What About The Risks
Renting out your car to strangers may understandably make you nervous. Its bad enough when your friend or child wants to borrow your wheels.
Rental car companies understand peoples hesitancy to hand over their keys. Thats why they offer large insurance policies.
Renters are responsible for covering the price of the policy, often in excess of $500,000, before getting behind the wheel. If the car gets damaged, the renter is pays a deductible and the rental company works to get your car fixed.
In most cases, the rental company will ensure that you and your car are protected.
For example, Turo offers three vehicle protection plans for hosts: Premium, Standard and Basic. All three plans provide up to $1 million in liability protection but differ in how things like exterior wear and tear are covered.
Insurance Required
The level of protection you select for your vehicle affects what percentages youll receive as payout for renting out your car.
If you decline Turos protection plan, you must provide commercial insurance verified by Turo before listing your vehicle on their site.
Concerned about renters who smoke in your car or leave it dirty? Fear not, the rental service charges a fee to have your car cleaned and detailed.
The Cheapest Way To Rent A Car: 10 Tips
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
One of the biggest travel trends since the COVID-19 pandemic is the comeback of the road trip. But high demand means that supply for rental cars might be lower. Unsurprisingly, car rental prices are at sky-high levels and thats if you can find one available to rent at all.
The good news is you dont have to blow your entire vacation budget on rental cars.
These 10 tricks will help you score a cheap rental car for your next road trip, whether its a quick weekend getaway or a cross-country odyssey.
Dont Walk Up Book A Rental Car
This is another great car rental tip. Like a flight, youre going to find the best car rental rate beforehand online. Actually, if you are booking a car with less than 24 hours advance notice your rates may skyrocket.
If you walk off the airplane with the thought of just walking up to the car rental booth to rent youll likely be surprised by the high prices. We always aim to rent a car with at least 24 hours notice. If you do need a car on short notice, it might be best in this instance to go with smaller independent providers who can negotiate a rate with you.
Also Check: What Year Was Columbo’s Car
What Is The Current Car Rental Process
To help protect both customers and employees, we have modified our car rental process. This includes the addition of curbside rentals at our locations to help promote social distancing by getting you quickly on your way while avoiding foot traffic in our locations.Delivery is also offered at select car rental locations throughout the country. Please contact your rental branch for availability.Whether you are picking your vehicle up curbside, or if we deliver it to you, were committed to maintaining proper distance throughout the process.
What If I Rent Out My Car And It Gets Damaged/stolen
With both Turo and Getaround, youre insured. With the former, youre covered with up to $1 million in liability insurance provided by Liberty Mutual. All Liberty Mutual liability insurance in the U.S. is offered through Turo Insurance Agency. Terms, conditions, and exclusions apply. Your car is also protected against theft and physical damage. If you choose to rent out your car with Turo, youre free to select their Premier, Standard, and Minimum insurance plan. Getaround offers you a $1,000,000 primary insurance, and trips are covered with insurance and 24/7 roadside assistance.
And next you might wonder, what is the best solution if I decide to rent out my car and that is to keep your own coverage and expand it, if possible. Some insurance companies have already adapted to the new situation and started to provide coverage for vehicles that are listed on car-rental sites. Furthermore, read about what the insurance plans or your chosen platform cover. Some car owners shared their stories where their car gets damaged but neither their own insurance company nor the platform paid for the damage. Its better to be safe than sorry, so do your homework.
Some tips to consider: Even if youre swamped, walk around your vehicle after each rental period to see if its intact. Control the length and the number of rentals to keep your car in great condition as long as possible. Think about how you can avoid paying others toll.
Read Also: Which Car Rental Companies Give Aarp Discounts
Can Other People Drive A Car That I Booked
Yes, multiple guests can drive the car you book on Turo, as long as they are all approved to drive. The primary driver can add additional drivers with no fees or additional charges. Only the primary driver can request to add drivers Turo hosts cannot do it for you. We encourage you to request to add additional drivers before your trip starts, though guests in the US and Canada can request to add a driver while a trip is in progress.
To speed up the process, have your additional driver create a Turo account and get approved to drive before you request to add them. All drivers must have a valid drivers license and meet the age requirements for the car youve booked. You can request to add drivers via the Trips tab in the Turo app without additional driver charges or extra costs.
