Scot adds to the item below with this piece from CTV News – Renting your ride: Airbnb of car rentals comes to B.C.
Turo, which is being touted as the Airbnb of car rentals, has officially launched in B.C. But it could be in for a bumpy ride due to the high cost of insurance. The service lets car owners looking to make some extra cash rent out their personal vehicles. …
Turo is relatively new in Canada, but has been operating in the U.S. for seven years where some car owners there have been able to make some serious cash. … But in Canada things operate a bit differently. Turo works in provinces that have private insurance systems. However, ICBC requires owners in B.C. to buy their own commercial insurance, called U-Drive when they want to rent their personal vehicle. And it’s very expensive. …
In order to get the app launched, the company partnered with smaller independent car rental companies that can afford the higher insurance rates. Of the 70 vehicles for rent on Turo in B.C., only two are currently personal vehicles.
The provincial government says insurance premiums need to reflect risk, but the Attorney General David Eby is willing to listen to Turo’s pitch. “We’re going to start those discussions with the legislators right now,” explained Mathieu. Those changes may take awhile, but the timing could be right since the government is already making changes to open the door to ridesharing services like Uber and Lyft.
Because ICBC is horrible. Thank you