Rent Out Your Car as a Side Gig

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Getaround is an online car sharing platform that enables you to rent out your vehicle when you are not using it to earn some extra cash. The company has been around since 2009 and currently has over 9 million users. The platform offers numerous benefits for car owners, including free insurance and contactless sharing. There is also 24/7 support for hosts and you can earn up to $6000 per year.

Pros

  • High earning potential – depending on the model and age of your car, you can earn up to $6000 per year just by renting it out when not using it.
  • Regular payment schedule – payouts are processed once per month and you will receive all your rental earnings on the 15th of each month via PayPal.
  • Get 24/7 host support from the platform – if you face any issues when renting out your vehicle, you can contact the support team no matter the time.
  • Free insurance coverage – hosts receive free insurance coverage of up to $1 million for personal liability, third party liability or property damage.

Cons

  • Upkeep costs – if you rent out your car, you will need to bear any upkeep or maintenance costs that arise, which may add up to $1000 or more per year.
  • Cannot rent out old cars – to rent out a car on GetAround, it must be a passenger vehicle model year 2007 or newer and have less than 200,000 miles.

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What is Getaround?


Getaround is a well known car-sharing company. It works a little like Airbnb, but the users don’t rent out their homes, they rent out their vehicles. So, if you have a car or other type of vehicle and you’re not using it right now, you can make money renting it to other people. 

As you might imagine, this means that Getaround is in direct competition with established car rental companies. But, Getaround is flexible. It offers its clients lower rates and it’s easy to arrange a vehicle rental. 

With Getaround you can have daily or even hourly rental options which makes it a very useful option for casual vehicle users. If you need a bigger vehicle to haul that new piece of furniture or your car is in the shop for a few days Getaround may be the answer to your problems.

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How Getaround Works?


How does Getaround Work

Getaround has an algorithm built into the platform that can match a car owner with a potential renter that needs a vehicle. The car owner sets a time when their vehicle is available and how long it can be rented for. 

The renter can search through matches of cars that fit their desired criteria directly on the Getaround app. The driver searches for the renter’s car and then it is unlocked using the Getaround “Connect System”. This includes cell communications and GPS tracking to make the process simple and secure for everyone. 

The Getaround Connect System interfaces with the smartphones of both parties involved so the owner can always track what is happening with their vehicle. This gives the owner some much needed peace of mind even when they are not in direct possession of their vehicle.

The vehicle owner can leave the keys locked in the vehicle and the driver will be informed on where they are when they pick it up. Getaround offers a great deal of protection for vehicle owners with tamper detection, engine locking and GPS features built into the Connect System. 

It’s interesting to note that the owner can track their vehicle at all times and it can be unlocked using their smartphone. After the rental period has finished, the owner and the renter will leave a review of the experience. This acts as a useful resource for potential vehicle renters and it helps to keep all parties safe and responsible.

Enjoy the security of the Connect System with tamper detection & engine locking.

Is Getaround Safe?


The short answer is yes. Getaround is safe because it is integrated with DMV systems and driver records can be checked automatically in real time for each potential renter. The company will cross check every driving record with certain social media profiles, the credit bureau and at least sixteen other references before a rental is accepted. 

Before a Getaround renter can get access to a car, they must meet some eligibility requirements, including: 

  • A full driving licence for at least two years, 
  • No DUIs or drug offenses in the last seven years 
  • No more than two at-fault accidents or minor violations in the last three years.

Getaround has an auto insurance policy in place that covers incidents that occur during the rental period for both the renter and the owner of the vehicle. Getaround also has a $1,000 damage fee available per recorded incident and the vehicle owner is not responsible for this. 

The Getaround auto insurance covers: 

  • Collision, 
  • Liability 
  • Comprehensive coverage for up to $1 million. 

Driver Violations

If the renter receives a moving or non-moving violation or a parking citation when driving the vehicle all costs are their responsibility. 

Getaround enforces its policies with a reimbursement for any drivers with non-point violations collected from traffic cameras and parking violations. This money is collected from vehicle renters directly for the owner. If a point violation occurs, Getaround will request the driver to email their help desk to resolve the problem. Getaround will also contact the issuing authority to ensure that the liability is transferred to the renter. The owner’s records will never be affected by violations, tickets or citations.

Renting Your Car With Getaround


How to Join Getaround

If you want to rent your car using Getaround it must have less than 125,000 miles and be a 2005 or later model. 

