Should I rent my car out?

Sergio Aguilar
Sergio Aguilar
Chief Product Officer at hiyacar
Should I rent my car out?

You 100% can and should rent your car out. We’ve already talked about how your car is hugely depreciated as soon as you buy it, and how it can become an asset if you list it on peer to peer car hire platforms like hiyacar — allowing you to monetise it while you don’t use it.

Below I’ve summarised 5 reasons why I think you should consider hiring your car out through hiyacar.

1/ Insurance has been sorted out for you and your drivers. Hiyacar has partnered with top insurer AXA to make sure that peer to peer car-sharing in the UK is possible. Our insurance policy with AXA supersedes your own insurance policy during the rental. This means that in the event of an accident or damage while your car has been rented out, your insurance will not be affected. You can read more details about our insurance policy here.

2/ Only vetted drivers that belong to the hiyacar community will be able to rent your car. We check the driving licence and identity of every single driver that signs up to the platform. Furthermore, members can rate each other, so drivers that don’t behave following our community spirit are simply banned. Drivers know that hiyacar is not just a rental car company: cars belong to our members and not to some faceless corporate organisation.

On a related note, we require drivers to be at least 23 years old, with 2 years of driving experience (if they are 25 or over they only need to have 1 year of driving experience). We also require drivers to have UK residence, so your car is unlikely to be hired by mere tourists.

3/ QuickStart and Instant Book make it so easy. Last week one of our owners mentioned how hiyacar gives her a way of making ‘easy money’. I never thought that such a thing existed, but apparently it does! With QuickStart you don’t need to be there to hand over the keys; the car can be generating thousands of pounds while you are at work, on holiday or literally anywhere. If we’ve installed QuickStart in your car we even know where the car is located at any time.

With Instant Book, your booking requests are automatically accepted which means you don’t even need to press a single button! In fact, in this instance it’s just about managing your car’s availability calendar, to ensure that your asset is ready for hire when it actually is.

4/ Fulfil your dreams. The main motivation for using hiyacar as a car owner is to make some extra cash (or at least that’s what most of our owners tell us). Really it’s not just about the money, but about what you can achieve with that additional income that you didn’t have before. Some people save up that little extra that allows them to go on a proper holiday to Thailand or Spain. Others get enough to fund a nice retirement, doing whatever they want to do. Others see it as a small business and have several cars listed. It’s all about the lifestyle that you want to pursue.

5/ Give mates rates to your family and friends so they can share your car and they’ll be covered by our insurance. Our mates rates feature allows you to lend your car to family and friends at a discounted rate without the hassle of sorting out separate insurance. You can even give them such a discount where they’ll only have to pay an insurance premium and hiyacar’s booking fee.

Once you’ve listed your car on our platform there are at least 3 +1 key aspects to take into account in my opinion.

1/ Your car must be roadworthy, that is, it has to be in proper condition to be driven. In more specific terms, this means having no warning lights, no leakage of fuel, windscreens and windows in a good state and with no cracks, operational external lights, etc. And of course the car must be clean and tidy.

By the way, cars need to be under 8 years old to be listed on the platform based on our current insurance restrictions.

2/ Manage your car availability calendar. If you’re using the car that you have listed on hiyacar, it’s important to keep your availability up to date on the website/app. Otherwise you might receive booking requests that you’ll have to decline, causing frustration for you (saying ‘no’ to ‘easy money’ can’t feel good) and for your drivers (who are let down with no car).

3/ Promote it. There are many things that you can actively promote your car in your neighbourhood: share the link to your car listing on social media, give away mates rates discounts, hand out flyers and letters, put hiyacar stickers on your car, etc. You can read more information about how to market your car on this post.

4/ If your car is not QuickStart, make sure you’re around to meet the driver and hand over the keys!

Have something to add? Discuss in our community forum.