One Way Car Rentals Cost More
Picking up and dropping off at the same location will fetch you a better price than a one-way rental charge. Weve rearranged whole trips to avoid the one-way rental charge imposed by rental car companies.
Sometimes if you have to get somewhere this charge is unavoidable and you may just have to pay it.
Don’t Miss: How To Get A Replacement Car Title In Florida
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.
Car Sharing: How To Make Money Renting Out Your Car
If you havent been driving much lately, you may be thinking about how much your car is costing you as it sits in your driveway. The good news is that you can make money renting out your car, just as you would renting out your home on AirBnB or a similar platform. Heres what you need to know.
Also Check: Synchrony Car Care Gas Station
Advantages Of Renting Out Your Car
Similar to listing your space on Airbnb, you can make tons of cash renting out your spare car. Lets say you have an extra car that you dont drive very much. Right now, its sitting in your garage, in your driveway, or parked out on the street. Instead of letting it accumulate dust, why not put it to use so you accumulate some cash and make a potential gig workers life a whole lot easier? Here are two reasons why renting out a personally owned vehicle is a win-win for owners and potential drivers:
- You can make over $720 a month by renting out your personal vehicle to a gig worker. Sweet, huh? In fact, average car owners who list their vehicle for rent through HyreCar can earn up to $9,000 a year.
- The number of rideshare and delivery drivers is growing every day as more and more independent contractors join the on-demand economy. The more gig workers there are, the more demand there is for quality cars like yours.
Whats The Best Way To Negotiate Car Rental Rates
It may be hard to negotiate your rate if you dont understand how car rental rates are determined and whats included in the price. You can ask to be taken off some other plan and offered a cheap one simultaneously. If you book online, you should try to get a deal at least $20 cheaper than standard rates.
Recommended Reading: How To Fix Clear Coat Peeling Off Car
You May Not Need Car Rental Insurance
Car rental companies love to upsell you on their insurance plans. It starts during the booking process and will continue when you arrive at the office to pick up your car. Sometimes, we politely decline and they dont press any further.
Other times, we have declined insurance and they proceed to scare the stuffing out of you until you give in and buy their ridiculous insurance plan. Typically this happens with smaller companies and not name brands like Hertz, and Enterprise but it all depends on the location!
For Americans, if you have your own auto insurance policy, it may cover collision damage and even personal liability for a rental car. Its worth making a call to your insurance provider to check what is covered. Additionally, many travel credit cards provide secondary CDW that will help after your primary insurance. A few notable credit cards provide primary CDW insurance we have this with our Capital One® Venture® Rewards Credit Cardand the Chase Sapphire Reserve®, two great travel credit cards.
How To Make Money In The Sharing Economy
With the rise of the sharing economy more people with less-than-perfect credit scores that probably won’t qualify for acar loan choose to rent a car from the owner.
At the same time the Sharing economy offers economical benefitsand the opportunity to earn extra money for everyone involved. There are a lot of things you can rent out for money.You are probably familiar with Airbnb, one of the sharing economy companies. Other sharing economy examples arePoshmark or other apps that allow you to make moneywalking dogs. But how does renting out your car work? In practice, it works like this:
- You can rent out your car through an app.
- You list your vehicle and make it available to private individuals.
- Whoever wants to rent a car needs to get in touch with the owner.
- All car sharing services do not accept cash. This means that renters cannot pay the car with cash, but canonly pay by credit or debit card and take the opportunity!
- The app in general retains about 12-30% of commissions and fees, which also includes roadside assistance andinsurance for damages, theft, liability.
Don’t Miss: Does Carvana Do Leases
Other Ways To Make Money With Your Car
Prefer to be behind the wheels of your own cars instead of renting it out? You still have a lot of ways to make money. This section isn’t all passive income – you need to be actively working for some of these ideas.
Legal And Liability Issues With Peer
Turo has had its fair share of legal troubles. The service stopped operating in New York City while it was still called RelayRides because it was acting as an unlicensed insurance producer and adjuster.
One Turo vehicle involved in an accident had been stolen, and an owner renting his car out on the site said three different renters got into accidents. In addition, people have faced hardship when trying to figure out whether their personal insurance or the peer-to-peer car rental service was going to cover accidents.
