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Hyrecar is an online car sharing marketing. Users can buy and sell cars, as well as rent a car or rent out their car for other to use. The platform primarily caters to delivery drivers who want to work with platforms such as Lyft, Uber, and more. If you have a spare vehicle that you may not be using every day, you can rent it out on Hyrecar to earn up to $12,000 per year in passive income.
- High earnings potential – you can rent out your car or spare vehicel if you are not actively using it to earn extra income of up to $1200 per month.
- Flexible rental periods that are up to you- most rentals are around 14 days long but you can schedule rentals as short as 2 days long each time.
- Quick listing process – you can list your car for rental within just 10 minutes. You also have the ability to set the prices you want for your car.
- Bonus for electric vehicles – as part of Hyrecar’s green efforts, get an additional $125 for free whenever you list an electric vehicle for rent.
- Long processing time for payments – owners will only receive payment 3 to 7 days after the driver has been charged for the rental of the vehicle.
- Applications expire quickly – owners only have 24 hours to decide whether or not to approve a rental application, which may be a little tight.
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What is HyreCar?
Hyrecar is a carsharing marketplace. It aims to help local car owners earn an additional income. The premise of the platform is simple. You can rent out your personal vehicle to drivers, including Uber, Lyft and delivery drivers.
The platform has been around since 2014 and although it is based in LA, it operates in 50 states. Since it began trading, Hyrecar has developed a solid reputation within the industry. This includes a “Great” rating on Trustpilot.
How to Make Money with HyreCar?
HyreCar aims to make the process of renting out your car as easy as possible.
Step 1- Create a Listing
The first step to start making money with Hyrecar is to create a listing for your vehicle. As with any platform, you need an attractive listing that will stand out from the crowd.
It is well worth taking time to create a good listing. This includes creating a solid description and taking high quality photographs.
To create a listing, you need to provide:
- Your basic car information
- Your address
- Proof of registration
- Proof of valid insurance
- Your rental price
- A 19 point inspection- which can be done by your local mechanic to document the safety of your vehicle.
The more information you provide, the more likely that you will attract potential renters.
Step 2- Choose Your Protection Plan
Hyrecar offers different levels of protection to provide reassurance for vehicle owners. Your chosen level of protection will influence your potential earnings.
There is a premium and basic protection plan. With the basic plan you will get $25,000 in coverage for physical damage. Additionally, all drivers must return your vehicle with a full tank of gas.
Step 3- Rent Your Vehicle
Once you receive approval as a Hyrecar owner, you should start to get some interest in your vehicle. You will need to have your vehicle ready for rental.
Your vehicle should be clean and well maintained to minimize the risk of negative reviews. You should also take photos of the exterior, interior and odometer of your vehicle.
You can set mileage allowances for rentals. The default is a maximum of 250 miles per day. Hyrecar does provide protection should the driver exceed the maximum mileage. Drivers are charged $0.25 per mile over the mileage limits.
Once you find a driver that you’re happy to rent to, you can meet up with them and hand off the keys.
Step 4- Pick Up & Payments
When the driver returns the vehicle, you should inspect for any signs of damage. You can then confirm the drop off and this will conclude this rental period.
Hyrecar typically schedules payments within two or three business days after the rental period ends. You can also track earnings and pending payments via the website or app through the owner’s dashboard.
How Much Do You Make with HyreCar?
According to Hyrecar reports, most car owners on the platform earn up to $12,000 per year. Your exact earnings will depend on your vehicle.
Bear in mind that depending on the type of coverage you opt for, you’ll get to keep 75 to 85% of the booking price.
What are HyreCar Requirements?
Since most vehicles will be used for Lyft, Uber and other delivery driver services, the requirements can vary.
- The vehicle needs to be less than 15 years old
- Have four doors
- Pass a vehicle inspection
- No cosmetic damage.
How HyreCar Insurance Works?
Hyrecar does provide insurance for drivers, but it is via a third party insurer. Should you notice any damage to your vehicle after a rental, you need to report it to Hyrecar.
