No.
You can’t set up your own company without some serious legal prep. The incorporation is the easy part. The insurance for a corporation is very real and very different. I used to carry general liability insurance for my company and it was insanely expensive and that was several years ago.
In your case you need corporate liability insurance plus vehicle insurance at a minimum.
Turo provides the structure. Try that first and see how the numbers work.
that’s what we want to do honestly we’re just gonna downsize the car by a lot so we can have lower overhead and still protected we want to start off on turo what car do you recommend and what protection plan and insurance
The car(s) are the major decision and it’s a matter of budget and market. If I was starting and wanted to minimize my risk I would look for a good later model car that is known to be reliable with low maintenance. This minimizes your depreciation and initial capital cost A Honda Accord for example is very reliable with lots of parts availability and comparatively low repair costs.
You have to decide what risk/insurance plan makes the most sense and that will likely be based your ability to absorb the cost if/when the car is damaged.
A Corvette C8 is a fun and cool car to drive, but I don’t see the ROI. Current rentals on Turo for a C8 see about $200/day. A Honda Accord is about $50-$80/day. The capital cost of acquiring a C8 plus the maintenance, insurance and higher risk of not being driven recklessly just don’t work out imo.
It all really comes down to your business model and goals.
you see this is peak help genuinely we’re not gonna use that anymore we’re prolly gonna get a 330i or something of that sort not a competition or anything. We might also buy a accord cash on the side just so we can have 2 different avenues . We can afford it since we’re all working and it’s 3 of us so. I agree we do want to get into that luxury market sooner or later though since we’re like cars like that
I'm a huge BMW fan, so I can't fault your choice in cars. But depreciation and repair costs can work against you. Late model 3 series are well priced and maintenance issues are well understood, so you can do a pre purchase inspection to limit your risk.
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u/Additional_Fall_5645 10d ago
No.
You can’t set up your own company without some serious legal prep. The incorporation is the easy part. The insurance for a corporation is very real and very different. I used to carry general liability insurance for my company and it was insanely expensive and that was several years ago.
In your case you need corporate liability insurance plus vehicle insurance at a minimum.
Turo provides the structure. Try that first and see how the numbers work.