Make Money

How To Put Your Car On Hyrecar

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 11 minute read

It takes initial investment to launch many passive income strategies. Strategies like dividend investing, for instance, require a sizable initial investment but can provide monthly income in the thousands. In a similar vein, buying a home to rent out needs a sizable down payment.

It’s a common misperception, though, that financial backing is required before financial success may be achieved. The sharing economy has made it possible to rent out your own assets to regular people in order to earn a steady stream of cash with no effort on your part.

You may earn money by renting out your vehicle. HyreCar and similar companies provide a platform for automobile owners to rent out their vehicles, making it simple to generate revenue from an underutilized asset. Starting renting your car on HyreCar is a great way to generate revenue and encourage other drivers to join the gig economy.

🔥 Featured Resource: Bankovia’s curated list of Best Car Insurance

What Is HyreCar?

You’ve probably heard of Turo, the dominant player in the car-sharing sector, if you’ve ever considered renting out your vehicle for additional cash.

Due to its extensive inventory, Turo is a favorite among both landlords and tenants. Turo allows users to advertise and rent a wide variety of automobiles, from high-end exotics to affordable family sedans.

HyreCar is one of a kind. Drivers on HyreCar are part of the on-demand economy, working for services like Uber and Lyft as well as food delivery applications like DoorDash and Instacart. This implies that HyreCar drivers rely on car rentals as a primary source of income, making accessibility to low-cost rentals and dependable vehicles of paramount importance.

Because of this, HyreCars aren’t particularly glamorous; if you’re hoping to rent out an Audi R8, you’re out of luck. Instead, HyreCar provides low-cost rentals for truckers and couriers that need extensive driving time. If your car fits those criteria, joining HyreCar might be a simple method to increase your earnings.

Top Provider
Free Car Insurance Comparison

Save on car insurance by comparing the price from the top providers at QuoteYeti.com

Get Quotes →
QuoteYeti.com is a promotional partner of Bankovia.

What does HyreCar pay?

HyreCar is a car-sharing service that allows owners to determine their own daily rental rates. To get people to reserve your automobile for extended periods of time, you might provide weekly and monthly rental discounts.

However, there are several variables that contribute to your income.

  • The type and year of your car
  • Competition from other HyreCar owners in your region for your car
  • Any additional benefits you provide in your description, such as extra mileage restrictions or if you transport your car to renters

HyreCar also gets a cut of your revenue based on the type of protection package you purchase for your car while it is being rented. Depending on your level of protection, you can keep between 75% and 85% of your rental revenue.

HyreCar is a great option for renters because its average rates are low. Some LA-area listings for HyreCars:

  • Toyota Prius 2009: $22 per day
  • Toyota Prius 2010: $29 per day
  • Toyota Prius 2013: $31 per day
  • Kia Forte 2016: $39 per day
  • Hyundai Santa Fe 2020: $45 per day
  • Honda Accord 2016: $48 per day

Listings on HyreCar must have a minimum daily rental fee of $20 and a minimum rental length of two days. If you hire a HyreCar for two days at the standard rate of $20 per day, you should expect to get between $30 and $34 in reimbursement. The range of possible earnings from a rental rate of $30 per day is $52.50–$59.50.

Rentals for shorter periods of time are a simple method to bring in some extra income. Plus, if you can rent it out for a week or a month, you can count on making a few hundred dollars more.

Vehicle Requirements and Upkeep

There is a wide range of HyreCar car specifications per state. This is because HyreCar meets the specifications for both Uber and Lyft vehicles. The state-by-state car requirements for both Uber and Lyft are outlined in HyreCar’s vehicle requirement guide. Most major cities have the following necessities:

  • As a four-door car,
  • Being between the ages of 10 and 15 years old or younger
  • Being in relatively decent shape with no significant aesthetic damage
  • Seating for five to eight passengers, including the driver
  • Not being a salvage or branded title

You must also take care of the vehicle’s upkeep. HyreCar’s policy on maintenance states that drivers are responsible for routine maintenance. Normal upkeep entails things like getting an oil change, replacing the windshield wiper fluid, checking the tire pressure, checking the brakes, and washing the car.

You, not the renter, will be responsible for repairs to a broken down car caused by a mechanical issue.

Plans for HyreCar Protection

For your HyreCar, you may choose from three different levels of insurance coverage: basic, standard, and premium. All of the policies cover bodily damage up to $25,000. In addition, the basic plan includes the legally required amount of liability insurance. Both the basic and deluxe packages cover you for up to a million dollars in case something goes wrong.