Drivers are responsible for reporting any damage. However, if the driver does not report the damage, you have up to 24 hours after the vehicle return to file a claim for the rental period.
Once you file a claim, Hyrecar will assign a representative to your case and guide you through the claims process. Damage claims typically take two to eight weeks for processing and reaching a settlement.
How to Sign Up with HyreCar?
You can sign up as a car owner for free. You can list a vehicle and it takes just a few minutes. When you sign into the website, you will need to describe your vehicle and upload some documents for verification.
- Vehicle registration
- Driver’s license
- Car insurance
- Clean photos of the interior and exterior of the vehicle
- 19 point inspection
It is important to properly describe your vehicle and use high quality photos of your vehicle.
HyreCar Costs to Consider
In addition to the HyreCar commission, there are other costs to consider.
You need to think about the wear and tear on your vehicle. There will be greater depreciation since your vehicle will have more miles on the clock.
You will also need to continue paying for all the vehicle expenses as normal, including insurance, maintenance, inspections etc.
How to Earn More with HyreCar?
Tip 1- Create an Appealing Profile
If you want to attract renters, you need to show the best possible profile. Be sure to use high quality photos and have a short and simple description that accurately sells drivers on why they should rent your vehicle.
Tip 2- Look at the Local Market
If you want to position your vehicle as attractive to Hyrecar drivers, be sure to look at your local market. You want to avoid pricing your vehicle far too high for your area or you could wait weeks before you realize you’ve made a mistake and lost bookings.
Tip 3- Network
Hyrecar is highly competitive, but this doesn’t mean that you need to take a dog eat dog attitude to other owners. In fact, many owners feel a sense of comradery. So, you may be pleasantly surprised if you reach out to owners with lots of bookings. They may offer tips to help you earn more.
Tip 4- Keep Your Car Nice
Develop a habit of keeping your car in good condition and clean. You’re likely to have made your car look its best for your profile photos, so you don’t want drivers to be disappointed at pick up.
Tip 5- Build Relationships
While no one expects to become best friends with Hyrecar drivers, you can build rapport.
Introduce yourself and go over your expectations. This will ensure both you and the driver are happy before the rental is finalized.
HyreCar Pros & Cons
- Flexibility: You can set the times when your car is available for rent and when you need it.
- Protection: The Hyrecar driver policy covers up to $25,000 of car damage and liability of up to $300,000
- Excellent Customer Support: Support is easy to access and of a high standard.
- Organizing Pick Up and Drop offs: As an owner, you need to coordinate the pick up and drop off. This can be inconvenient as you need to be present for each one.
- Highly Competitive: Hyrecar is highly competitive, so you will need a listing that stands out from the crowd to generate interest.
- Questionable Hyrecar Review Comments: There are some complaints and Hyrecar review comments that feature issues such as damaged vehicles, and stolen cars after listing. Fortunately, these appear to be an exception rather than the norm.
HyreCar vs Turo
The main difference between Hyrecar and Turo is that Turo offers greater protection. It offers up to $125,000 of protection. However, you do need to give the platform a larger chunk of your rental fees (up to 40%).
Another major difference is that Hyrecar tends to be focused on drivers who want to generate an income. So, your car will be used for making deliveries rather than speed racing all over town.
HyreCar vs Fair
Fair is only available in larger cities across the US. Additionally, it is typically more for long term rentals. This platform is also available through local car dealerships. While it is possible to rent out your car as a private owner, it is not as easy as with Hyrecar.
HyreCar vs Getaround
The main difference between Hyrecar and Getaround is that Getaround has developed its own technology. The Getaround Connect system allows renters to unlock the car from their phone, so you don’t need to personally organize the pick up.
However, this does come at a cost. There is a $99 installation fee and you need to pay $20 a month in subscription fees.
Is it Worth Renting Car for HyreCar?
If you’re looking for a way to generate an extra income and your vehicle is sat on your driveway for most of the week, Hyrecar could be a good option.
Of course, you need to look carefully at the insurance options and what rental fees you could earn before you make a decision.