April 19, 2016 by Canadian Underwriter
Peer-to-peer car rental marketplace Turo is continuing its drive beyond U.S. borders, announcing Tuesday the company’s international expansion in Canada insured by Intact Financial Corporation (IFC).
The move will empower “Canadians to turn their idle cars into earning engines and inject more personality and value into the car rental experience,” notes a statement from Turo, the first peer-to-peer car rental firm in Canada.
The marketplace “allows car owners to offset the cost of car ownership by renting their idle vehicles to pre-approved travellers,” while travellers can choose from a selection of nearby cars, the statement explains.
Operating in 2,500-plus cities and 300 airports in North America, the company reports that Turo has facilitated more than 1 million rental days to date. The average active U.S. member makes US$600 per month renting out a car in the marketplace, the statement points out, adding that cars rented on the platform typically cost 30% less than traditional car rentals.
Turo operates in Alberta, Ontario and Quebec and will expand its marketplace nationally. At launch, customers of IFC’s two largest brands – Intact Insurance and belairdirect – are eligible to list their vehicles on the platform.
Noting that both insurance providers “have modified their guidelines to allow customers to join the Turo community,” the company states customers must speak to their broker or agent before participating.
Each trip is backed by Turo’s trust and safety protections, “including $2 million in auto liability insurance and 24-hour roadside assistance,” the statement notes.
“This is a significant milestone in our history; our first international launch and the opportunity to make car ownership and travel in Canada more accessible,” says Andre Haddad, CEO of Turo (pictured left). “It’s a significant step towards realizing our mission of putting the world’s one billion cars to better use,” Haddad adds.
“Turo’s rental platform will offer consumers greater choice,” suggests Karim Hirji, IFC’s senior vice president, International & Ventures. “As a customer-driven organization, Intact remains committed to designing unique insurance products to meet the evolving needs of Canadians,” Hirji adds.
Turo reports that the company is working to prompt other Canadian insurers to allow their policyholders to rent out their cars on the marketplace as well.