Do you own a car but barely use it?
Then you better start dusting it off because that is a golden opportunity to earn extra money.
There are a number of ways you can make your car work for you even without using it yourself and one of those is renting it out.
This is why today we’ll be talking about everything you need to know on how to rent out your car in 2023.
We’ll explore the best peer-to-peer rental services where all you have to do is post a listing and get instantly connected with a driver.
So if you’ve got an idle vehicle you just don’t know what to do with, you’ve come to the right place.
Let’s get started!
What is Car Renting?
Think of it as Airbnb but for cars.
Car renting is as straightforward as it sounds — you’re getting paid to let other people use your car.
But instead of hustling on your own to find a driver who will rent it, life is made easier thanks to peer-to-peer car rental services.
They provide a platform available in hundreds of cities where millions of drivers are looking for a vehicle.
These companies also protect car owners with insurance policies and a safe payment system.
So how exactly do car rental services work?
For hosts, all you have to do is sign up for an account and list your vehicle.
You have to set your price, provide important details such as the make and model of the car, and include high-quality photos.
Once it’s on the platform and a guest wants to rent it, they have to indicate for how long.
When the host and the guest arrive at an agreement, that’s when they can meet up to hand the car keys and vehicle over.
Finally, once the guest is done using the car, they have to drive it back to an agreed location — intact and well maintained.
If the owner has no complaints about the state of their car, both can go on their merry way.
See? It’s that easy!
Car renting is fast and simple and it puts your car to good use whenever you can’t use it.
The best part?
You get to earn from it.
3 Best Car Rental Services For Renting Out Your Car
Before we talk about money, let’s talk about platforms.
There are a number of choices out there for car rental but if you have to narrow it down to three, well, we already did the legwork for you.
Honestly, you would only ever need these three car rental services to choose from.
Let’s find out why they’re the best ones out there.
Turo hails itself as the “world’s largest car-sharing marketplace.”
They operate in more than 7,500 cities across the US, Canada, and the UK and have a customer base of 14 million worldwide.
Those whopping numbers mean one thing — a constant stream of renters for your vehicle.
Anyone can book a car with Turo anytime they want which makes it a popular — if not the immediate — choice for renters.
Turo has got 1,300 car models and makes including electric cars, classic cars, all-wheel drives, deluxe, and even pet-friendly vehicles.
It also has an easy-to-use app where you can manage your rentals — from tweaking the prices to keeping track of the drivers who rent it.
How much can Turo hosts earn?
Turo sounds great and all but will it be a great source of income for you?
Car rental starts at $25 per day but you’re free to name your price depending on your car’s make, model, and how well it’s maintained.
According to the team, an average US host can earn up to $10k per year on a single car.
Turo also has a Carculator you can use to estimate how much you could earn with a specific car model in specific cities.
But Turo doesn’t want you to stop at one car for rent.
The company actually encourages its hosts to start a small car business and be an entrepreneur on the side.
You could start with one car and gradually add more cars for rent to your portfolio.
Just how can you benefit financially from this?
Turo themselves did the math.
If you’ve got two cars for rent on the platform, you could earn up to $31.5k per year.
Scale that up to nine cars and you stand to earn $94.6k annually.
By that point, you can easily make hosting car rentals your main source of income.
All that cash without having to leave the house?
That’s called making your car work for you.
Check out this guy who became a successful all-star host with his small Turo rental business:
Turo’s insurance policy
Before you decide to cast your lot with Turo, take a look at their insurance policy first.
(Pro tip: Make sure to look at all car rental services’ insurance policies. More on that later.)
Turo covers its hosts with a standard $750,000 in third-party liability insurance from Travelers, an insurance company.
On top of that, it also offers an array of insurance plans with varying levels of reimbursement for physical damages to the vehicle.
