Anyone ever rent out there own car?

Question

Has anyone ever rented out there own car, or known anyone that has? It seems like a way to make money, renting out a car that's not worth a whole lot to people who can;t afford to buy a car.

Answer 1

You would be "renting" trouble if you did that. It's Not a good idea !

Answer 2

not a smart idea.   You're insurance will not cover you for a vehicle that is rented out to others.   This could leave you open to a very large liability exposure.

Answer 3

Not the good idea you think it is.

Your personal auto policy will not provide coverage if you rent out your car.  That means you will be held personally liable if the driver hits someone else.

You would need to speak to your insurance agent about purchasing a business auto policy.

Also - as the owner of the car, you can be sued if the driver hits someone.  Since your preferred customer is people who are broke--- they are "judgment proof". (they don't own the pot to P in) So anyone who sues them...not going to see a dime.  You on the other hand - may have assets that can be taken. When people sue- they go after the deepest pocket they can find.

You also run the risk of the car being rented out and never returned. There is a reason rental companies have guidelines regarding who they will rent to.

* not legal advice-just my personal opinion