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Airbnb of car rentals launches in Canada
– moneysense.ca
TORONTO – The Airbnb of car rentals is launching in three Canadian provinces in a limited international expansion as it grapples with the types of insurance headaches that often plague sharing-economy startups.
Turo, which debuted in the U.S. as RelayRides in 2009 and now operates in more than 2,500 cities, facilitates vehicle rentals between car owners wanting some extra cash and strangers needing a ride.
Those hoping to make money from their cars when they’re not driving them register them online to rent vehicles to other Turo members.
Turo determines the rental cost of available vehicles each day based on data like the car’s market value, location and time of year. The company pockets 25 per cent of the rental fee, which includes a charge for the owner’s insurance coverage during the rental.
As of today, people in Alberta, Ontario or Quebec can sign up online to either list their vehicle or rent available cars by the day through Turo.
But provincially regulated insurance rules have made a seamless transition north of the border difficult…
Turo, which debuted in the U.S. as RelayRides in 2009 and now operates in more than 2,500 cities, facilitates vehicle rentals between car owners wanting some extra cash and strangers needing a ride.
Those hoping to make money from their cars when they’re not driving them register them online to rent vehicles to other Turo members.
Turo determines the rental cost of available vehicles each day based on data like the car’s market value, location and time of year. The company pockets 25 per cent of the rental fee, which includes a charge for the owner’s insurance coverage during the rental.
As of today, people in Alberta, Ontario or Quebec can sign up online to either list their vehicle or rent available cars by the day through Turo.
But provincially regulated insurance rules have made a seamless transition north of the border difficult…
A company that has taken the Airbnb model and adapted it to car rentals launched Tuesday in three provinces, its first foray outside the U.S., though it wrestles with the same insurance headaches that other startups in the so-called sharing economy have faced.