In another instance, an owner rented out his luxury Audi on Turo and the driver totaled the car. Turo’s third-party insurance adjuster undervalued the car, and Turo said it wouldn’t pay to replace the car even though it went through excessive damage.
Many insurance companies will not cover Turo, Getaround, or other peer-to-peer car sharing services, so drivers must rely on those businesses’ policies in case anything happens.
You May Like: How Much Commission Do New Car Salesmen Make
Our Experience With Car Rentals
Not exactly car rental tips, but we give to you our experiences with a few companies. Our experiences with rental car companies are always a toss-up. Id say 70% of the time we have a hassle-free encounter, but there have been certain companies that we prefer not to use anymore. Weve rented from every major car rental company there is. Here are our thoughts.
Rental Car Booking Faq
It can vary depending on the company you book with, but car rental days are usually calculated on a 24-hour basis. This means that renting a car for 25 hours may actually cost double than returning it just one hour earlier! Also keep in mind that many rental companies have a weekly rate which is cheaper than their daily rate, meaning that it can be worth your while to book for a full 7 days rather than 5. If your plans are flexible, you can try playing around with your dates and pick-up/drop-off times to see if you manage to find a better deal.
Read more tips on how to save money on a rental car in our payment guide.
Some car rental companies offer a service to either pick you up at your home or the hotel youre staying at, or deliver your rental car to a specific address. Keep in mind, the availability of pick-up services may depend on your distance from the car rental location and pick-up service might cost more than picking up the car yourself. Some car rental companies that may offer a pick-up service include Avis, Budget, Enterprise, Hertz, and Sixt.
If you arrive at your scheduled pick-up time and the agreed-upon type of car is not available, you have a few options. The rental company might offer you a larger or smaller car. If you get a bigger car than the one youve booked, the counter staff should not ask you to pay for the upgrade. If you receive a smaller car, or a cheaper car group, ask for a refund of the price difference from what you originally paid.
Don’t Miss: How Much Do Car Salesmen Make Per Sale
How To Choose Your Rental Vehicle
Canadian drivers drive on the right side of the road, similar to the US. Honestly, American drivers wont notice any difference in driving styles in Canada. Driving in Canada is extremely similar to driving in the US.
Unlike Europe, Most rental cars in Canada have an automatic transmission. Though its still possible to rent a manual car in Canada if you want. Make sure to read your booking carefully so you know what transmission type you have selected.
When booking a rental car in Canada its extremely important to pick one that is suitable for the time of your visit. If you are visiting an area like Banff, or any mountains in Canada in the winter a 4×4 vehicle should be considered. Four-wheel drive vehicles cost more, but they can be necessary for road trips in the mountains or somewhere known for treacherous snowy weather between November and April.
If you dont want to rent a 4×4 at the very least get a car with snow tires in the winter. Remember that just because you rent a car in Canada in February doesnt mean you will be given snow tires. You have to specifically request these from the rental agency and they may carry an additional fee. Some provinces in Canada, like British Columbia, actually require that you have snow tires on your car when traveling in the winter.
In the summertime, a normal sedan will work fine just about anywhere in Canada. However you will notice many huge trucks driving around.
Five Tips If You Want To Rent Out Your Motor
IF you are planning to rent out your motor on a car-sharing platform, there are a few things to watch for:
1) REVIEWS: Like Airbnb, car owners on car-sharing platforms get reviews from renters which can affect how many bookings they get. So make sure you keep your car clean, tidy and in a convenient location like near a train station for the best reviews.
2) COSTS: All car-sharing platforms make money by taking a cut of between ten and 40 per cent from the car hire. Check the terms before signing up. And look out for extra costs such as the £26 monthly subscription Drivy charges for its Open system.
3) WHEN THINGS GO WRONG: Read all the terms carefully before signing up so you understand what you need to do to get reimbursed if something goes wrong, like renters getting parking or speeding tickets, or damaging or stealing your car.It is important to take photos of any damage to the car before each time you hire it out, so you can prove what it looked like before.
4) WEAR AND TEAR: Remember that hiring out your car could considerably add to your annual mileage, as well as the wear and tear on your car. So you might have bigger garage bills.
5) TAX: You can earn up to £1,000 tax-free through online trading, such as selling on eBay or renting out your car. But you may have to ask HMRC for this allowance.
Recommended Reading: How To Fix A Cigarette Burn In Leather Car Seat
