Earn R4500+ Per Month By Renting Out Your Car To Uber Drivers
Flexclub pays you to rent out a car you dont use to Uber drivers struggling to obtain finance, says cofounder Tinashe Ruzane.
Flexclub a South African start-up founded by former Uber exec Tinashe Ruzane lets you rent out your unused car to Uber drivers who cant obtain finance.
If you have a spare sedan that has done fewer than 60 000 kilometres, you can expect to earn R4500 per month.
Flexclub insures the cars and covers maintenance costs.
It pays car owners directly how much or how little the Uber driver made in a month is irrelevant your payment is guaranteed.
Flexclub already has more than 300 cars on its platform.
If you buy a car for R150 000 and earn R4500 per month for three years then you sell it to us for R30 000, thats a pretty decent return
Tinashe Ruzane, cofounder – Flexclub
The owners are completely passive. Everything is our responsibility we have insurance. We cover all maintenance. Whether or not the driver pays us, its not your issue. You still receive your rental income.
Tinashe Ruzane, cofounder – Flexclub
We raised venture capital from several investors globally The US, South Africa, Israel, Dubai and Hong Kong some of our investors are familiar to the South African public, including Michael Jordaan
Tinashe Ruzane, cofounder – Flexclub
For more detail, listen to the interview in the audio below.
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Make Your Car Pay For Itself By Renting It To Someone Else
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A year ago, San Francisco-based RelayRides launched nationwide with the idea that, just like people are willing to rent their homes to strangers to make some extra money, they’d be willing to do the same with their cars.
Today the company says it’s proven its point, announcing that vehicles in its peer-to-peer car-renting network are now available in all 50 states.
The last states to fall were the Dakotas, says Steve Webb, a company spokesman. Though the Great Plains aren’t the geography most commonly associated with trendy sharing-economy apps, RelayRides likes to make the point that its service makes as much sense in a rural area as in a city.
Rent-by-the-hour car-sharing companies like Zipcar need the more frequent usage that comes with urban density to cover the cost of maintaining a fleet, Webb says. Peer-to-peer car-sharing doesn’t have that issue, since the cars’ owners would be paying for the upkeep of their vehicles anyway.
At the moment, RelayRides says vehicles in its network are available in 1,366 cities and towns across the country . Though it won’t disclose an exact number, the company says thousands of cars are being rented to tens of thousands of drivers.
“The way people use cars hasn’t really changed much in the past century,” Haddad says. RelayRides wants to be that change.
Do Not Use This Service
I rented a car and took it about 100 miles to another town for a day trip. I refueled in said town and just as I put my foot on the brake the brake line pops. I call Getaround support and explain that my brakes no longer worked and she told me it mustve been me needing brake fluid and that she had to call the owner so I can replace it. This was my 2nd customer service rep. After I inspected further I found brake fluid leaking and knew I had no brakes. Called my 3rd rep to try and repost that I cannot drive the car and she did not listen and said that I have to wait for confirmation to buy brake fluid to refill the car . So 4 hours later and 4 reps later I finally get told that they will call a tow truck and that I could go home and that everything will be handled. I waited 4.5 hours in total for help, got useless help from 6 different customer service reps, and they ended up towing the car 5 MINUTES DOWN THE ROAD from where it was broken down so I couldve taken it there when the issues first started but no they didnt wanna lose money. Oh yes and now that Im trying to get a refund since this all happened on the first day of renting the car, its only through email you cannot call them if you dont have a reservation. After I get my money back I will never us this service again and Ill never recommend them to anyone
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Rent Out Your Car On Hyrecar: The Complete Guide
Want to make a cool $9,000 this year? HyreCar will rent your car to rideshare and delivery drivers who are in need of a vehicle or dont have a qualifying vehicle.
If youve ever asked yourself, How do I rent out my car in order to earn extra income? HyreCar has the answer. Were leaders in the carsharing space and will help you rent your car online to local rideshare and delivery drivers.
Is It Safe To Rent Out My Car To Someone Else
Yet another important you might have before beginning the process. Since every platform screen their users/members, it should be safe to rent out your car. This means only verified drivers can sign up to use their services. They must have a valid drivers license and their driving record must be clean. Platforms may look at their auto insurance score, provided by TransUnion. Also, those who had several accidents a few months prior to their registration wont be approved.
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Do I Need My Own Insurance
No, you dont need personal insurance coverage to book a car on Turo.
