Speaker 1: Let's talk about insurance for private rentals. This is something that a ton of people ask me, and it's a great question. I mean, how do you make sure that your car's insured? How do you get insurance for private rentals? Let's go over everything. So first off, Turo is nice because it does that for you. You don't have to worry about anything. You have a 1640, $0 deductible, or a 9010, $2,500 deductible. And it's nice because you know that, for the most part, your car's gonna be covered. They are gonna take care of you. They're gonna do the appraisal. They're gonna do all those steps in the process so you don't have to. And everybody's always afraid to get into private rentals primarily because of the insurance and because they don't understand it. So first off, I'll tell you, if you're renting a car to somebody, they have to be fully covered. And when there's an accident, this is usually people's biggest thing. Well, what happens if there's an accident? They think that they're gonna put it under their policy, which isn't true. Just like Turo, you put it on Turo's policy and Turo has their own policy where they put it on the, and for us doing private, we're gonna put it on the renter's policy. So let's go over through the vetting process and how this all works. So when somebody calls, it starts in the vetting process. When somebody calls in, there's three options. They either have no insurance, they have liability, or they have full coverage. If they have no insurance, we can't sell them full coverage and I wouldn't even wanna do the vetting process to do that because you have to have extra steps. You have to like look into them because if you just sell anybody insurance, when they have no insurance, they're done very, very risky. You don't know who they are. You don't know what they've been through. Very, very sketchy. So I'd highly recommend just, we send them to Turo. We let Turo vet them. We let Turo sell the insurance. And I know sometimes Turo's vetting system is hit or miss, but at least they have a somewhat strong vetting system to kick out. They kick out a lot of people. They don't accept a lot of people. So that's what we do if they don't have insurance. If they have liability insurance, we do a little more research. We look into it, make sure it's not a weird situation. We, of course, ask them what they're doing. We get more information about them and their situation. And if we feel comfortable with it, we'll sell them full coverage. There's third-party companies where you can sell people from liability to full coverage insurance, which means that your car's covered because if they just have liability, that doesn't transfer over to rental vehicles. So if somebody comes in and says, hey, I don't rent a car, I just have liability. You say, sure, here's your car. You're screwed. They get in an accident because your car's not covered. So it's going to fall back on your policy. You do enough of those, your policy is going to cancel. So don't do that. They have liability. You feel comfortable with it. You sell them full coverage. If they have full coverage, you're good. You're good. Of course, you can have your betting system in that. I know Lula has a background checker, ID checker, and you can do like criminal history, driving history, ID checker, like all these background checks. We have our own betting system that makes it so we don't have to go through all that because it is a lot. But just know that's how we do it. So if they don't have insurance, we will send them a tutorial. If they have liability, we'll talk to them a little more to figure out if we're comfortable with them. And then we'll give them, sell them full coverage insurance, which is we sell it for 25 a day. We buy for 18. So we make a $7 gap per day on the insurance. It's not a ton of people that do that because most people we read to have full coverage. But people that do, it's nice to make that little margin gap and we could sell it for more. We don't. I've seen companies sell it anywhere from like 25 up to $50 a day. I guess it's also seasonal and locational too, but we just stick at $25 a day. And then if they have full coverage, still you're going to want to get more information, like their travel plans. Because for us, we have X amount of miles. So we don't want them going crazy amount of miles. And we're going to shut off the rental there if they say they're going to go 2,000 miles away, 2,000 back and have a four day rental. We tell them like, we charge per mile. This isn't going to work. But if they have full coverage, of course, once you get their story and kind of bet them just a little bit, you're good to go. And then for us on the back end, for our insurance, you have, you have to have insurance that knows you're doing private rentals. Toro is a little bit different when you have like Lula and they know you're doing Toro because Toro has the insurance themselves. So you're kind of double insured and probably you're double insured because you have the renter's insurance and they have your insurance. So, you know, you're double insured. But the last thing you want to do is have anything fall back on your insurance policy. So with your insurance, so you want to make sure that they know you're doing rentals, of course, and then they know you're doing private because if you run into a situation, where let's say their insurance doesn't cover everything on private, I mean, you know, Toro take care of you and stuff and then your insurance typically would know about Toro and then maybe gap it. But if your insurance company doesn't know and you're doing private and they don't fill it, your insurance company is going to say, nope, drop you. That's it. And I tell that to everybody, make sure your insurance company knows you're renting your cars out. But there's a ton of companies that will let you do rentals, let you do private. Right now we're using GMI. There's also Lula. There's also ABS. There are, I don't, I mean, I couldn't even list them all off. There's probably a handful more, but there's definitely a good amount of companies. Right now we're paying $105 a month per car. That includes Toro, private, a million dollar coverage. We have a pretty good policy, includes theft protection, which is huge. So get your private renter insurance. If you can sell insurance, that's huge. Have your renting process. I wouldn't sell people if they just have no insurance. But that's pretty much it. I mean, it's pretty simple. It's very similar to Toro, except you're just making sure that the other person has insurance. If not, of course, you're sending it to Toro so they can buy their own insurance. I hope you learned something from this video and I hope to see you in the next one. Bye.