This article was last updated on April 16, 2022
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One of the leading car rental marketplace of the U.S., Turo, has announced to start its services in Canada today. The company alleged that now Canadians will be able to turn their idle cars into earning engines while injecting more personality and value into the car rental experience. The company has earned the title of being the first peer-to-peer car rental company in Canada.
Turo allows car owners to offset the cost of car ownership by renting their idle vehicles to pre-approved travellers, while helping travellers find the perfect vehicle for their next adventure. Statistically speaking, cars rented on Turo are priced at roughly 30 per cent less rates than traditional car rentals. Interestingly, the service does not have any membership fee, and each trip is backed by Turo’s leading trust and safety protections, including $2 million in auto liability insurance and 24-hour roadside assistance.
Turo’s CEO, Andre Haddad, mentioned in his remarks that “this is a significant milestone in our history; our first international launch and the opportunity to make car ownership and travel inCanada more accessible.” He explained that “the average compact car costs $9,500 per year to maintain. For the first time, Canadians can earn money from their cars and help fuel travellers’ adventures, all while being part of a vibrant community. It’s a significant step towards realizing our mission of putting the world’s one billion cars to better use.” As of now, customers of Intact Financial Corporation’s two largest brands, Intact Insurance and belairdirect, will be eligible to list their vehicles on the Turo platform.
What they aren’t up front about is that the insurance does not cover diminished market value. This means that if your vehicle is in an acccomment_IDent while it is being rented and it is not totalled, you will get your car back repaired, but the market value of the vehicle will be less. Depending on the value of your vehicle, it could be worth thousands to you. Take it from someone with personal experience.