Here’s a quick comparison of Turo’s insurance plans:
|60 Plan||75 Plan||80 Plan||85 Plan||90 Plan|
|Earn 60% of the trip price||Earn 75% of the trip price||Earn 80% of the trip price||Earn 85% of the trip price||Earn 90% of the trip price|
|$750,000 in third-party liability insurance||$750,000 in third-party liability insurance||$750,000 in third-party liability insurance||$750,000 in third-party liability insurance||$750,000 in third-party liability insurance|
|Turo pays 100% of eligible damage cost||Turo pays 100% of eligible damage costs above the deductible||Turo pays 100% of eligible damage costs above the deductible||Turo pays 100% of eligible damage costs above the deductible||Turo pays 100% of eligible damage costs above the deductible|
|No deductible||$250 deductible||$750 deductible||$1,625 deductible||$2,500 deductible|
|Includes exterior wear and tear reimbursement||—||—||—||—|
|Includes loss of hosting income during repair OR $50/day replacement vehicle reimbursement (10-day max)||$30/day replacement vehicle reimbursement during repair (10-day max)||—||—||—|
Of course, you’d want to go with the 90 Plan, that’s where you get to keep almost 100% of the trip price.
However, you have to keep in mind that you might be exchanging your earnings for precious vehicle insurance.
Although Turo customers are screened, you never really know what’s going to happen behind the wheel.
The 90 Plan comes with a $2,500 deductible, the amount you’re going to pay for the damages to your car before Turo steps in to shoulder the rest of the expense up to $200,000.
If you choose Plan 60, you won’t get deductibles plus you get wear and tear reimbursements and vehicle replacements.
But since you get all these benefits, you can only keep 60% of your income from the trip.
The other 40% goes to Turo for maintaining the platform and advertising on the site.
Here’s a video explaining Turo’s insurance policy, what’s right about it, and where it went wrong.
You can read more about Turo’s insurance here.
How to Use Turo
To rent out your car through Turo, all you have to do is visit their website and create an account.
Once you’re in, check out the “Activities” tab and list your car.
Here’s what you can expect for the requirements:
- US or Canada: at least 21 years old
- UK: 18 or older to list in ABI 1-50
- Valid car insurance
- Meet legal and insurance standards and requirements for your region
- Clear, well-lit, high-resolution photos of your car
The whole listing process takes about 10 minutes.
You would need to input your information such as your name and location, license plate number, and your car details as well as clear photos of your car.
Once you’re done, you just have to wait for the team to let you know if your application is successful.
You could say HyreCar is the ultimate hub for gigs involving cars.
It’s a car rental service for hosts looking to earn a few extra bucks.
But instead of cars being driven for personal use, renters use them to do their own ride-sharing and delivery services gigs.
It’s like a gig within a gig.
Although that’s an awesome concept that helps a lot of people, it’s something to consider if you want to put your car up on HyreCar.
Are you willing for it to be used as a ride-sharing vehicle where dozens of guests will probably ride in your car?
How Much Can HyreCar Hosts Earn?
According to HyreCar, their hosts can earn up to $1,200 per month on a single car.
And that even depends on how you set your own price and on how many vehicles you’re putting up for rent.
HyreCar also offers a secure payment system.
You get paid immediately after you give the driver your keys.
Much like Turo, HyreCar encourages owners to make car rental a profitable business.
HyreCar For Business is dedicated to helping owners increase their revenue by renting out more cars.
To help grow the business, owners are assisted by a HyreCar team including Account Management, Marketing, and Technology teams.
HyreCar estimates that owners with 15 vehicles listed can earn up to $12,049/mo.
Make that 50 vehicles and you can take home $40,163/mo.
Who knew one idle car in your driveway could inspire you to create your own fleet operation?
Read more about HyreCar for Business here.
HyreCar Insurance Policy
Now let’s talk insurance.
As much as HyreCar sounds like a good way to earn extra bucks, there are also risks involved.
Your vehicle will be used as either a ride-sharing or delivery service vehicle.
One stranger driving your car could cause some worry, what more for multiple strangers getting in and out of the vehicle?
You’ll be glad to know HyreCar offers a variety of protection plans on top of their $1,000,000 liability coverage.