In the US, any personal insurance you may have that covers damage to the hosts vehicle would kick in before your Turo protection plan, except in limited situations for trips booked in Maryland. When booking a car in the US, youll choose between three protection plans Premier, Standard, or Minimum to get the level of coverage thats right for you. With each plan, youre covered with third-party automobile liability insurance provided under a policy issued to Turo by Travelers Excess and Surplus Lines Company $750,000 for the Premier plan.*
When booking a car in Canada, youll choose between three protection plans Premier, Standard, or Minimum and with each plan, youre covered with liability insurance purchased from Intact Financial Corporation in Alberta, Nova Scotia, Ontario, and Quebec, and Insurance Corporation of British Columbia in British Columbia up to $2,000,000 for all plans.**
When booking a car in the United Kingdom, youll also choose between the Premier, Standard, and Minimum protection plans. Each plan includes different limits of financial responsibility for physical damage, but all three plans include up to £20,000,000 coverage under a third-party automobile liability insurance policy provided by Aioi Nissay Dowa Insurance UK Ltd. via Turo broker Aon UK Ltd.**
Avoid Additional Driver Fees By Using Avail
Rather than worrying about workarounds and the nuances of your insurance policy, consider renting a car with Availâs car sharing service. There is no fee for additional drivers on your reservation. In fact, thereâs not even a fee for drivers under 25 years old. Plus, you can even make a reservation with a debit card rather than a credit card. Avail partners with Allstate Insurance to provide comprehensive coverage while on the road.
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Do You Need Insurance To Drive Somebody Elses Car
No, most of the time the insurance follows the car. So, if you get into an accident when youre driving a friend or family members car, their existing auto insurance policy will cover the losses, as long as you had permission to drive the vehicle.
If you cause excessive damage that their insurance policy cant cover, you may be held financially responsible. Thats where a non-owners policy can come in handy. This type of insurance coverage can protect you when you are a pedestrian, and when you are driving someone elses vehicle or a rental car.
How Renters Find Your Car Listing
Now that the car is listed and ready to go, the last step is to set pricing. This part is very intuitive on the Turo app. All I do is look at similar cars in my area and charge a couple dollars lower. Prices vary based on seasonality, so be sure to check back once a month to make sure your rates remain competitive.
Turo offers several dynamic pricing models to help hosts maximize their car sharing utilization by slightly raising prices during popular times , and lowering prices during regular weekdays.
Heres how it works: When someone seeking a car rental logs onto Turo, theyll ask the app for a car near where they are or want to pick up the vehicle. When they book your car, youll get notified through the Turo app. Woohoo!
Some car owners will then send a welcome message telling them how excited you are for their trip. Honestly, I never did thisbut regardless, you should be prepared to respond promptly to any inquiries from renters. Quick response times and good response rates likely make your listing more attractive.
Once a week, I would send the renters for the upcoming week a generic message welcoming them to Denver and giving them instructions on how to find, unlock, and operate the car. If they had any further questions from there, I would answer them kindly.
Thats pretty much it. It was an easy business to operate. It took less than an hour per week of time and most of it was just texting the renters.
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Is It Legal To Rent My Car To Someone Else For A Week If So How Do I Minimize Liability Risks
- Posted on Oct 18, 2015
If you own the property, renting it should not pose the any issues. However, if you are leasing or have a lien on the vehicle this would raise questions. On the liability issues, the best thing to do is to contact your insurer and have a discussion of what you are planning to do.Many Personal Auto Policies have exclusions for use of the vehicle in business pursuits and typically the insurance on the vehicle is considered primary with coverage the driver has being secondary. This is even more reason to discuss this with your insurance agent.
Have The Insurance Coverage Talk
Generally speaking, auto insurance covers the car and any drivers named on the cars insurance policy. That being said, if you lend your car to a friend and the friend has an accident, your insurance will cover damage to your vehicle the same way as if youd been behind the wheel.
Before you hand over your keys, take a few minutes to talk to your friend about how much liability coverage your policy includes and your deductible amount. And make sure you agree on who will pay the deductible if theres an accident!
Lets say your friend backs your car into your neighbours fence and damages it. No problemthe liability section of your insurance policy will cover the damage to the fence. And the damage to your car? It will be covered if you have collision coverage .
Before processing the claim and paying for the damage, your insurance company will require payment of the deductible indicated in the insurance policy . So, who will pay the deductible? You? Your friend? 50/50?
Again, make sure you agree on this before letting your friend drive your car. Otherwise, you could be stuck paying hundreds of dollars for the deductible and dealing with the inconvenience of a car accident that you werent even involved in . And it could hurt your friendship.
