What You Must Know About Insuring Your Turo Fleet

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00:00 - Intro
What's up, you guys! Today, we will be sitting down with Rafi from Lula to discuss all things car sharing and insurance. Let's get started!

03:10 - Introduction to Lula and Rafi

04:10 - Carsync and Lula Partnership

05:40 - What is Lula's role in Turo and Insurance?

08:50 - Why Do Turo Hosts Need Insurance Outside of Turo?

11:39 - What is the Difference Between Commercial and Personal Insurance

14:03 - Who is Lulas Target/Ideal Customer?

17:00 - How to Protect Yourself?

23:33 - Which Turo Protection Package Should Hosts Choose?

28:20 - Misinformation Hosts Should Be Aware Of

30:54 - How Does the Claims Process Work?

32:40 - Anything Hosts Should Know?

34:30 - Closing
I hope you guys enjoyed this video; make sure to hit the like, subscribe, and the notification bell, and I will see you guys in the next video.
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Disclaimer:
I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Aubrey may have an ownership interest in them – Please do not make buying or selling decisions based on Aubrey’s videos. If you need advice, please contact a qualified professional.

#Insurance #Turo #Claims

[hwalton]

I am an insurance agent licensed in all states. So I found this interesting. It's not as confusing for me as it is for most people. You have 2 periods of time. One starts at the time a rental period begins (Turo guest takes possession of the vehicle) and the other period is when a vehicle is NOT on a rental. If you only had a few vehicles also used for your own personal use more often than not, and they are registered to you personally, then personal auto insurance covers those times NOT on a rental period. It's not that personal auto insurance "does not allow" the car on the policy it is the fact that a BUSINESS policy, such as Turo's host insurance, is the only coverage that applies during a rental period. When you start to talk about fleets of several to hundreds of cars, you need a business policy, since the purpose of having multiple vehicles is to run a business. This new option for Turo hosts sounds like an idea whose time has come and for $79 a month it is a very good deal, provided that it is a vehicle not primarily used for personal use. So it all comes down to usage and purpose of usage. The biggest thing to understand is that a personal auto policy DOES NOT cover any vehicle during a rental period (when you are a Turo host).

The other thing about Uber and Lyft and other rideshare is that there is also NO COVERAGE from the personal auto policy from the time you accept a trip until the time you complete the trip. Rideshare Gap, which covers you during the time you are logged in and UNTIL you accept a trip, and again after the trip while waiting for another trip, is an added coverage that is needed to have coverage while logged in but have not accepted a trip yet. Many states that have rideshare gap also require certain limits of liability (ask your agent for more details) Some states do not have RideShare gap at all.

Also, if you are reading this and you use your car for Uber, Lyft, Postmates, DoorDash, Instacart, etc., be aware of what deductible will apply if you are in an accident (and at fault, or other driver is at fault and has no insurance). Based on my recent research, most Rideshare companies now provide ONLY liability for bodily injury or property damage to a third party while on a trip for them, and may DO NOT cover any damage to your car. BEFORE working for ANY rideshare network, make sure you know if there is any coverage for damage to your car FROM THE RIDESHARE COMPANY, and, if so, how much your deductible would be. Always call your insurance company and ask questions. Since many rideshare companies no longer provide coverage for any damage to your vehicle while making a trip for them, and your personal auto policy also does not cover it either, a commercial policy is needed.
While rideshare companies ask for proof of personal auto insurance, it is misleading and often leads to a complete misunderstanding, as there is NO coverage from a personal auto policy from the time you accept a trip until you complete the trip, and in other cases you are not covered when logged in and not on a trip. So when they ask for proof of personal auto insurance, they lead you to believe that coverage applies, but it does NOT!

This is an excellent insurance program. This coverage makes sense for those who ONLY use a car for rideshare and not for personal use.
And yes, the answer from EVERY personal auto policy will be NO COVERAGE applies during the rental period unless there is a commercial component to your policy. There are some commercial policies that cover you both for personal use and for business use. The suggestion to contact Lula and ask questions is indeed great advice!