Check out a quick comparison of the protection plans here:
|You earn 85%||You earn 80%||You earn 75%||You earn 70%|
|$1,000,000 liability coverage||$1,000,000 liability coverage||$1,000,000 liability coverage||$1,000,000 liability coverage|
|Up to $25,000 physical damage coverage||Up to $25,000 physical damage coverage||Up to $25,000 physical damage coverage||Up to $25,000 physical damage coverage|
|$3,000 in physical damage deductible||$2,500 in physical damage deductible||$1,000 in physical damage deductible||$500 in physical damage deductible|
|Up to $30 cleaning reimbursement||Up to $50 cleaning reimbursement||Up to $60 cleaning reimbursement||Up to $75 cleaning reimbursement|
|Up to 65% gas reimbursement||Up to 80% gas reimbursement||Up to 85% gas reimbursement||Up to 100% gas reimbursement|
If you want your car to have as much protection from liabilities as possible, you could go for the Premium Plus Plan.
However, you only stand to earn 70% for every trip.
On the other hand, if you choose the Basic plan, you have to shell out $3,000 when your car is met with unfortunate circumstances.
Signed up more than one car at HyreCar?
Owners with multiple cars can choose different protection plans depending on each car listed.
How’s that for flexibility?
You can read more about HyreCar’s protection plans here.
And if you’re still confused about choosing a plan for HyreCar or which one’s the best, Justin Brubaker on YouTube does a good job explaining it thoroughly:
How to Use HyreCar
Go to HyreCar’s website and sign up as a car owner.
You can also opt to download the HyreCar app so you can sign up.
After that, you can list your car up for rent.
Make sure you describe it properly, set your own price and mileage limits, and include high-quality photos.
If you’re not the techy type, HyreCar Owners just revamped to a unique and easy-to-navigate interface on the website and the app.
The Main Menu gives you an overview of your Dashboard, Inbox, Rentals, Transactions, and Resources or Settings.
This makes it easier for Owners to keep track of their payouts and the rental statuses of their cars.
If you’re thinking of making car rental a full-blown business, that’s possible with Getaround.
Aside from working with single-car hosts, they also work with small and large fleets.
If you’ve got more idle vehicles, that means more business opportunities and better income flow.
Getaround also features Getaround Connect, a system that lets drivers unlock the cars remotely.
All they have to do is book via the app, locate the car, and unlock it through the app.
If you ever need solid proof we’re living in modern times, that’s probably it.
How Much Can Getaround Hosts Earn?
While Getaround didn’t specify the range their hosts could earn, they did assure everyone that the earnings from a single car could offset a vehicle’s maintenance expenses.
As a host, you would get revenue per month but don’t expect it to rival paychecks from your company.
With Getaround, you get to name the price you’d want for your listing.
For reference, cars on the app start somewhere between $5 to $10 per hour.
But if you want to earn more, you can try Getaround’s Small Fleet Power Hosts which require a minimum of two cars.
According to the company, in 2020 their Power Hosts with two or more cars averaged $45,000 in gross trip revenue.
Top performers even earned $250,000 across their entire fleet.
That’s good money for a car rental service!
Know more about being a Getaround host thanks to this informative review:
Getaround Insurance Policy
Getaround also has an insurance policy for its hosts should any unfortunate incident happens during an active trip.
Hosts get $1,000,000 in liability coverage which covers third-party liability for other affected parties.
The insurance also includes a Comprehensive and Collision Coverage, Uninsured and Underinsured (UI/UM) Coverage, Personal Injury Protection (PIP), and Medical Payments Coverage for guests.
Unlike other peer-to-peer car rental services, Getaround doesn’t seem to offer protection plans.
Read more about GetAround’s insurance policy here.
How to Use GetAround
Go to Getaround’s sign-up page for owners.
Next, create your account and list your vehicle details — license plate, make, model, mileage, etc.
Once you’ve submitted your profile, someone from the Getaround team will reach out to you within a few days to confirm if you’ve passed their assessment.
Don’t worry though, the whole process is a breeze and Getaround rarely turns down drivers who need the extra income.
Here’s a quick list of the Getaround’s vehicle requirements:
- A private passenger vehicle with at least 4 wheels
- Model year 2007 or newer
- Have less than 200,000 miles
- Seats no more than 10 passengers
- Must have power door locks installed in the front driver’s side and front passenger-side doors.