Depending on the coverage level you purchase, your deductible, reimbursement, and earnings share of each rental may change.

  1. The Fundamental Plan

The biggest return for owners is found in the most basic form of protection. The deductible is greater and some forms of reimbursement are not covered.

  • Rental Income: 85%
  • Deductible: $3,000
  • Fees for cleaning: up to $30
  • Up to 65% gas reimbursement
  • Mileage Overage: Impound Fees of up to 65% and Lost Keys: All impound costs and key replacements are your responsibility.
  1. Standard Plan

The standard plan is the ideal choice if you’re ready to forgo some of your rental revenue in exchange for more comprehensive reimbursement benefits and a lower deductible.

  • 80% rental income
  • Deductible: $2,500
  • Fees for cleaning: up to $50
  • Mileage Overage: Up to 85% Gas Reimbursement: Impound Fees of up to 85% and Lost Keys: Impound fines are covered up to 85%; missing keys are not covered.
  1. Premium Plan

The premium plan is the best option if you care most about having a low deductible and complete coverage of all reimbursement categories. Though your rental revenue will be reduced, the plan reduces the risk associated with offering your car for hire.

  • Rent Money: 75%\sDeductible: $500
  • Fees for up to $50 of cleaning time
  • Excess Mileage Reimbursement at a Rate of One Hundred Percent Key
  • Replacement and Impound Fees are Fully Covered by Insurance

Even with this risk-averse strategy, 75% of rental revenue is quite a bit of money to split. Turo’s protection policies, on the other hand, have deductibles as low as $0 for the safest option and pay out anywhere from 60% to 85% of rental income.

Try out the HyreCar rental procedure with the premium plan first before upgrading and taking on more of a financial commitment. You can downgrade your plan if you discover you rarely utilize the protection and are interested in increasing your rental income as a result.

However, if you value ease of living and a low deductible, premium protection is your best bet.

Considerations to Make Before Renting a Car from HyreCar

HyreCar uses a mix of TNC coverage and driver protection insurance to guarantee the safety of your car at all times.

You can rest easy knowing that your car is in excellent hands with HyreCar because the service caters to individuals in the gig economy who are motivated solely by financial gain and optimizing their time on the job. Because, after all, HyreCar drivers would rather work quickly and carefully to increase their earnings than speed recklessly through the city.

However, there is depreciation and risk involved with renting out an asset. Before posting on HyreCar, you should weigh the benefits against the risks.

  1. Wear and tear protection

Plans for HyreCar insurance include theft and accidents. In addition, most HyreCar vehicles are less expensive versions, so depreciation may be less of a concern than with a more expensive vehicle.

Yet normal use and abuse are not covered by any policy. Scratches, dents, punctures, fractures, and dings smaller than six inches in diameter are considered normal wear and tear. Any broken glass in your windows or windshield that wasn’t caused by an accident won’t be covered either.

In a nutshell, the wear and tear on a car is unavoidable if you hire it out on HyreCar.

  1. Claim Period: 24 Hours

In most car-sharing marketplaces, you have 24 hours to make a claim. If your car is damaged, or if you have a disagreement over cleaning or mileage overages, you must take immediate action as the owner.

To ensure your safety, you should also take photographs before and after your rental time ends.

It is also important to note that the time it takes for damage claims to be processed and settled might range from two weeks to eight weeks. If you hire out your sole car on HyreCar when you won’t need it, you may find yourself stranded without transportation for a few weeks unless you can come up with the cash to pay for repairs or a replacement.

  1. Depreciation Calculator

Daily mileage for HyreCar is capped at 250 miles. You may see hundreds, if not thousands, of extra monthly miles put on your car if you rent to serious gig workers. Your profit margin will be reduced when you include things like car upkeep and perhaps cleaning expenses.

One of the most vital practices every owner may adopt is the practice of depreciating their assets. Other passive income solutions, such as renting a spare room on Airbnb or storage space with Neighbor, may be preferable to HyreCar if the rental income take and car depreciation are too high for you.

  1. Certain automobiles are not feasible.

The average daily rate for a HyreCar is between $20 and $40. Rental costs are low because of the availability of older Toyota Prius models and other dependable automobiles and because of the competitive nature of the car rental market.

HyreCar is not a good option if you drive a high-end or even a new car. If you aren’t dead bent on renting your car just to people in the gig economy, check out the rates offered by Turo, GetAround, and HyreCar.

How Does HyreCar Work? — Adding Your Vehicle to HyreCar

The four-step listing procedure for a HyreCar is as follows:

  1. Create Your Listing

You may access the HyreCar owner dashboard after signing up with your name, email address, and phone number. The HyreCar dashboard is available via the website, as well as an Android and iOS app.

