Turo targets Manitoba, in talks with MPI – Winnipeg Free Press
In other carsharing news, Turo, a mobile apps company that created Canada’s largest carsharing marketplace, is in talks with Manitoba Public Insurance to launch the service in Manitoba.
Turo allows individuals to make their personal vehicles available for rental on a peer-to-peer platform.
The company, which operates globally, said hosts in Calgary and Vancouver earned an average monthly income of $1,100 during the summer months last year.
Cedric Mathieu, Vice President and Head of Turo Canada, said, “Turo has just entered into discussions with Manitoba Public Insurance regarding an insurance product for peer-to-peer carsharing. We are currently looking at a multi-year process for MPI to create this insurance product for Turo to begin operating in Manitoba, but hope to find a way to streamline this process.
Since launching in Canada in 2016, Turo now has over 1.2 million members and 53,000 cars listed in British Columbia, Alberta, Ontario, Quebec, Nova Scotia, PEI Prince Edward, Newfoundland and Labrador and New Brunswick.
Among other things, Turo organizes guest screenings, offers 24/7 roadside assistance, and a no-cost cancellation policy.
“Given the economic opportunity that peer-to-peer car sharing represents for Manitoba residents, providing a welcome new source of income for all Manitobans and boosting the local tourism industry,” said Mathieu. He said he believed they would be able to come to terms with MPI, especially since many car rental companies did not have enough vehicles to meet travel demand.
Kristy Rydz, spokesperson for MPI, said, “In order for a vehicle owner to be able to rent their vehicle to others in Manitoba, they would need to purchase basic U-Drive insurance.”
This coverage includes a $750 deductible, $500,000 liability coverage and a maximum insured value of $70,000.
“Manitoba Public Insurance has spoken directly with Turo representatives and participated in preliminary discussions to identify potential products and upcoming opportunities,” she said.
Phil Mikulec, general manager of Peg City Car Co-op, praised Turo for its growth across the country and does not see it as a direct competitor.
“We provide special software and hardware and do last-minute reservations,” he said. “As a company that owns its cars, we are committed to providing vehicles and keeping them on the road. It is not private vehicles that decide one day to rent and another not to. has certainty with our system.
Mathieu said the Manitoba launch took so long, in part because of efforts to grow the service across Canada and among international visitors. He said the company was encouraged by the interest shown by Manitobans.
“We have seen more than 20,000 searches for available vehicles in Manitoba throughout 2022 and hundreds of vehicle registration attempts by residents looking to share their vehicles, showing that local demand is strong,” said he declared.
Turo took advantage of the difficulties faced by the traditional car rental industry to purchase vehicles due to inventory shortages that began during the pandemic.
“In the Atlantic Provinces where we most recently launched in May 2022, we have seen active guests and hosts grow exponentially as traditional car rental companies struggle to provide vehicles to customers. “, did he declare. “Local residents were able to put their cars to good use and quickly generate a significant income. We believe a similar opportunity exists in Manitoba and that is why we are excited to expand to the province.
Martin Cash has written a column and business news for the Free Press since 1989. During those years he wrote through a number of economic cycles and the rise and fall (and rise) of the fortunes of many local businesses .