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Digital Innovation: Monetizing Unused Property And Insuring With Liberty Mutual

April 11, 2019 Victoria Pallien

In the digital age, consumers can monetize their unused property. From vacation homes and spare bedrooms to cars and RVs, if a consumer owns it, there’s probably a way to make money from it.


These services allow consumers to rent out their extra vehicles, but digital innovation comes with challenges. For these rental services, one major hurdle was providing insurance. How do consumers insure their vehicles or RVs when they’re rented to someone else? And how do the renters confirm they’re insured? Digital innovators don’t always need to start from scratch to solve problems. Instead, many have found their paths forward partnering with other companies, like Liberty Mutual, who have already developed solutions to their challenges.

Turo Frees Up The Garage And Rents Out The Extra Car

Turo is the Airbnb for cars. This Global car-rental alternative, with listings across the U.S., Canada, Germany and the U.K., allows consumers to list their extra cars for rental on an easy-to-use and convenient website. Drivers searching for vehicles can refine their searches with filters for costs, brand, car type, manufactured year, number of seats and more.

How much owners can rent their cars for is determined based on market value, location, time frame and other data points, but all car owners require commercial insurance.

Outdoorsy Clears The Driveway And Lists The RV

If consumers can rent out their cars, why not their RVs? Outdoorsy is bringing consumers adventure by helping others rent out their RVs through an intuitive site.  Consumers can search for the right RVs with filters that organize price, entertainment, kitchen amenities and vehicle types.

When a renter pays for a reservation, Outdoorsy holds the funds for 24 hours until after the RV is picked up. Then, Outdoorsy releases the funds directly into the owner’s bank account, keeping a small transaction fee. Again, all RV owners must be insured for these rentals.

Liberty Mutual Answers The Challenge Of Insuring Consumer Rental Properties

One of the main concerns consumers have when listing their cars or RVs for rent is insurance. Luckily, Liberty Mutual partnered with Turo and Outdoorsy to tackle this issue and put consumers’ nerves at ease.

Easy Insurance With Turo

Turo offers a $1 million liability insurance policy for U.S. car owners, thanks to insurance partner Liberty Mutual. According to Turo, this policy protects car owners against lawsuits for injuries and property damage that occur during a trip, so long as the owner opts into the policy. Choosing from one of three plans, owners are protected against specific “comprehensive” and “collision” losses that occur during reservations. Plus, Turo offers protection for “acts of nature,” which will match consumers’ pre-existing insurance coverage.

Car owners who rent via Turo may decline a Turo protection plan and will then be required to provide their own commercial rental liability insurance.

Three Coverage Options With Outdoorsy

insurance coverage

Liberty Mutual, Woodruff Sawyer and Outdoorsy recently announced three coverage options for RV owners: peace of mind, essential and risk taker. All Liberty Mutual offered coverage plans for Outdoorsy can be upgraded to include interior damage and trip cancellation insurance in addition to vacation financing.

Sharing Economy Underwriting Manager for National Insurance of Liberty Mutual Steve Brown said, “Outdoorsy presented Liberty Mutual and Woodruff Sawyer with the challenge [of insuring rented property], and all three of us partnered to craft a solution that provides the peace of mind needed for RV owners to share their vehicles and consumers to rent through the platform.”

There are always obstacles when a service is the first of its kind. For innovators like Turo and Outdoorsy, one main business hurdle was providing reputable insurance policies. But these digital innovators didn’t need to reinvent the wheel to offer their consumers protection. These two digital companies formed strategic partnerships with Liberty Mutual, which allowed Turo and Outdoorsy to rent out consumers’ vehicles and Liberty Mutual to provide coverage — so all companies were able to do what they do best.

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About the Author

Victoria Pallien

Victoria Pallien is a Marketing Communications Writer at Digital Media Solutions (DMS), the fastest-growing independent digital performance marketing company. DMS helps its clients accelerate growth by deploying diversified and data-driven customer acquisition solutions that deliver scalable, sustainable and measurable marketing results. DMS performance marketing solutions connect the right consumers with the right offers at the right time to achieve the marketing objectives of our clients. DMS is continually innovating to provide new and emerging media and technology solutions that minimize waste and maximize results across the most competitive industries. Since its inception, DMS has demonstrated incredible year-over-year growth which has earned recognition on the Inc. 5000 list in 2014, 2015, 2016, 2017 and 2018.

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