I am leaving the country for 1 year . I want to rent out my car while I am abroad?

Question

in order to keep the car as my own because if I sell it now , it will not cover the loan I still have to pay for it , so instead of just having the car sleeping I am thinking of making a bit of money out of it . Has anybody heard about renting your own car out to someone else ? What about the insurance ? I would not ask much per month , something like £50 maybe , and I would pay the insurance of course . Any ideas please ?

Answer 1

In America, this idea could spell financial doom.

Just think if the car was involved in a accident because of mechanical failure. Your liability would be in the millions. Are you ready to maintain the vehicle in a way that a rental vehicle requires?

Park it. It is far better to make the payments on the car!

Answer 2

Retarded idea. Too much liability; you're going to get screwed in the end either way.

Answer 3

learn to understand some principle conception before accept any suggestion is a great idea.Here is great place to start.http://carinsurance.expertsupport.info/a...

Answer 4

bad Idea

really bad idea.

your insurance will not cover you for this.

no matter how safely your friend drives, Sh*t happens.

a year isn't that long. store it.

Answer 5

You have to have special riders on your insurance and the extra cost of this usually makes it not worth the effort.

Answer 6

If your loan is still "upside down," your car must be fairly new.  I don't know about rental or leasing in the UK, but £50 seems like a terribly low amount, even for an econobox.  I think I agree with the answer above me in fact, if not in spirit.  At £50, you are not only losing money, but you are risking a great liability.  You may as well sell the car at a loss and avoid the liability.

They will loan it to friends who do not want to put miles on their own car.  They will let a repair go undone.  They will not tell you about problems with the car.  They will think that you, as the owner, are due to pay for anything like an oil change or major service jobs, so the renter will not maintain the car.  What if they have an accident?  Will this hurt your insurance rate or theirs?  Ask you insurance agent about this idea and get the facts.

Answer 7

Call your ins. company first to make sure everything would be covered if something were to happen while your going

Answer 8

Put it in your local paper or on craigslist. I would have them sign an agreement though and if they dent it or do anyhting to it then they have to fix it and have that in the agreement. Also get references you  can call if you cant find them when you get back. Its a good idea but it might have some flaws. Just cover all of your bases.