For consumers renting from Turo, the idea to understand is that when you have an auto insurance policy, coverage for liability insurance covers you while driving any vehicle, this coverage is for bodily injury or property damage to a third party if you are at fault in an accident, so it is important to understand that your personal auto policy covers you FOR LIABILITY while you are driving your own car, a moving truck, or a rental car, a borrowed vehicle, and it can be any non owned vehicle or a moving truck, whether owned by a Turo host or a car or truck rental agency. Coverage for damage to a vehicle, however, is not as cut and dry and NEVER applies from a personal policy to cover damage to a moving truck, it is only for rental of a private passenger vehicle, which is what Turo hosts are renting.

[Mezonator]

Lula has no phone number on website. I don't like companies who don't have a phone number to contact.

[moose]

Today's date is Tues Aug 13, 2024. I am seeing things online and am confused. Has Lula gone out of business?

[FrankCastle]

Im not seeing the problem or where the confusion lies. You use your own insurenace when accidents happen when the car is not rented, and use the Turo insurance when there is an accident while the vehicle is rented. No need for commercial policies and things like that when you only have a few cars.

[AubreyJanik]

One final note, there is a number of pages impersonating me in hopes of getting your personal info. I will never, ever, ask for your personal info either through Instagram, email, DM, or YouTube comments. If something seems fishy, it probably is. If you see someone impersonating me, please report them. Appreciate you all!

[cybergrindin]

300 miles a month? 😂😂 that can be 1 customer rental

[Tubular]

Tanner at Lulu advised on 10/4/23 they have a 5 car minimum & they cannot on board a car with more than 125K miles, even if it had less than 125K when put on Turo. Otherwise Lulu cannot help, also its around $90 monthly, not $79.

[YungBlackAce]

People should also look at GMI insurance as they specialize in rental fleet insurance as they do have good pricing structure.

[Lyudtaru]

This is a pointless video. Absolute waste of time. Ohh he's saying is give us your money and you get nothing in return.. Sounds like scam to me

[Reverend-Race-Horsey]

What I also like about Lula is you can fill out and apply to have your car approved with Lula on their website before you pay anything; ABI Period X charges you an upfront fee to do do this...then they reimburse it back to you if the car isnt eligible.

[Blakgun]

If only Lula was easier to reach and add cars to my policy. It sometimes takes days before a new addition will get approved.

[hermanpeters]

As an insurance agent please tell your agent so they could talk to underwriting so they will leave no doubt

[victorgarzon]

Not much good info. Would like to Hear how YOU DO IT

[universalkidsfurniture]

what about the renters personal car insurance that covers the renter while using a host's vehicle?

[LongtowerNyc]

Very very very good video. I’m in NY and Turo requires commercial insurance for NY! However the grey area is in the companies TOS where most to all don’t allow car sharing!! So to just use LULA at 79.99 is a HUGE win! Not using the vehicle for any other purposes anyway. Thank you sooo much.
I’ll call Lula to confirm just insuring with them is possible!

[ericgoldberg]

This was great!! As a person who is about to put 2 cars on Turo. But what Turo insurance plan should I select? Yikes 😮

[netu]

If I have personal coverage that would cover me when I'm driving the car (to the car wash and other business related uses, etc.) and then Turo covers me while it's out on rental then is there any benefit to using Lula? I'm paying about $59 a month with a personal policy.

[patrickuriza]

I you do lot want to sign right away they play all kinds of tricks like delaying your payments or send you to substandard body shops 🏬 so they can lie on your face, they may thinks you need the money right away but make sure you hire your own estimator

[liveworkplayvans]

How does one get coverage for loss of income during repairs? Assume Turo active rental and insured via Lula + Turo. Loss prevention is a common term for business losses as a result inability to rent that vehicle.

[jeffvandaveer]

I appreciate your content...thanks for all your Hard Work!