the demand is there? Also I looked on the app and there are close to none high end or luxury cars in my area but for the ones that are on the app they are priced super high, so does that mean thats an market I could exploit? Just want to pick your brain thanks.
When doing research on your market always use the desktop version of the app, there are features available on the computer that are not on mobile. When searching, make sure to use a date at least a month ahead because if you put in today's date and the vehicle is on a trip it just wont show up. You will have to try to book it and see which dates are available, this will give you an idea of your competitors utilization. If you are thinking of getting into luxury cars, go watch the video I just posted last night. There has been new changes to the platform that you might want to be aware of. What area are you in btw?
@@StefanMarquardt Thanks for the tip. I watched your new vid right after I posted that comment. It makes more sense to buy the car full out business wise. Im in southern CT. A while back I took a trip to California and used turo. They had luxury and exotic cars to rent for decent prices but im assuming this is because they are more abundant down here. There are probably no more than 4 or 5 hosts with those types of cars in my area and they rent them 3x as much as in the Cali market. They also do only 200 miles included with 2.99 charge per mile if you go over.
Quick question. When you filed claims for your total lost vehicles, what was your turn around time as far as getting paid out for your claims? I recently had a vehicle totaled while on a trip about 3 weeks ago. I have a case worker assigned to the claim. DMA is involved but we are heading close to a month waiting on the out come of this claim. I was just wondering did this process take the same amount of time for you? Thank you in advance for any knowledge you might can provide.
It usually takes a couple of weeks. I am very persistent with DMA. Have they gave a settlement offer yet? What phase of the claim are you in? I use this claims text line also 4158497266. Attach your claim# and they will text or email you back pretty fast. Good luck.
@@StefanMarquardt I am still waiting to hear what the settlement offer will be. After about a month I recieved a email from my claim agent which she states based from a report she recieved on my vehicle it was deemed a total lost. She said she will be geting back to me in the next few days to discuss settlement. That's where I'm at in this process. I will try that number you gave me and let you know how this process goes. Thank you for the information.
$38/day and I was getting about $28 after my protection plan. Just dropped a video talking about long term renters. I had a trip that lasted a year and I have 1 now that’s been going on since February
Thanks for sharing...very good info....I also have a repair shop and access to buying at dealer auctions..and looking to buy my fleets either on floorplan or cash. Did you put your llc as a separate company specifically for turo or run it under your existing business.
I run it under an existing right now but will be separating it next year. I have some good credit lines (including a floor plan) with my auto business and looking to do the same with my Turo business. If you have a repair shop you can kill this game. We love INOPs too.
@@StefanMarquardt what are your reasons for saying this? Just curious about why it’s smarter to start with a cheaper car. Less financial risk? Easier to rent out?
Yes, you need at least basic insurance to maintain the registration and I also use 1 of the protection plans during rentals. I have a video on Insurance you should check out.
Great video :). I appreciate details like this. Is it possible to get the supplement check from turo without getting the repairs done if one doesn't have relationship with a body shop?
Great question. All they want to see is an invoice and pictures as proof. Unlike insurance quotes I've done for some customers, Turo does not make you confirm the shops credentials. If the invoice looks professional they won't question it at all. My digital wrench software has invoices but I've used free apps on my phone to create an invoice when I didnt have that desktop software.
@@StefanMarquardt Thanks man! Your knowledge is gold. What are these free apps? I know how to do body work but don't own a shop. Is it still possible I could send them my own invoices? An invoice means a bill right (not an estimate)? If my understanding is correct the supplement payment is after work has been started and I can't get the payment just from an estimate? I handled my own turo insurance claim working for a shop once but I still don't know all the details.
@@howtohermione2 go on the app store an search "invoice maker". It will probably have to look legit with a company letterhead on it but it could be a bill or an estimate since they don't require proof of pay it makes bo difference. The supplement would be for damage thats behind the body. For example if someone crashes into a curb, the bumber and fender will be damaged but so will the control arm, tire rods or even the akle. At this point the supplement would be submitted to cover the cost of these parts that wouldnt initially be seen from just pictures of the exterior. If I had a bodyshop under my belt I would make a killing!!! Its in my 5 year plan though. Good luck!
@@StefanMarquardt Thanks man. That's true I don't remember them requiring proof of payment to get my car relisted either. I just emailed them an invoice I think. I didn't think of that. I guess it would be possible to do my own repairs and make an invoice for it for proof of repair to get it relisted also (although probably not legal I would assume)
We need hr's spent on these cars. You repairing the car means you aren't repairing a customers car. Hr's spent on cleaning, repairs etc is important to know. What I'm getting from all Turo owners is profit & loss without any numbers on hr's spent on a car. It takes time to buy, sell, repair cars. That time has value ... what is that value. As a car reair shop owner ... it makes sense for you. But still time spent at your hourly rate is important to know. Thanks
I personally have a lot with 18 parking spaces but you can keep them at home and have a public area close by as a pick up spot. Also, you might be able to pay someone who does have a lot but doesn't use it very often. You just have to be creative until you can expand.
@@StefanMarquardt you are bringing in a lot of value and look forward to your channel growing. Stefan i have 3 cars on Turo and wondering how do i go about getting fleet insurance? Any recommendation?
@@CanIndianChannel I believe Sonoro and GMI are the top 2. I know GMI has a membership sign up fee ($1500) so it all depends on your current price. I think once you go over 5 units it's a no brainer. Not to mention your personal insurance might start asking questions once you have over 3 cars, it all depends on your relationship. The main reason I like commercial, besides the liability side, is that I don't have to keep renewing my policy ever 6 months. A little tip: if they ask how many claims you had during your rental business I would say none if all the claims were handled by Turo. I've seen people get denied for putting all their Turo claims out there when I dont see a way they can find out. Hope this helps.
Iam about 30 minutes south of Atlanta. Its not uncommon for some guest to drive an hour to my location simply because there aren't any vehicles available for rent in their area. Good luck and tune in for more videos.
VERY INFORMATIVE!! Turo works really well for you because you have an auto shop. You're helping me see that as a single woman Turo may not be a good fit.
The newer the car and miles, the less you have to worry about repairs. I've been buying cheap but I also have units that I've spent 10k on. It's more important what kind of car you buy. I never had a car that just needs work every time it comes back. I've also had cars around the 5k range that go entire year without anything being done! Get a Honda or Toyota for reliability as these cars are almost guaranteed 200k miles.
Hey I got another question for you. What percentage of days one of your cars gets rented on average gets an insurance claim? I'm not sure whether to use the %60 or %70 plan. I have 3 cars that rent 35-$40
11:00 Wow it's amazing how you keep you the cost so low! Also, I don't see you are including any parking fees. Was that negligible? Where do you park the car? I was renting out my car on Getaround and the cheapest parking garage around my area is $300 per month, so it really drains my profit. That profit model did not survive the pandemic since the number of rentals decreased dramatically as people were moving out of San Francisco.
I rent the front suite of a commercial building and I have 18 parking spaces to work with. You have to be creative with space. There are businesses that are not utilizing all parking spaces and will cut a deal for the right price. Ive seen others renting space for as little as $50 per car/monthly but that's in my area. Just get out and shoot our shot. Some areas are hit harder than others but it will be booming once all this is over. I haven't seen a crazy drop but most of my guest are locals.
Please respond for all of us curious folks... what type of insurance did you opt for with Turo and what type of insurance do you have personally or as a commercial business?
