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Turo HostTuro Host LLC and Insurance: Who Pays at 2 AM?
Who pays when a guest damages your Turo car? Turo's own help page says its damage plan isn't insurance. The one number every plan leaves on you, where an LLC fits, and the key Bizee screens, start to finish.
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Why an LLC for this business
Your own assets
Business debts and lawsuits, kept apart in most instances
The tax form
Taxed under your LLC or under you: Turo asks before your 1099-K
Your number
The first $250, $1,500 or $2,750 of each claim is yours (as of Nov)
How to start it, in order
- Check the car and yourself: 12 years old or newer, under 130,000 miles, clean title, you're 21 or older.
- Ask your lender or lessor, then your insurer, in writing: is car sharing allowed, and does the policy list the car?
- Form the LLC before the car is titled, if you want the car in its name.
- Title, register and insure the car in that name.
- Pick your earnings plan. Each makes you pay the first part of a damage claim: $250, $1,500 or $2,750 (as of Nov).
- In your Turo tax information, choose whether you're taxed under your LLC or under your personal identity. Turo asks for it before it prepares your 1099-K.
- Take date-stamped photos before and after every trip, and report damage within 24 hours.
- Check your state and city for car-sharing rules.
Every fact in this guide was checked against a primary source before the video was made.
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