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Millions of people are joining the on-demand economy, also known as the gig economy, in order to earn extra cash as independent contractors. Whether you own a car that you want to rent out, or you are listing a spare room or apartment on Airbnb, there is a huge opportunity to earn money in the gig economy.
Driving for rideshare and delivery companies like Uber, Lyft, DoorDash, and Instacart is one of the most popular jobs in the on-demand economy. In order to do this, you need a qualified car.. Let’s say you don’t currently own a vehicle that can be used for ridesharing. Should you buy one or rent one?
Leasing or owning a car for ridesharing, as well as personal use, can be extra costly, due to huge down payments ,high interest on your monthly payments, and scheduled maintenance services. This is why many drivers are saving money by renting cars. Not from giant pricey companies like Avis or Hertz, but more affordably through carsharing services like HyreCar and Turo.
Similar to how Airbnb works in the sharing economy, carsharing means someone who owns a vehicle, one they don’t use, lists it with a carsharing service, which in turn rents it out to drivers who need a car for either gig work or travel.
When it comes to carsharing, both HyreCar and Turo offer similar services. However, there are definitely some differences hat you should know about. Let’s talk about the main categories you should consider when choosing the best carsharing company for you.
How It Works
For Drivers: It only takes a few steps to rent a car from an owner who has listed theirs with HyreCar.
- Download the HyreCar Driver App and sign up using Facebook, Apple, Google or Email.
- Complete your profile by entering your personal and driving information. HyreCar then will run a quick background check to verify your driving record. This is so you can be approved as a driver, which usually only takes a few hours.
- Browse the marketplace in the app for cars in your area. You’ll be able to filter for your desired vehicle type and see clear photos of the various cars on the platform near you. HyreCar also provides the daily, weekly, or monthly rental charge that owners are asking as well as the distance each car is from your current location. HyreCar has vehicles available in all 50 states.
- When you find a car you like, click “Book Now” and select how many days you’d like to start with. The car owner then has 24 hours to approve or decline your booking request.
- Once the owner approves your request, you’ll receive the vehicle registration, 19-point inspection, and insurance documents. These three docs need to be uploaded to your gig services (Uber, Lyft, DoorDash, Instacart, etc.). Then, drivers arrange a meet up with the owner so you can inspect and pick up the car in person. Sometimes, owners will even deliver the car to you, so don’t be afraid to ask! Now it’s time to slide behind the wheel and start earning some sweet, extra cash by driving with any gig service you desire. Oh, and if you’d like to continue driving, simply extend your rental in the HyreCar Driver App.
- When you’re ready to return the car, fill up the tank before you bring it back to the owner, and schedule a drop-off.
For Owners: Here are the steps for renting out your car.
- Register your car with HyreCar, at no cost. Get the vehicle inspected, then upload your registration, inspection documents, and quality photos of the vehicle. Make sure the photos are sharp and clear, showing the cleanliness and condition of the car’s exterior and interior. Set your desired protection plan for each car you list.
- Note: Still need to get your car inspected? Check out our friends at Rideshare Mechanic to get your vehicles inspected remotely. This service conducts a video vehicle inspection, which eliminates the inconvenient process of going to a Jiffy Lube or local mechanic. Their cost is comparable to your local mechanic, and you don’t pay unless your car passes the inspection. Click HERE to sign up with Rideshare Mechanic and get your vehicles inspected quickly and efficiently.
- You’ll receive a notification when someone wants to rent your car. We recommend responding ASAP because drivers typically apply to multiple vehicles at the same time.
- Once you’ve approved the rental request, arrange to meet the driver so they can pick up your car. Be sure to verify that all of your vehicle documents (registration, personal insurance, inspection, etc) are up to date.
- Meet the driver! Verify their license and inspect the condition of your car together. Check the fuel and mileage, and hand over the keys.
- When the driver no longer wishes to rent your car, arrange a meeting time so they can return it to you. Inspect the car for any damages, rate the driver, and take the keys back. Then, list your car as available for rent again on the HyreCar platform and earn more extra cash!
NOTE: Once you’ve successfully listed your vehicle on the HyreCar platform, you should consider using Neighbor to rent out the (now) empty space in your garage or driveway.
You can earn an additional $100-300 every month renting out your empty space! Click HERE to sign up for Neighbor and get paid for your extra space today.
HyreCar’s cancellation policy is as follows:
Drivers and owners can easily cancel as long as the cancellation occurs prior to picking up the vehicle. In both cases, a driver or owner must contact HyreCar support to put the cancellation in motion. If a driver does cancel after already being charged for the rental, (but again, before pickup) HyreCar will give the driver a full refund if the reason for cancellation is deemed reasonable.
