Charge a stranger $5 an hour to borrow your car
A new program could let you earn some money when you're not using your vehicle.
This post comes from Des Toups at partner site CarInsurance.com.
Car sharing has always been a hippie version of car rental. You pay your money and you get access to a newish econobox, only it’s located in your neighborhood, not at the airport, and you’re not locked into that whole-day rental thing when all you want to do is load up at Costco.
Now, General Motors is helping to make car-sharing even more nutty and crunchy.
The program allows car owners to rent out their cars during the 23 hours a day most people's cars sit idle. OnStar (or a similar RelayRides device) unlocks the doors via a renter’s mobile phone and allows him to start the car with a key left by the owner. The device tracks the car’s mileage and, if necessary, can locate the car if it somehow is lost.
For an hourly fee, the renter gets the car, a gas card, $1 million in soup-to-nuts insurance coverage (protecting the owner, too, because most personal auto insurance policies won’t cover any commercial use) and up to 160 miles a day.
- Calculator:How much car can you afford?
RelayRides says car owners could earn anywhere from $2,400 to $3,700 a year if rentals average 10 hours a week. It’s the owner who sets the hourly price. From that amount, RelayRides deducts the cost of any gas charged on the gas card, 20% for the insurance policy and 15% for itself. Post continues after video.
RelayRides says it screens its members’ driving records for accidents and DUIs and deals with aggravations such as parking tickets. When a borrower is late or leaves a mess in the car, the service fines them and sends the money to the owner.
The program is available only in San Francisco and Boston. Starting in early 2012, a mobile-phone app will make all OnStar-equipped cars (mostly General Motors brands) RelayRides-ready.
More on CarInsurance.com and MSN Money:
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- Will my policy cover me if I wreck a rental?
- The most and least expensive cars to insure
- This is as cheap as insurance gets
I don't even let my son drive my car, You think I'm going to let a
Stranger. Yeah right.
I agree with the other posts. This is the stupidest idea I have heard in a long time. You can't trust strangers to driver your car responsibly let alone control where they go with it. What if they leave drug residue in it. What about a wreck? Try explaining a wreck to an insurance company who would probably not only raise your insurance, but make you pay commercial rates. I can think of many more problems but won't waste my time.
This idea has no redeeming value at all.
Ok, yeah i would totally do this to the neighbors i know.. not to complete strangers. I mean it has onstar, need i say more? They can track it anyway. So theres really nothing to worry about.
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