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Understand Your Insurance Coverage In Case Of A Collision
Use caution when you rent a car for someone else and put them on your reservation as an additional driver. If they get into a collision while driving the rental car, you may still be responsible for the expenses, depending on your collision insurance.
One way to safeguard yourself is to pay for a Collision Damage Waiver. It adds a daily fee but covers the vehicle. You may be able to use your personal auto insurance and/or credit card rental car benefits. But that means your insurance record could be damaged if your friend gets into an accident.
Can You Rent A Car For A Driving Test
No, you cannot rent a car for a driving test. Because Avis renters need a valid drivers license, unlicensed drivers are not able to rent a car for a DMV driving test. What if you dont have a car for a driving test? You may have to borrow a vehicle from a friend or family member because Avis does not have vehicles designated as DMV driving test rental cars. Your driving teacher may also know of other places where you can get a car for a driving test.
If youd like to read the specific rules for additional drivers at your Avis you want to rent from, find the locations page on our site and follow these simple steps:
Double-check that it is the correct Avis location.
Scroll to the bottom of the page to find the Terms and Conditions.
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Certain Insurance Policies Can Protect You On The Road Even If You Dont Own The Car Youre Driving
If youre a new vehicle owner, you may be wondering: Can someone else insure my car?
Auto insurance companies have strict rules when it comes to starting a policy and verifying information provided by the policyholder. This is mostly to prevent insurance fraud and make sure the driver has insurable interest in the vehicle. So most of the time, you will not be able to insure a car you do not own. However, there are special circumstances where the auto insurance provider may work with you.
Weve reviewed the top car insurance companies in the nation, many of which will walk you through car insurance and vehicle ownership. Read on to learn how you can legally protect yourself when youre driving a car you dont own. Then, use our tool below or call our team at to start comparing car insurance quotes:
Give A Gift Card Instead
Instead of messing around with your credit card, buy a gift card to be used with a rental car company and give that to the other driver. This way, you still pay for the rental and you avoid the confusion of having multiple names on the contract.
Most major rental car companies offer gift cards and certificates.
The downside of this option is the other driver will have to provide his or her credit card to handle any additional charges or fees that may come up.
So make sure the gift card is enough money to cover everything, such as pre-paid gas or other options the other driver may incur. It can be smart to calculate the cost of a loss damage waiver onto the cost of a rental car. This varies from about $20 to $30 extra per day.
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Your Premium Could Go Up Even If You Werent Driving
If you file a claim with your insurance company, your premium might increase. This means you could be stuck paying more for your insurance because of your friends bad luck or carelessness.
Communication is key to avoid unpleasant surprises. Make sure you and your friend are on the same page before handing over your keys. If an accident happens, youll know how to handle the situationmeaning you can save your friendship and a whole lot of headaches!
Actual Earnings From Car Owners Dashboard:
- Youll get paid fast! HyreCar features a secure payment system, so youre always paid on time. You start earning as soon as you approve a renters application, and your money gets transferred to your bank account as soon as the approved renter picks up your car. Cha-Ching!
- Insurance:HyreCar offers you comprehensive, industry-leading insurance when you list your car with us for rental. Your vehicle is also protected by the gig service insurance coverage while the renter of your car is driving for either Uber, Lyft, DoorDash or any other gig service.
- For more info on rideshare insurance check out our best rideshare insurance options for Uber and Lyft drivers blog article.
- We give you the option to choose from a range of protection plans, each with a different level of coverage from HyreCar in the unlikely event your car is damaged, stolen, or vandalized during a rental. The choice is yours opt in for a premium protection offering or take home more cash with the basic plan.
- Weve also partnered with Sedgwick to allow our vehicle partners to enjoy an expedited claims process.
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Youre Set For Success
Do it all in the Android and iOS app manage bookings, see your income and get support. Borrowers use the app to get the keys, so you dont need to meet.
Were Australias largest car-sharing community, servicing tens of thousands of trips each month and were growing fast.
How Can I Improve My Car Renting Business
Improving your business will mean that you will be getting more orders, gigs hence more money. The simple way to do this is to get better reviews. Most customer-car owner websites give an option for reviews.
Clients typically would prefer a five-star rated driver. Also, when engaging in any other, always ensure you provide the best services with your client needs they will always come back.
Conclusively, renting out your car to make some money is one of the most fantastic ideas you can pursue. However, before you engage in it, be prepared for the noticeable wear and tear, among other risk possibilities that it might bring, especially to your car.
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