Ontario & Nova Scotia
Should you have any questions or concerns outside of the content available on this site, the Frequently Asked Questions below should help answer those. If you have a question which has not been covered on this page, please reach out to your Business Development Manager or Personal Lines Manager.
We’ll continue to update the content on this page. Keep checking back regularly.
1. What is the sharing economy?
The sharing economy is a new, rapidly growing market in which people offer to rent their assets – such as their car or home, or services as a driver – to their peers through an online platform. These platforms provide information on both the consumer and the provider of the services and assets, including ratings from previous users, allowing for a level of trust that otherwise would be difficult to establish.
2. What is Turo?
Turo is a peer-to-peer car rental (or car sharing) platform that enables car owners to list their personal vehicles online and rent them out to approved Turo renters. The result is an affordable and diverse selection of vehicles available to renters, and a source of extra income for owners.
3. What is a peer-to-peer car rental marketplace?
Peer-to-peer car rental, sometimes referred to as car sharing, is a sharing economy business model where vehicle owners can generate income from their cars. Participating car owners rent out their personal vehicles to an online community of car renters.
4. How is peer-to-peer car rental different from ride sharing?
Peer-to-peer car rental, sometimes referred to as car sharing, is very different from ride sharing. With a car sharing service like Turo, the vehicle changes possession and the owner is not present while it’s being shared. With ride sharing services, the owner of the vehicle acts as a driver and offers on-demand transportation for passengers.
5. Why is Intact associating itself with Turo?
Consumers want to participate in services like Turo, and we want to ensure that insurance coverage is available. With the growing popularity of the sharing economy, we are adapting our product range to offer innovative solutions to meet the changing needs of consumers.
6. How is Intact involved?
Intact is providing Turo with commercial insurance underwritten by Novex Insurance in Ontario and Alberta. This commercial insurance policy provides coverage while the vehicle is being delivered and rented. Intact Insurance, Novex and Jevco are also updating their personal auto underwriting guidelines to allow customers to participate in peer-to-peer car rental.
7. Is Intact in talks with any other sharing economy companies?
The sharing economy is a new, rapidly growing market and is expected to grow to $335 billion in revenue by 2025, up from only $25 billion today. We see opportunities for growth and innovation in this area and will develop insurance products in order to respond to customer needs.
8. How does my customer register a vehicle?
Existing Intact Insurance, Novex and Jevco personal auto customers can list their vehicles with Turo through Turo.com, or via the Turo iPhone or Android apps. Registration is a simple step-by-step process where the owner can enter the vehicle details and availability and set the rental price.
To list a vehicle with Turo, owners must first make sure they have appropriate personal automobile insurance coverage as required by Turo.
9. Is there any cost to list a vehicle?
There is no cost to list a vehicle. Turo takes a 25% commission from every rental that is booked through their service.
10. Can the vehicle owner decide who is allowed to rent their vehicle or is this all handled by Turo?
Yes, the vehicle owner has approval over who rents their vehicle. Vehicle owners list their vehicles on turo.com and, once a renter puts in a request to rent the vehicle, the owner has the option to accept or decline the rental request.
11. What are the benefits for participating owners?
Turo allows vehicle owners to use their car to generate extra income. The cost of owning a vehicle in Canada is, on average, $9,500 per year – participating in Turo allows owners to offset some of this cost. Registering is easy and there is no charge to list a vehicle.
COVERAGE FOR VEHICLE OWNERS
12. How does Turo’s commercial insurance coverage work?
Turo has a commercial Insurance policy in place with Intact, underwritten by Novex Insurance, which provides coverage for the vehicle while it is being delivered and during the rental period.
During the rental and delivery periods, the commercial insurance policy provides the following coverage:
13. Do customers’ personal lines auto insurance policies allow them to participate in services like this?
Every vehicle owner who wishes to participate in listing their vehicle with Turo must contact their insurance broker to confirm if they are permitted to participate in the Turo marketplace. Personal automobile insurance customers with Intact Insurance, Novex and Jevco will have permission to list their vehicles with Turo, as long as they contact their insurance broker to inform them.
Renting a vehicle to a third party remains as an exclusion on personal lines automobile policies, meaning there is no coverage for the delivery and rental periods. Coverage for the delivery and rental periods will be provided under Turo’s commercial policy with Intact, underwritten by Novex Insurance.
14. Are owners penalized for driving incidents while their car is rented?
Turo has a commercial insurance policy in place with Intact, underwritten by Novex, which provides coverage while the vehicle is being delivered and rented. Any claims arising during the delivery and rental period will be made against this commercial policy.
15. In the event of a loss during the rental period, will the owner be able to obtain a rental vehicle while their vehicle is being repaired?
Yes, if the owner’s vehicle is not usable due to an accident during the rental period, the Turo commercial policy will provide a rental vehicle or reimbursement for reasonable transportation expenses up to a limit of $500.
16. Is the owner protected against wear and tear?
No, standard wear and tear is not covered under Turo’s commercial policy. Wear and tear is not considered a standard coverage under automobile insurance policies.
17. How does an owner file a claim when a renter or third party damages their car?
Owners must report any new damage caused during the delivery or rental of their vehicle to Turo via their mobile app or at
http://www.turo.com/resolutions or call Intact’s designated claims team at 1-866-235-2425.