Listings are created in a manner analogous to that of Turo. You’ll be entering and uploading the following data:

  • VIN, Model, Year, Color, and Mileage Are Required Details
  • Sensitive Data: Title, name, and contact information
  • Some HyreCar owners provide delivery of their vehicles to renters, however you may specify a different pickup address in your ad if you like.
  • Auto Photographs: HyreCar recommends adding many high-quality images to your listing to make it more appealing to potential buyers.
  • Details Regarding the Law: Include your driver’s license, proof of registration, and proof of insurance.
  • Strategies for Safety: When making your listing, you may choose from three different protection plans.

You must also provide documentation showing that your car has passed safety inspection. Since HyreCar renters often work for ridesharing services like Uber and Lyft, your vehicle must pass the same 19-point inspection that these firms require of vehicle owners.

Finally, you’ll write a listing description to entice potential renters to select your car. Please enumerate any salable characteristics. Standard daily mileage is 250 miles. Improving your listing’s quality might be as simple as raising or eliminating the distance restriction. Please note that if you go above your daily mileage allotment, you will be charged $0.25.

The rental rate is also something you decide on. While setting a price for your car, it’s important to do some research on the going rates for automobiles like yours in your region.

  1. Accept Rental Requests and Get Your Vehicle Ready

Every rental request must be approved by you, the owner, before your car is rented out through HyreCar. This prevents you from accidentally booking a rental when your car isn’t actually available.

Within 24 hours after your acceptance of a rental request, HyreCar will provide the driver details on the ridesharing insurance they purchased. Due to the necessity of ridesharing insurance for all HyreCar renters, the process of passing over the keys to a new driver can take up to a day from the time a rental request is received.

Document any damage to the inside or outside of your car, as well as the odometer and gas mileage, using photographs. These images must be uploaded to HyreCar in advance of your reservation.

Keep your automobile clean so your tenants will feel comfortable leaving you a good review. You also need to make sure your petrol tank is full when you return the car.

  1. Vehicle Pickup

Through the HyreCar app, drivers may communicate with their renters to schedule a pickup time. It is not necessary, however some HyreCar owners offer delivery. Trust the pickup location you specify on your ad to make things easy.

Renter insurance documentation must be verified at the time of the initial meeting. Your car will not be insured in the case of an accident if the driver does not have ridesharing insurance, and HyreCar will not be held responsible. Verify the renter’s name on their driver’s license matches the name on their HyreCar account and insurance documents.

Customers renting cars frequently want to snap pictures and conduct a thorough inspection. After the rental time is up, if there are any additional damages, neither party will have to guess as to what happened to the car because both parties will have a record of its state.

If everything checks out on both ends, you can kick off your rental by tapping “confirm pickup” on the HyreCar app.

  1. Vehicle Drop-Off

Any renter who still has the driving itch can simply ask for more time. The decision to grant an extension is ultimately up to you, as the property owner. When an extension is granted, the necessary funds for the additional days are deducted from the driver’s bank account or credit card.

The driver should get in touch with you to make plans for returning the car. You have the option of selecting a new pickup place, day, and time, or sticking with the original.
Upon return, you and the renter will perform a walkaround of the car to check for any damage, the odometer reading, and the gas level. When you return, your car should be full of gas.

Any claims for repairs, compensation for travel expenses, mileage, or cleaning costs must be made within that time frame. Photographic documentation is required for any claims.

You can get your fines and tolls covered by your insurance policy. However, how much you get back for extra cleaning, petrol, and mileage depends on your policy’s limits.

Bottom Line

Most suggestions for making more money include significant time commitments. It may be impractical or not pay off enough to warrant the extra work if you already have a full-time job or other commitments.

Thanks to the rise of the sharing economy, more and more options for earning passive income have emerged. If you have a valuable item, you can likely monetize it in some way, whether by renting out a room in your home or by posting it on HyreCar.

When renting out an asset, it’s important to consider the possibility of loss and the rate at which it’s depreciating. HyreCar has the potential to become a successful alternative to traditional automobile rental agencies.

But the platform makes the most sense for a very specific set of automobiles. You should also be familiar with your policy’s provisions and have no problem with the normal level of wear and tear that comes with renting a car.

Consider using HyreCar to rent out your unused, older vehicle if you’re looking for a new source of money. Marketplaces like Turo may be preferable if your car is more expensive.

Curated posts

Someone from Virginia Beach, VA just viewed Best Online Colleges for Adults Returning To School