Listing your own car for rent is certainly a good enough idea to earn some money. But what do you risk in case of an unexpected situation? Private car rental is a good plan for both parties. Indeed, this system allows the tenant to find a car for less money than what he needs to spend on a professional/classic rental. As for the owner, this allows him/her to earn some cash and eventually reduce his vehicle’s global cost.
How to do it?
Renting your car is as simple as it gets! All you need to do is register on a dedicated platform such as this leading website in peer to peer car rental in the UK: Getaround.com, and then outline your vehicle characteristics (model, brand, type of fuel, colour, and the number of doors…). You must also detail your availability so that potential tenants can rent your car; and voila! Thanks to this system, you can earn several hundreds of Euros a month!
Peer to peer car rental is not that straightforward
You can earn a couple of hundreds of Euros just by renting your car 10 days a month on whichever car hire website. The more you rent your private car, the more you will make money. However, according to a study on p2p car rental, more than half the vehicles listed for hire have never been rented due to the fact that some cars are of little interest. The ones that are most popular are new city cars or small ones that are easy to park. The study also showed that about half these vehicles brought less than 350 Euros per month. It also means that half of those who are registered earn more, which leads to a nice sum of money at the end of the month!
Car hire risks, because there are!
All of the above is fine but if ever a tenant makes an accident, what happens? There’s absolutely no need to panic, most websites have both the landlord and tenant sign a rental agreement where auto insurance’s cost is taken care of by the tenant, therefore, you will be insured in case of theft or accident. It’s needless to remind you that you should check the terms of the contract before committing to any signature. On the other hand, if you rent your car without going through a specialized website, you may have bad surprises. Unless you notify your car insurance company, you will be held responsible for any unforeseen issue and have to bear the consequences. Better safe than sorry!