- Be in good physical and mechanical condition
Owners would also have to present their auto insurance and a valid driver’s license.
Bonus Way to Rent Out Your Car: Facebook (Groups)
Our final suggestion for where you can rent out your car involves the help of your Facebook friends and the power of social media.
If you’d rather avoid the apps and go the DIY route of finding renters for yourself, you can start by posting on Facebook.
Finding Facebook groups in your city is easy.
On the app, look up “car rental” and your city and you’ll immediately find a number of groups to join — it’s that fast on the internet.
Once you’re in the Facebook group, you get to post the details of the rental paired with great shots.
Hopefully, someone connects with you soon.
However, be warned that this option might not be the best one.
For one, you’re on your own here.
There will be no tracking of renters via an app.
You won’t be protected with insurance if you’re just
In short, it’s possible but it’s not wholly recommendable.
You could keep Facebook Groups as a last-ditch effort instead, one you’ll make when you run out of renters on your chosen app.
What About Insurance?
Don’t even think about putting your car up for rent without having a clear insurance policy.
You never know what will happen once you hand over your keys to a stranger.
Before car rental services accept your application to put your car on their platform, they’re going to check if you’ve got your own auto insurance.
Why do you need insurance anyway?
Without your own auto insurance, you might not get to claim the car rental service’s insurance once you actually need it.
And you do need it.
You’ve probably heard horror stories of renters smoking and drinking inside the car, scratching the exterior, and leaving the interior as if a tornado of trash swept through it.
A solid insurance policy will protect you from the worst-case scenario.
And if you’re not satisfied with that, you can upgrade it.
Speaking of upgrades, typically, when you join a car rental service, you’re given insurance coverage plans.
This is on top of the usual liability damage they provide.
These plans include insurances for collision damage, personal accidents, or even personal effects (your personal items inside the car that renters might damage or steal).
As a car owner, you would want to be covered with the best insurance possible so it will be tempting.
However, going for the “best” insurance plan could affect the way you earn.
You could opt for a higher level of protection but it would cut a huge percentage of what you can take home.
It’s up to you to decide which plan you’re comfortable going for.
Things to Keep in Mind While Renting Out Your Car
Now that we’ve gone through the three best car rental platforms, let’s move on to some reminders.
Whether you’re putting your car up for rent for the first time or you’ve already done it a few times, here are a few things you should remember.
Do Your Research
Spend time comparing car rental services to know which one would work best for you.
There are a lot of factors to consider including the availability in your city, the reviews you’ve read about specific services, and more.
Doing your research also means familiarizing yourself with insurance coverage from these companies.
Read the fine print.
Make sure you know which accidents are covered and to what extent the one renting your vehicle is responsible for any damage.
You could also read reviews on a specific car rental service so you get feedback from those who’ve tried it before you.
Make Sure You Document Everything
And we mean everything.
Take lots of photos of your car’s interior and exterior before handing it over to your renter.
This way, you have photo evidence in case something unfortunate happens.
When you report damage or complaint to your car rental service, you’d have solid proof of your claim and you’ll probably get your case resolved faster.
Make a Clear Contract
For those putting their car up for rent through car rental services, reading the fine print should be enough.
But if you’re choosing to rent your car out without the help of apps, you would need to make a clear contract.
First, make sure only reliable folks get to rent out your car.
Some requirements you could ask for are valid IDs and a driver’s license.
You should also come up with clear terms of agreement where you lay out the rules and clarify the insurance coverage.
Why You Should Rent Out Your Car
Since we’ve covered where to rent out your car and what to expect when you do, you might already be sold on the idea.
However, if you’re still on the fence about putting your car for rent out there, here are a few reasons that might just push you in the right direction.
Earn Extra Income
Of course, first on the list would be the potential profit you’d be earning from renting out your car.
Who would say no to the prospect of earning while essentially doing nothing?
We’re not talking about a huge monthly income that could rival your corporate job’s salary (let’s be real here!).
But while it’s not the sort of amount you could rely on for all your needs, it’s enough to at least support or offset your monthly vehicle expenses.
