People are always looking for creative ways to come up with alternative sources of income. An option that is becoming increasingly popular is to sign up with a service where you allow others to rent your vehicle for a period of time. In other words, it is peer-to-peer car sharing. Turo, which claims to be the world’s largest car-sharing company is a popular option for this.
Turo isn’t like Uber where someone is driving their own vehicle. It basically allows unknown drivers to drive your vehicle for a fee. Now, you may assume that because you have insurance, and the renter has insurance, you are all set right?
Unfortunately, that is wrong. In this type of car-rental situation, it would not be covered under a personal auto policy, it is actually excluded from most policies under the Public or Livery Conveyance clause. You would likely need a commercial auto policy to cover this risk.
As with any change you are considering that could impact the risk to you or your personal property, we always recommend that you check in with your insurance agent to discuss the coverages that you may or may not have in those situations.
If you have any questions or would like to discuss it more with us, feel free to reach out! (603) 273-0953, or visit our website at keslarinsurance.com.
