Rent Out Your Car on HyreCar: The Complete Guide
Want to make a cool $12,000 a year? HyreCar will rent your car to Uber drivers who are in need of a vehicle.
If you’ve ever asked yourself, “How do I rent out my car in order to earn extra income?” HyreCar has the answer. We’re a successful carsharing marketplace that will help you rent your car online to local rideshare drivers. This is also known as car sharing. We connect owners like you with people who don’t own or don’t want to use their own vehicle when becoming a Lyft or Uber driver. We also connect you with potential drivers who would like to work and deliver for DoorDash and Instacart.
Advantages of Renting Out Your Car
Similar to listing your space on Airbnb, you can make tons of cash renting out your spare car. Let’s say you have an extra car that you don’t drive very much. Right now, it’s 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 rideshare driver’s 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:
- Earning cool cash while sitting back and letting your car do the work.
- You can make over $1,000 a month by renting out your personal vehicle to a rideshare driver. Sweet, huh? In fact, average car owners who list their vehicle for rent through HyreCar can earn up to $12,000 a year.
- The number of Uber and Lyft drivers is growing every day as more and more independent contractors join the on-demand economy. Many of these independent contractors want to become a rideshare driver. The more rideshare drivers there are, the more demand there is for quality cars like yours.
Actual earnings from car owner’s dashboard:
- You’ll get paid fast! HyreCar features a secure payment system, so you’re always paid on time. You start earning as soon as you approve a renter’s application, and your money gets transferred to your bank account as soon as the approved renter picks up your car. Cha-Ching!
- By the way, there is never a membership fee to list your car with HyreCar. Ever!
2. Car owners experience very low risk when renting their cars to drivers.
- Insurance: Let’s play “Jeopardy!” The answer is: What does HyreCar provide to car owners like you at no extra cost? The question is: What is rideshare insurance? Yup, HyreCar offers you comprehensive, industry-leading rideshare insurance when you list your car with us for rental. We’re talking insurance that meets and often surpasses state insurance requirements. And your vehicle is also protected by Uber insurance coverage and Lyft insurance coverage while the renter of your car is driving for either Uber or Lyft.
- For more info on rideshare insurance check out our best rideshare insurance options for Uber and Lyft drivers blog article.
Once you’ve 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! It’s a real no brainer for any car owner on the platform looking for extra passive income.
Click HERE to sign up for Neighbor and get paid for your extra space today.
If you find that you are not driving your car often, check out Metromile to save cash every month on insurance. Customers save $500 on average!
- Extensive background checks: All of HyreCar’s renters go through an extensive screening process and a background check before they can rent a vehicle. This assures you that only conscientious drivers will get behind the wheel of your personal car.
- Incentives to drive safely: When someone rents your car from HyreCar, they’re renting it to use as a rideshare driver. So it’s in their best interest to keep your car clean, neat, and in the best condition possible. Reckless driving can lead to an accident, which will keep your car and its driver off the road. And rideshare drivers can’t earn money if they don’t have a car to drive.
- Longer rental periods: Renters can easily extend the length of their rental period through their HyreCar driver dashboard. This means they keep your car longer, which in turn, continues to “drive up” your profits!
Note* If you haven’t seen it yet, check out our animated video describing our service:
Process: How to Rent Your Car Out
We’re also really proud of how simple we’ve made the “make money renting your car” process. We’re sure you’ll agree: it’s free, quick and easy.
- Visit hyrecar.com/share and enter your information.
- Describe your vehicle’s condition and fill in pertinent information such as year, make, VIN number, and model. Really describe why your car would make a great vehicle for car sharing. It’s also good to list the different levels of Uber service for which your car qualifies. Click here learn more about the difference between Uber levels.
Listing your vehicle
- Take several sharp, clear interior and exterior pictures of your vehicle, then upload them along with your vehicle registration and Uber/Lyft 19 point inspection documents.
Car listing tips:
- While they aren’t mandatory, the inspections for Uber/Lyft and a basic 19-point inspection look extremely good to drivers, as they won’t have to get them done themselves individually. Owners who get these inspections done get their vehicles rented 87% more often than those that don’t!