18. Should the vehicle owner do any inspections on their vehicle after it has been returned to make sure there has been no damage?
Owners are encouraged to inspect their vehicles prior to, and after, renting their vehicle via the Turo platform. Upon delivering the vehicle to renters, the owner and renter are both encouraged to note any pre-existing damage to the vehicle by filling out the necessary documentation provided by Turo. In doing so, both parties are aware of any damage occurring during the rental period.
19. How does this affect customers who are enrolled in my Driving Discount®
There is no change to the current process for customers who are enrolled in my Driving Discount and want to participate in Turo.
COVERAGE FOR VEHICLE RENTERS
20. How are renters covered?
Renters, as the drivers of the rented vehicles, are provided protection under Turo’s commercial insurance policy for the duration of the rental period for third-party liability coverage up to the limits of the policy. Liability arising from physical damage to the rented vehicle will be dependent on the physical damage protection package that is chosen by the renter when they book a vehicle on turo.com.
The renter will be prompted to select one of three coverage options offered by Turo for physical damage to the rented vehicle. The renter should carefully read Turo’s terms of service, as well as all other relevant information about Turo at turo.com.
If renters hold their own personal automobile insurance policy, then this policy will be considered primary in the priority of payments in the event of a claim. Depending on the issuing insurance company, personal auto policies may extend third-party liability coverage to non-owned automobiles. Depending on the coverages provided under their personal auto policy, they may also be covered for physical damage coverage for non-owned automobiles. Renters should confirm their coverages with their respective insurance brokers or insurer directly.
21. Do renters need their own personal automobile insurance?
Turo does not require that renters have their own personal automobile insurance coverage in order to use the Turo marketplace.
22. If the renter’s credit card offers coverage for car rental booked using the card, will it provide coverage for renting with Turo?
It is unlikely a credit card company would provide coverage for a car rented through Turo as they may not consider Turo a “rental car company.” Renters should contact their credit card company to discuss the specifics of their coverage.
23. Who does the renter call in the case of an accident?
In the case of an accident, renters should contact Turo via their mobile application or via their website at turo.com/resolutions in accordance with Turo’s claims reporting procedure. Turo will verify the incident report and inform Intact about the claim. Renters can also call Intact's dedicated number for Turo claims at 1-866-235-2425.
24. Are renters personal items covered?
Personal items are not covered for theft, misuse, or damage.
25. What kind of proof of insurance is provided for Turo’s commercial policy?
Owners are required to leave the certificate of insurance (pink slip) relating to their personal automobile insurance in participating vehicles throughout the rental period. In addition to this, upon registration, vehicle owners are provided with additional insurance documentation that serves as proof of insurance for Turo’s commercial insurance policy. In the event of an accident during the delivery or rental period, this document should be referred to. Both the certificate of insurance (pink slip) and the proof of commercial insurance documentation provided by Turo should be left in the rented vehicle at all times.
26. Can renters allow other people to drive the car?
The only people eligible to drive rented vehicles are drivers who have registered on the Turo platform. During the registration process to rent a vehicle, renters are prompted to list any additional drivers. Additional drivers are subject to the same eligibility requirements as the primary vehicle renter.
BROKERS AND TURO
27. How will this affect brokers?
Based on the benefits Turo can provide to car owners and the strong success it has seen in the US market, we expect to see a high level of interest from car owners in Canada. Brokers will play a key role in providing their customers with the information they need and ensuring they have the proper protection in place should they wish to participate. Visit our broker microsite at intactmyshare.com to ensure you have all the information you need to discuss Turo with your customers or contact your Business Development Manager.
28. Are owners required to have full coverages on their vehicles?
Turo requires owners to have liability coverage in force to rent their vehicle through the Turo platform.
29. Could my non-Intact customers list their vehicles with Turo?
Every insurer has different underwriting rules, some of which may restrict insureds from listing their vehicle with Turo. We suggest that you contact the appropriate underwriting insurance company or Turo directly to make the necessary verifications regarding your customer’s eligibility to participate in Turo.
At Intact Insurance, Novex, and Jevco we are making all the necessary changes to our underwriting guidelines to ensure that all car owners will be given permission, should they request it, to list their vehicle for rent with Turo.
30. What are the benefits of Turo’s marketplace for brokers?
Turo’s marketplace presents you with an innovative and valuable offering for your customers. It is a great opportunity for them to become part of the rapidly growing sharing economy while you ensure they have the proper protection in place should they wish to participate. It also offers a new way to appeal to millennials (21-34 year olds), who are the most active in this market. They will be a key target for future growth
31. Do I have to process a change to my customer’s car insurance policy if they list their vehicle?
If your customer is insured with Intact Insurance, Novex or Jevco, there is no change to their personal auto policy. However, a note must be added to their policy file in Savers Plus or Contact. For new business the note can be made when the policy is bound.
The note must state:
[Insured participates in car sharing with Turo.
Vehicle(s) used (year, make, model).]
In Savers, brokers should select "no" on the "Questions" tab for the question "Will any vehicle be rented or leased, used for carrying passengers for compensation or hire or for carrying explosives or radioactive material?" then proceed with policy comments.
For Jevco business in Contact, "No" should be selected on the "Assignment" tab for the question "Is the automobile rented or leased to others?" then proceed with policy comments.