People rent out their homes for strangers to stay at, so why not extend that to their vehicles?
If the AirBnb model has taught us anything, it’s that people will happily rent out their property for a decent profit. When it comes to peer-to-peer car sharing, it’s a win-win for the car owner and the renter.
In this post, we’re going to teach you a little bit about this new form of car rental service. Keep reading and we’ll tell you why the sharing economy is going to revolutionize car ownership.
What Is Peer-to-Peer Car Rental?
P2P car sharing is a new model that allows car owners to rent out their vehicles to other drivers for a specified amount of time. The rentals are coordinated through apps like Car SHAiR that help to handle booking, pickup, and dropoff.
If you’re a car owner, you start by determining your car’s eligibility for rental. First, you need to have auto insurance for your vehicle, as it is illegal in most states to drive without insurance. You’ll need to look at your insurance policy to make sure that you’re permitted to rent out your car as well.
The car should have a clean title history and be under 12 years old with less than 130,000 miles. Anything over will be turned down.
Once you’ve been approved, you sign up through the app and fill out some basic information about the car. Take some pictures of the car, list the dates that it’s available, and you’re all set to make some money.
Why Is It Better Than Renting a Car?
For the renter, it creates a much more convenient car rental experience. Instead of going to a car rental office and filling out paperwork to get a car, you do it on your phone in a matter of seconds. You can search for cars that are near you to make the contactless pickup and dropoff even easier.
It’s also more affordable than a car rental service, some saying up to 30% cheaper. You won’t have to worry about adding expensive insurance that doesn’t cover much on top of that either. It’s all about convenience and ease of use.
How Does This Change Being a Car Owner?
Car owners that are willing to rent out their property and have understanding insurance policies can now make money on their cars. Monthly car payments are often several hundred dollars, so P2P car sharing gives the average car owner a way to make that money back.
There’s still risk involved with the sharing economy. Although there haven’t been any incidents of theft or property damage, the concept of P2P car sharing is still so new. That said, the future looks bright for car owners and renters alike.
Peer-to-Peer Car Sharing Is Here to Stay
Now that you know a bit more about peer-to-peer car sharing, you can decide if it’s for you or not. As a car owner, it’s a great way to earn some supplementary income; for renters, it makes getting around much easier. The sharing economy is here to stay and P2P car services are a big part of it.
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