When a driver cancels the rental after pickup, say, due to car problems or just to return the car earlier than expected, HyreCar will reimburse a monetary amount based on days left in the rental, minus processing fees.How Does Insurance Work?
HyreCar’s insurance policy for drivers is pretty straightforward and is included in the cost of the rental. It covers you when you’re driving your rental vehicle on the way to pick up, or after dropping off, passengers, but not when passengers are in the car. This is very similar to most ridesharing and delivery insurance policies. Here are the basics:
- HyreCar’s Insurance Coverage is only provided for the Driver while renting a vehicle through HyreCar. By renting a car through our platform, Driver’s agree to use the vehicle to drive for a TNC. The amount that the Driver is liable to pay out of their own pocket for Physical Damage (other than interior damage) for the rented car is contractually limited to a contingency fee up to $1,000.
- Insurance begins and ends at the start and end time of your rental. If you extend your rental, you’ll want to make sure your insurance coverage gets extended as well.
- Uber or Lyft’s own rideshare insurance policies override HyreCar’s policy when you have passengers in the car.
- Vehicle owners are required to have personal auto insurance at the state minimum.
For owners, HyreCar Protection provides a variety of coverage options through its insurance partner(s) to give Owner’s the flexibility to conveniently choose coverage levels they would like to receive while their vehicle(s) are rented out on the HyreCar platform. These plans include liability insurance, physical damage responsibility, and additional services like tickets and tolls.
What Do The Reviews Say?
According to this The RideShare Guy review, renting a vehicle through HyreCar is an easy, positive experience. Here’s why:
- Customer service is excellent and easy to access.
- Trust and safety are established through HyreCar’s vetting process.
- There are thousands of high-quality affordable cars that are perfect for any rideshare or delivery service. Plus, there is a nice selection of luxury vehicles available for upper levels of Uber-like Uber Select, Uber SUV, and Uber Black.
- The costs of vehicle maintenance and depreciation are built into the price of the rental. You’d have to pay these yourself if you owned your own car.
- HyreCar provides flexibility, meaning it’s pretty simple and quick to get in and out of rentals.
How It Works
For Drivers: Signing up for renting a vehicle through Turo is very similar to HyreCar’s sign up process. Here are the five steps for drivers:
- You create an account with Facebook, Gmail, or your email account. Then, wait for approval.
- Search for cars in your area used for travel or leisure.
- Book your vehicle. Some cars have a Book Instantly option. Vehicle owners have up to 8 hours to respond to your request.
- Arrange for vehicle pick up with the owner. You can also have the car delivered for a fee. (HyreCar owners do not charge a fee to deliver a rented vehicle to a driver) Then present your license at pick up.
- Return the car at the location you’ve arranged with the owner, after filling the car up with gas.
For Owners: Four easy steps for owners to list their cars with Turo:
- Create a free account. Describe your car in detail and upload quality photos of it. Keep your calendar of car availability updated for potential drivers.
- Respond to rental requests.
- Arrange to meet with the driver at a mutually convenient time and place. Do a check of your car’s condition, mileage, and how much gas is in the tank. Make sure all documents are up to date that the driver has a valid license.
- Pick your car back up from the driver at the arranged time and location. Make sure you rate your experience with the driver when it’s all done.
Turo’s cancellation policy is as follows:
Turo offers either free refunds or a portion of the cost depending on how soon you cancel your rental after booking.
How Does Turo’s Insurance Work?
Turo’s Insurance policy is somewhat more complicated than HyreCar’s insurance policy. Here are the basics regarding Turo insurance, but you might want to do some further research on your own before driving or renting with the company. Important: You need to have your own personal insurance in order to register your car with Turo as an owner. Drivers looking to rent do not need personal auto insurance.
- Turo offers 5 insurance options for coverage: Owner Provided, Basic, Standard, and Premium.
- 60 Plan: Earn 60% of the trip price in exchange for 100% of damage paid by Turo (no deductible)
- 75 Plan: Earn 75% of the trip price in exchange for 100% of damage paid by Turo ($250 deductible)
- 80 Plan: Earn 80% of the trip price in exchange for 100% of damage paid by Turo ($750 deductible)
- 85 Plan: Earn 85% of the trip price in exchange for 100% of damage paid by Turo ($1,625 deductible)
- 90 Plan: Earn 90% of the trip price in exchange for 100% of damage paid by Turo ($2,500 deductible)
What Do The Reviews Say?
RideSharingDriver.com posted a review of his experience renting from Turo. Here are some of his main pros and cons:
- RideSharingDriver.com writes that If you’re looking to rent a high-quality vehicle at a decent price, say like a BMW, Turo is a good peer to peer car sharing service to choose, as they are competitive price-wise with big name rental companies.
- There were a lot of cars to choose from and It was easy to search for and select a car.
