HyreCar Review – Can You Make Money Renting Out Your Car?
If you are looking to make more money, you might have heard that you can earn some money renting out your car on HyreCar. The idea of turning your car into an income-generating asset sounds like a dream come true. However, you’re wondering if it’s all it’s cracked up to be. Should you rent out your car on HyreCar? Now, you’re looking at HyreCar reviews to help you out.
Don’t worry; you’ll find everything you need to know about HyreCar in this review to help you decide if this is the passive income side-hustle for you. So keep reading to learn how HyreCar works, the pros and cons of using it, if it’s worth it, and more.
How Does HyreCar Work?
HyreCar is a transportation network company that lets car owners rent their vehicles to Uber, Lyft, and food delivery drivers. Since you are renting your car to delivery and rideshare drivers, your vehicle will likely get rented out fast and for long periods. However, there is no long-term rental agreement with HyreCar.
It is available in all 50 U.S. states and Washington, D.C.
To sign up, visit the HyreCar website via email or Facebook. Once you’ve signed up and verified you have the proper vehicle inspection and registration documents; you can start renting out your car. You can list your vehicle by clicking “List a Car.” You’ll need to list your vehicle’s make, model, year, and mileage limits. You will also need to input the license plate, VIN, description of the car, and its features.
Once rideshare and delivery drivers rent your car, you’ll need to set up a time to meet up with the driver to drop off the vehicle. Make sure the driver has a current driver’s license and note the fuel level and mileage before dropping it off.
The HyreCar vehicle requirements will vary by state, but you can find those state requirements here.
As for using the services in general, vehicle owners need to provide the following information:
- Phone number
- Email address
- A listing description on your listing page
- High-quality photos of your car
- A public profile photo
The Pros of Renting Out Your Car on HyreCar
Now that you know how HyreCar works, you’ll want to know about the pros of renting out your car on HyreCar.
As a car owner, renting out your vehicle on HyreCar is easy to do, and doing so allows you to make money easily. You don’t have to do anything other than drop off the car and pick it up. Therefore, this is a very passive way to make money.
Because you aren’t doing much, the pay is excellent. Most vehicles make around $35 a day, which is around $800 a month! If you rent out multiple cars, you could turn this into a side hustle that makes you thousands of dollars a month.
Another pro is that payment is collected upfront by HyreCar. Therefore, once your renter has picked up the car, you’ll have your money in 2-3 business days. This is advantageous because you won’t have to worry about not receiving payment.
Unlike other platforms that allow car rental services for short-term use, HyreCar has a clientele more likely to use it for more extended periods. Therefore, you end up spending less time dropping off and picking up the car, which makes using HyreCar even more passive than other options.
The Cons of Renting Out Your Car on HyreCar
Now that you know the pros of being a HyreCar owner, you’ll also want to consider the cons before making your decision strongly.
The HyreCar App
Technically, HyreCar does have an app, but it’s only useful for renters. Owners cannot list their car on the app or do much other than chat with customer support and get their questions answered via their “Help” section.
While not all renters are bad, there are some. You have to be careful about who you choose to rent to because some people will leave your car damaged and dirty or get into accidents.
Also, the people renting your car don’t have a vehicle of their own and are not in a financial position to get one. Therefore, HyreCar seems to attract renters willing to abuse the system by stealing vehicles. If you want to avoid getting your car stolen, have a protection plan, like installing Passtime GPS.
This GPS has ignition switches that you can use to shut off your vehicle if a renter doesn’t return it. That way, you can find where your car is and get it. It’s worth getting to protect your assets.
While HyreCar does have liability insurance to protect local car owners, it isn’t the best policy. They have three plans: Basic, Standard, and Premium. The highest deductible is the “Basic” plan, which is a $3000 deductible.
Therefore, if the renter gets into an accident, you’ll have to pay up to $3,000 before the insurance covers anything. For some, the costs associated with the insurance might be a deterrent, especially since they are at the whim of someone else driving their car.
The insurance fee doesn’t cover stains, rips and tears, scratches, punctures, dents, window cracks, small dings, and tire damage. So, if a renter doesn’t take care of your car, you’ll be the one paying out of pocket.
You’re also only covered if the renter gets into an accident while using the car to complete ridesharing services. Therefore, if the renter uses the vehicle to do something outside of using it to make money (like going to the grocery store) and gets into an accident, you won’t be covered. So, purchase your own insurance policy.
HyreCar Customer Service
If the insurance situation wasn’t already risky, HyreCar’s customer service is also notoriously bad. Many owners have complained about not getting any help and getting the runaround concerning insurance claims. It seems like HyreCar will do anything it can to deny a claim. So if you are an owner and have an issue, don’t expect HyreCar to give you much support.
Bad HyreCar Reviews
Another reason to be wary about HyreCar is that most car owners have many bad reviews regarding HyreCar. Additionally, they only have a D-rating on the Better Business Bureau and are not BBB accredited.
Is HyreCar Worth It?
If HyreCar’s insurance policy and customer service were better, I would have said it is worth it. After all, you get to make money passively by turning your car into an income-generating asset. However, the risks involved are high.
While you could get lucky and make a decent profit, you could also have a serious issue if one of your renters gets into an accident. That could end up costing you a lot more than you make from renting out your car.
Therefore, if you want to take the risk to make some extra cash, it’s essential to know what you could potentially be getting yourself into.
The overall verdict: it’s not worth it.
If you still like the idea of renting out your car to make money, you can turn to other car rental services that cater to gig economy workers. One of the options available is Turo. However, they’ve also had their issues with insurance and car owners getting the short end of the stick. So if you are willing to take the risk, the difference between Turo and HyreCar is that Turo is generally for a shorter-term rental period.
HyreCar advertises itself for Uber and Lyft drivers, while with Turo, you might have people vacationing that need a car for a few days. Of course, with HyreCar, you might have a more consistent income since people will be using your car more long-term. But, on the other hand, Turo has clients that are less likely to steal your car from you. After all, people aren’t depending on using your car for their livelihood.
However, both have their risks regarding insurance coverage, so make sure you understand this before jumping into renting out your car. If you want to rent out your vehicle, you’ll have to be willing to take significant possible losses if anything goes wrong.
Wrapping Up: HyreCar
Now you know what you need to know about HyreCar to make the decision. While it is a passive way to make good money, substantial risks are involved. Now, it’s up to you whether or not you want to take the risk.
Do you like our Hyrecar review, check out this Declutrr review and Concreit review.