The pros and cons of using Turo to rent out your cars: You can make a lot of money but it's a pain if your vehicle gets wrecked or stolen

Lavell Riddle owns six cars that he rents out to earn extra income.Cydni Elledge

• Turo is a car-sharing app that allows people to rent out their cars to others for a daily rate.
• Insider talked to five Turo hosts about the best and worst parts of renting out their cars.

If you've ever imagined yourself cruising down the Pacific Coast Highway in a convertible Ferrari with the top down, there's an app for that.

For $423 a day, you could rent a bright red Ferrari and drive it from Malibu to Santa Barbara on the car-sharing app Turo.

Turo allows people to rent out their cars to customers for a daily rate. Renters range from families looking for inexpensive SUVs for road trips to vacationers who want to pull up to their hotels in luxurious sports cars. Some hosts rent as a side hustle to earn passive income, while others operate full-time businesses.

While many Turo hosts find business opportunities, there can also be downsides to renting out your car to strangers.