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Hey fellow Turo hosts, I just got an email saying Lula Insurance might stop our off-rental protection by May 19th, and Turo is pushing another company, Tint. It feels like we’re being left in the dust, and I’m worried about keeping my car insured when it’s not rented out. Has anyone else gotten this news, and what are your plans? I’m looking for real experiences and what you all are thinking about doing next because this whole situation is making me nervous.
I was shocked when I saw that Lula was charging $87 per month per vehicle for coverage that only allowed 300 miles of driving each month, with those miles needing to be rental-related. That’s really expensive compared to my own situation—I’m paying $80 per month for full personal coverage with unlimited miles and a $1,000 deductible. It really made me appreciate the deal I’ve got.
I’ve also read that Lula might have shut down because their claims rates were higher than expected and their premiums were too low. When I first heard about Lula, I thought they were filling a gap in the market, but now it’s clear they may have underestimated what goes into this kind of coverage, and that’s something I’ve been trying to watch out for as I evaluate options for myself.
As someone who has multiple cars in my fleet, I can definitely relate to the host who had 15 cars insured with Lula for private rentals. Now, they’re scrambling to figure out how their insurance rates will change with the switch. Honestly, I’ve been in the same boat, feeling uncertain about how this is all going to play out for me too.
I’ve been thinking a lot about the differences in coverage too. Lula offered 300 miles per month with a $1,000 deductible, but then I saw ABI offering only 250 miles per month with a much higher $2,500 deductible. With Lula possibly gone now, that higher deductible from ABI is definitely something I’m concerned about. It makes me question whether I’m going to have to make a tough decision soon about what’s best for my business.
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