You could dedicate your earnings solely to maintaining your car or using it as money for gas.
Imagine the relief of not having to panic every time your car needs repairs!
Avoid Vehicle Issues
If you’ve got a car that’s just gathering dust or taking up space in the garage, it’s better off being driven around by strangers.
Letting your car sit for too long without driving it would cause more complications and repairs down the road.
Your battery could die, it might get a flat tire, natural elements could damage the exterior — and the list goes on.
Vehicle care experts say that letting a car sit for more than two weeks will most likely damage it.
So do your car a favor and let other people drive it around.
Besides, renting it out is just hitting two birds with one stone — avoiding vehicular issues and getting paid in the process.
Save on Personal Expenses
Having a car is obviously a huge convenience.
You can just hop in and drive wherever you need to, not worrying about brushing elbows with strangers in public transportation.
But this liberty comes with extra expenses.
You have to pay for gas, the price of which constantly fluctuates.
When your car breaks down or something happens to it, you need to pay eye-bulging amounts for it to get checked.
Not to mention the constant stress of looking for a parking spot and paying a huge amount per hour just to park your car.
A car is convenient but it sure puts a hole in your budget.
Your Car is Parked 95% of the Time Anyway
Speaking of parking spots, have you ever thought of the amount of time you leave your car parked?
David Shoup in his influential book “The High Cost of Free Parking” estimated that cars in the United States are parked 95% of the time.
In England, RAC Foundation came up with similar statistics.
Their study found that the average car or van in England is driven just 4% of the time.
And that statistic barely changed in the quarter of a century.
This means your car spends most of its life parked at home or somewhere else.
And if it’s parked somewhere else, that means you’re paying certain fees.
Those fees will constantly eat away at your finances.
Meanwhile, if it’s parked at home, you already know that idle cars could damage the vehicle so why risk it?
Renting out your car just makes sense!
How to Rent Out Your Car FAQ
So, How Much Can You Make Renting Out Your Car?
That depends on a number of factors — your location, the price you’ve set for the rental, and the type of vehicle you own.
With the three car rental platforms we’ve explored, we found out that cars could be rented for as low as $5/hour.
You could also put them for rent at $25/day.
But this amount isn’t fixed; it’s even dependent on the type of car you own.
If you’re putting a luxury car up for rent, for example, you can of course increase your price way past that $25/day average.
There is no specific range for the amount you can earn when you start renting your car out but certain companies did share what they’ve observed.
According to Getaround, car owners using their platform could earn as much as $500/mo.
Turo says that their single car hosts can earn up to $10k a year even with just one car.
Meanwhile, HyreCar estimated that if an owner has 15 vehicles listed on the platform, they can earn up to $12,049/mo.
Will the Type of Vehicle Affect How Much You Earn?
The short answer is yes, the vehicle you put up for rent should determine the price for your listing.
You wouldn’t put a sedan up for rent at the same price as an SUV or a pick-up truck, would you?
You also wouldn’t price a beat-up car the same as a relatively new one.
Bottom line: Different cars will have different pricing and that will affect your earnings.
What Else Can You Do to Make Money With Your Car?
So you’ve read this article top to bottom but you’re still left with a singular thought — “No way am I going to rent out my car!”
There are other ways you can make money with your car without letting a stranger drive it.
You could use it for ride-sharing services, delivery services, get it wrapped for an ad, and more.
We even came up with a handy list of ways to make money with your car if you’re seriously looking for options.
And that’s basically everything you need to know about how to rent out your car.
It’s as easy as signing up on car rental platforms like Turo, HyreCar, and Getaround.
These operate in hundreds if not thousands of cities in the US and the UK so you don’t really need to worry about running out of people to rent your car.
All you have to do is list your vehicle, upload it with awesome photos, and wait until you get an inquiry.
Instead of leaving your car idly sitting by the sidewalk, make it earn money for you too.
Let us know in the comments if you do decide to put your car up for rent.
Or maybe you’ve already experienced listing a vehicle on one of the three car rental platforms we mentioned earlier.
Either way, we’d love to hear about your experience!