- We recommend getting your Uber/Lyft and basic 19 point inspections done before you list your car. That way, drivers can rent your car immediately instead of waiting for the inspections to be done.
- Decide on a pickup location and a daily rental price. We recommend looking at other listings in your area for your kind of car, just to see what the going rates are. Rental prices average about $35-45 per day.
- HyreCar lists cars in all 50 states, so you qualify no matter what state you live in.
- On your partner dashboard click “My cars” and post your vehicle to the HyreCar marketplace! Boom. Your car is now listed and ready to be rented!
Note: Check out Neighbor to rent out the (now) empty space in your garage or driveway earn an additional $100-300 every month.
Making Money: Actually Renting Your Vehicle Out
We’ve got some tips to help you find drivers who might want to rent your car and to let potential drivers know that your car is now available to them. So what are you waiting for? Let’s show you how to earn money with your car!
- HyreCar Marketplace: Our simple to use marketplace is where most of our drivers find vehicles like yours to rent. Log on and view the drivers in your area that need cars, or the specific type of car that you’re listing.
- Driver invitation system: HyreCar makes it possible for you to invite potential renters to see your car by using our driver invitation system tool. Log in, then use the tool to search for drivers and invite them to apply for your vehicle.
- Reaching out: If you don’t feel like sending out rental invitations, there’s an additional option for owners to search for drivers and reach out to them personally. Owners can pay a small fee to see a driver’s personal contact information. Then, an owner like you can reach out to a potential driver that you feel may be interested in a vehicle like yours. It’s a very personal way of doing business.
Finalizing the transaction
Once a driver has applied to rent your car, the approval, and soon, the money making process begins. Here’s what to do after you approve a driver’s request:
- Upload your vehicle registration ASAP: Having this uploaded previously or as soon as you’ve given approval to a renter will really speed up the rental process.
- Fill out a damages list: Be as absolutely thorough as possible so there are no surprises when the driver brings your car back. List the location and details of every little ding and scrape, if there are any.
- After submitting the damages list: The car’s insurance will be uploaded to the HyreCar site within 24 hours before the rental period. Both you and the driver will receive an email verifying that the rideshare insurance has been uploaded and is available for viewing.
- Set up the time/place: Once a booking is confirmed, contact the driver to set up a mutually convenient pickup time and location. Some owners actually deliver their car to the renter, but that’s totally optional.
- Safety first: If you don’t feel comfortable having a renter come to your house to pick up the car, arrange a meeting at a public place, like a busy supermarket parking lot.
- Inspection: When the driver gets there, both of you can inspect the vehicle for damages, to make sure the imperfections you listed online match what’s actually on the car.
- Confirmation: Both you and the driver will confirm the pickup on the HyreCar marketplace. It’s important that you emphasize to the driver that they have to do this ASAP. Try to get this done before you hand over the keys.
- Insurance will begin: Insurance begins once the pickup is confirmed by both parties.
The Dropoff/Returning the Car
- The driver is notified: The renter of your car will be automatically notified 24 hours before your vehicle is due to be returned to you. If the driver wants to extend the rental, and you’re OK with it, he/she can do that through the HyreCar dashboard. That’s more money in your pocket!
- Time of drop off: Agree on a mutually convenient drop off time and place. Again, use your discretion as you where you want to meet.
- Confirm drop off: Just like with the pickup, both driver and the owner will confirm the drop off on the HyreCar site.
The driver demand for Uber/Lyft is incredible. If you own a good quality vehicle that you don’t use, why not rent it out and make some extra cash? Pay off some bills, go out for some nice meals, take the vacation you’ve been putting off, it’s totally up to you! You’ll also help a rideshare driver who needs a vehicle to start working and earning money as well. HyreCar is here to answer any questions you might have and to help you start the process of becoming a car sharing renter. We’re willing to help you earn some passive income, are you ready to take it?
For any additional information, including our FAQ, please visit us at http://hyrecar.com or find us on Twitter @HyreCar.
– Team HyreCar
P.S. If you find that you are not driving your car often, check out Metromile to save cash every month on insurance. Customers save $500 on average!