Turo, a platform which allows users to share their cars with others in the same way Airbnb enables home rentals, will soon be launching in British Columbia.
The company has finally secured a comprehensive insurance agreement with the Insurance Corporation of BC (ICBC), paving the way for its launch in the province, explained Turo vice-president Cedric Mathieu.
“This insurance product allows any individual private car owner to list their car on the platform, and for this car to be protected by the Turo-provided insurance while on the road,” Mathieu said.
The vice-president added that through Turo, owners decide at what price to list their car for rent, and the company takes a 30% commission from every rental. Owners can also set mileage limits, and the cars are expected to be returned with the same amount of gas in their tank.
Mathieu told CBC News that most Turo members are motivated to list on the platform to offset the cost of owning a vehicle, or to earn extra money.
“The car is an asset people already have ... and 95% of the time cars are sitting idle in the garage or driveway,” he said.
The vice-president explained that in the event of an accident, Turo’s insurance covers liability and physical damage to the car without any deductible levied against the host. The host’s personal insurance policy will also not be impacted by this coverage.