- Coordinating with an owner is a little more work with Turo than a general rental would be, which may not appeal to some.
- Because of added fees (insurance protection, gas), the listed price may not be reflective of your actual total.
- He wasn’t crazy about steep delivery fees that Turo tacks on if you don’t pick up your rental in person from the owner. For example, having the owner deliver the car to you costs an extra $20.
Conclusion: What is the Best Car Rental Alternative? Comparing HyreCar and Turo
If you’re thinking of renting a car for Uber driving or other rideshare and delivery companies, we recommend HyreCar for a few important reasons.
Turo is meant to be a substitute for your regular car rental service, which might make it a good choice for a weekend drive or a business trip, but makes it less ideal if you’re hoping to use it to make money for weeks or months at a time.
As a car owner, HyreCar is your best solution if you want to rent out your car out to business-minded individuals who will turn around and earn incomes via Lyft, Uber, Postmates, or other gig services. Rental durations with HyreCar are typically longer since drivers are renting in order to work and earn cash.
If you’d rather stick to renting your vehicle to those looking for a weekend trip or personal use, then you may want to consider Turo.
Actual earnings may differ and depend on factors like number of deliveries completed, time of day, location, and expenses. Hourly pay is calculated using average Dasher payouts while on a delivery (from the time you accept an order until the time you drop it off) over a 90 day period and includes compensation from peak pay, tips, and other incentives.
Hello! I own Ry’s Rentals in Baltimore, MD – http://www.facebook.com/rysrentals, http://www.rysrentals.com
This article is, of course, biased to HyreCar as it is on your blog! I have used BOTH services so I’d like to add some insight!
Some of the information given is not necessarily true. For instance, owners being charged a fee for cancellation within 72 hours and owners having up to 8 hours to respond to rental requests. I have had to cancel twice under 72 hours and was not charged a $50 fee either time. Turo is pretty lax if you are a good provider! Also, in MANY cases you can get an immediate response to a rental request by renting a car that is “Auto-book” eligible. My entire fleet on Turo can be Auto-booked. I make sure I stay on top of my calendar in order to provide that convenience to my customers.
Perhaps when HyreCar offers a calendar function, they will be able to match Turo with an Auto-book function where drivers will not have to wait for multiple providers to respond! I would love to see that.
Other big differences that have been completely left out of this article is the large allowance of time for drivers to return a vehicle on HyreCar vs with Turo. With HyreCar a driver has 2 hours of grace period. If they hold onto a car longer than that, they are only charged a $10 fee. On the other hand, at Turo, a driver can only be 15 minutes late at drop-off before the provider has the right to charge a $50/hr late fee. Because of this, I definitely feel as though Turo values the providers’ time more than HyreCar does!
I will say I can make almost double with HyreCar than Turo, but honestly, I would expect nothing less. With greater risk SHOULD come greater reward, so with my vehicles being potentially driven 2.5 times more per day on HyreCar, I SHOULD be seeing an increase in my rental income. I’m currently experiencing a 47% net increase using HyreCar over Turo, which is great! I just hope and pray that none of my renters get into an accident, smoke in the vehicle, go over the mileage limit, or return the gas less than full, because HyreCar’s terms of service state I could wait weeks for reimbursement, but I am usually reimbursed in less than a week with Turo.
Thank you for allowing honesty,
Mariah “Ry” Getty
Thank you for the feedback!
I would love to be able to be apart of this Establishment
Awesome! Are you looking to list your vehicle to rent out to rideshare drivers?
Turo will also try to sell insurance to the RENTER. Essentially the SAME insurance as the one the OWNER has. Something like this – http://www.insurancepanda.com/3234/what-does-non-owners-car-insurance-cover/ So if you’re a renter, just know the car is already insured by Turo and the owner with their own insurance. One. It’s a state law that all cars have to have insurance. Even car rental places like Hertz and Dollar have basic insurance on all their cars. The insurance that Turo makes owners get is actually really good. Even it’s lowest form is very good. So DO NOT pay for the renter insurance, because it’s the same thing that’s already on the car. It’s just an extra way for Turo to make money. Don’t believe me? Look at the owner section about insurance. Turo makes the owner use their insurance that covers any renter.
James, I’m a turo renter who had some damage done while driving and the car owner flipped out on me and threatened me, saying there was more damage than there actually was. Turo sided with them and is charging me some incredible amounts, starting with $500 taken out of my bank acct leaving me nothing to pay for the current rental I have through Avis. They’re sending me to collections for the rest. Anything you can offer that I ought to know? Legalities are not my thing and Idk what to do about this. Thank you.
People are coming up with great transportation alternatives! Did not know about this one, thanks for the info!
