While it’s true that many ways to earn passive income require a significant initial investment, such as dividend investing or owning rental property, there are other options that don’t require a large upfront cost. One such option is renting out assets you already own, like your car, to others.
Companies like HyreCar have made it easy for car owners to earn money by renting out their vehicles. If you have a car that’s not being used often, you can turn it into a source of income by listing it on HyreCar.
HyreCar is different from other car-sharing platforms like Turo, which is known for its variety of vehicles, including luxury cars. HyreCar, on the other hand, is geared towards gig economy workers who drive for ridesharing and food delivery apps. These drivers are looking for affordable and reliable vehicles, not flashy ones. So, if you have a practical car that’s in good condition, you could make a decent income by renting it out on HyreCar.
The amount you can earn on HyreCar depends on several factors, including your car’s model and year, the competition in your area, and any extra perks you offer. You can set your own daily rental price and offer discounts for longer rentals. HyreCar also has a protection plan that covers your car while it’s being rented out, and the level of coverage you choose will affect the percentage of the rental earnings you receive.
HyreCar has certain requirements for the vehicles listed on its platform. These requirements vary by state and are in line with the requirements for Uber and Lyft, as many HyreCar drivers work for these companies. In general, your car needs to be a four-door vehicle that’s 10 to 15 years old or newer, in good condition, and can seat five to eight people. You’re also responsible for maintaining your car and keeping it clean.
In addition to meeting HyreCar’s vehicle requirements, you also need to have up-to-date personal insurance for your car. When your car is rented out, the driver will have HyreCar’s driver protection insurance, which covers your car for everyday use and between gig jobs. When the driver is working for a transportation network company like Uber or Lyft, the company’s insurance coverage applies.
HyreCar offers three protection plans: basic, standard, and premium. All plans provide up to $25,000 in physical damage coverage, and the standard and premium plans offer up to $1 million in liability insurance. The plan you choose will determine your deductible, the reimbursements you’re eligible for, and the percentage of the rental earnings you receive.
Before you decide to list your car on HyreCar, it’s important to consider the potential downsides. Renting out your car will inevitably lead to wear and tear, which isn’t covered by HyreCar’s protection plans. You also need to be aware of the 24-hour claim window and the fact that damage claims can take two to eight weeks to process. Additionally, you should factor in the depreciation of your car and the costs of maintenance and cleaning.
If you decide to list your car on HyreCar, the process is straightforward. You’ll need to create a listing with information about your car and yourself, accept rental requests, prepare your car for pickup, and arrange for the return of your car.
In conclusion, if you have an underused car and are comfortable with the risks, renting it out on HyreCar could be a good way to earn passive income. If your car is more valuable, you might want to consider other platforms like Turo.