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Can anyone answer my question? in the hyrecar insurance policy here, https://support.www.hyrecar.com/hc/en-us/articles/115004984007-Insurance-Policy, in the period 2and 3 the hyrecar insurance is not involved, what happened if driver damage the car in the accident, and refuse or dont have the money to pay 2500 deductible, As a car owner, who are helping fix my car? cuz the uber/lyfty company wont help fix unless the driver pays the deductible amount, they are not required to fix if the deductible amount is not paid, also hyrecar is not participated in this 2 periods. which means the hyrecar has no insurance policy in the two periods, so if my car damged by driver or accident during this 2 periods, who are fixing my car? sounds like if the driver refuses to pay（insince its not his car）or dont have the money to pay 2500 deductible, the car owner would suffer it.
Also the two policy of hyrecar is: ‘Normal wear and tear is not covered by any insurance’ and ”mechancial failure is not corverd by hyrecar the costs will be the responsibility of the owner.’ there is no further information about wear and tear and mechanicel failure, what if due to miss using and abuse use of the vehicle cause the wear and tear and mechanical failure?
Please explain? I am planning to sign up for hyrecar, but when i see the policy I am hesitate. sound like the hyrecar protect driver more than the car owner,
Hi Peter! We are more than happy to answer your questions for you. We provide the renter with ridesharing approved insurance in the case of an accident but when the renter has the TNC app on or involved in an accident during a trip, the TNC policy is in effect. For example, if a driver was driving for Uber, their insurance would be primary. Otherwise, your vehicle is always covered by our insurance in the case of an accident, our deductible at the moment is $2,500 but our Claims Team will assist with a claim and if the driver agrees to a payment plan our Collections Team will be working with the renter on your behalf.
If the renter fails to pay, we can send the case over to Fair Claims, an online arbitrator who will assist you with your claim further. In terms of the ‘wear and tear’, you can submit the claim to us and our Finance Team will review your claim before speaking to the renter about the issue (if there was minor damage). Here is our policy on Damage Claim: https://support.www.hyrecar.com/hc/en-us/articles/115005705127-Damage-Claim-Policy. You can always speak to us at 888.688.6769 if you have additional questions. Thank you!
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I recently was looking into renting a car in order to do rideahares with. As it is near impossible to get ahold of either lyft company or uber through customer services I was wondering how this was possible to do. While registering with lyft to drive they ask for documents such as registration and insurance WITH YOUR(DRIVERS) NAME CLEARLY STATED ON THE DOCUMENTS. I then somehow got ahold of turo via phone and spoke to a rep about my inquiry. He explained to me that the insurance and registration would NOT bare my name and was just not possible..??! So he basically said that Turo does not participate in rideshare or renting there customers cars in order to do ridesharing services such as lyft and uber. Was this guy just an idiot and had no clue what he was talking about or what? It’s so hard to get answers about this issue through the services so anything as far as answers and how I go about it would be much appreciated!! Thanks
Hello Brandon, we provide rentals for ridesharing drivers such as Uber and Lyft drivers while Turo provide rental for personal use. We would love to help you get on the road! Please visit https://app.www.hyrecar.com/offers to create an account and then you will be able to begin searching for a vehicle in your specific area. If you have any questions or need any assistance after creating an account, please email email@example.com or give us a call at (213) 269-5330.
I wanted information regarding do uber or Lyft rent personal.cars for the drivers to use.
Ex: I have a car and I want to rent it out
Hello Naika, please visit https://app.www.hyrecar.com/partner to create an account and begin listing your vehicle. If you need any assistance after you sign up, feel free to email firstname.lastname@example.org or give us a call at (213) 269-5330.
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Thank you for the great information. Is there a requirement for how old the car can be and miles may have?
Hello Rafael, you can visit this link https://www.hyrecar.com/blog/uber-lyft-car-and-driver-requirements/ thqn to see the complete information regarding the car requirements in our platform. Thank you!
What is a typical daily rate
Depends on the location but they can range from anywhere from $25 – $45 per day.
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You’re welcome! And thank you for the comment, Happy Driving and Happy New Year!
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Read the BBB’s reviews for Turo. I haven’t read them for Hyrecar yet. Turo is actually cheaper than Hyrecar as Hyrecar adds on daily insurance rates to the total. It’s actually cheaper to rent through Avis or Hertz right now and it’s all way more expensive than paying a monthly car loan even with 26%+ interest. I can’t get a weekly rental from anyone for less than $400 a week and that’s $1600+ a month. Who has a $1600 a month car payment? It’s all ridiculous and you’re just working to pay the rental fees
I notice that these TOPA articles don’t tend to get much play or sympathy. The last few here on GGW have backfired somewhat. I assume it’s because people subscribe to the ethos of “If you don’t have something nice to say…”
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