  • Start by downloading the Getaround app or you can access the website via your computer. 
  • Select the “List Your Car” tab and enter the year of your car and confirm that the mileage is less than 125,000 miles. 
  • Then fill out the other basic information details and let Getaround know where you heard about their service.

At this point you will be directed to sign into your Facebook account to verify your identity and make sure that you are accountable for your vehicle. 

Getaround will then want to give your car a name and prove a link that you can share to promote your vehicle. Then you need to set up an address where the care can be collected and returned by renters. 

This information is only shared privately with rental drivers and you can set the availability schedule when the vehicle is available. This could be a recurring schedule or you can even set aside certain days when the car is in regular use.

The Connect System:

Getaround will visit you to take some high-quality images to share of your vehicle and they will install the Connect System. This is a proprietary security system designed by Getaround to keep the owner and renter safe and accountable throughout the rental period. 

You can access the Connect system via the smartphone and in extreme cases the owner can even disable the starter motor and lock the engine if they are unhappy. If the owner wants to uninstall the Connect system they take their vehicle to an authorized auto mechanic and send it back. 

The Connect system installation costs $99. Getaround charges a $20 monthly fee which is waived during the one month trial period. After the trial is complete, the owner doesn’t need to pay for the Connect hardware installation immediately. Any incurred fees are billed one full month after the sign up date. 

If you change your mind, you can have the Connect system uninstalled at any time during the one month trial period. Getaround has a five day grace period and no charges are incurred.

Getaround waives the $20 monthly Connect System fee for your first month

How Much Can I Earn with Getaround?


Making Money on Getaround

Getaround has stated that many owners that rent their vehicle with their service can earn up to $10,000 per year. Of course, this won’t be the same for everyone but it does provide a benchmark. 

The average car owner is likely to earn around $6,000 per year and a minimum fee of $5 per hour is charged. However, if you have a more in demand vehicle this can rise significantly. 

Getaround charges a 40% commission on any vehicle rental earning and they can recommend a competitive price for you. This is based on the vehicle demand in your area and the year, make and model of your car. 

Adhering to these guidelines is advisable if you want to maximise your earning potential on the Getaround platform. But, if you want to adjust these settings you can do so. 

Any rental earnings are accrued on a monthly basis and sent to the vehicle owner at the middle of the next month. All Getaround rental earnings are accompanied with an earning report for your records and tax purposes.

Getaround Pros & Cons


Pros

  • A Great Passive Income Stream: If your vehicle is not in use all the time it makes good sense to have it working for you. After the initial setup you don’t have to do much work as a car owner. This makes Getaround a great passive income stream.
  • Getaround Auto Insurance: As a Getaround vehicle renter you are automatically insured for $1 million of primary insurance cover. All potential drivers are screened before they can drive your car and they must have a good safety record. The auto insurance covers theft, comprehensive, primary and uninsured driver protection for extra peace of mind.
  • You Make the Rules: As the owner of the vehicle you make the rules on when and how your car is used. If you don’t want pets travelling in the car or it isn’t available at certain times that’s your prerogative.

Cons

  • Availability: At the moment, Getaround isn’t available in many cities so it may not be an option for you.
  • Insurance: Some auto insurance providers are not happy about their clients allowing other people to use their vehicles. Always check with them before you sign up with Getaround to make sure you’re not violating the terms of your insurance policy.
  • Wear and Tear: Although this is an easy way to make money, there are hidden costs to consider and that includes wear and tear on your vehicle. Every mile driven has an effect on your car and more frequent visits to your auto mechanic may be necessary.
  • Bad Drivers: Getaround takes every effort to screen drivers but they could still trash your vehicle anyway. Of course, you would be compensated for any damage, but getting your car fixed is still annoying and you may not be able to use it for a while.

Getaround Alternative


Getaround vs Hyrecar

hyrecar logo

HyreCar Summary

  • Earn up to $1200 per month from your car
  • Flexible rental periods that are up to you
  • List your car for rent within 10 minutes
  • $125 bonus for an electric vehicle

If you don’t like the Getaround model but you still want to hire your car you may want to consider HyreCar. They are similar, but HyreCar is based around the concept of hiring a vehicle to perform a certain service and in that way it’s more like Lyft or Uber. 

HyreCar is a car sharing service that vehicle owners can use to make money when they are not using their cars. Some drivers rent a HyreCar to work an Uber or Lyft gig or to make small scale deliveries for Uber Eats, GrubHub and other platforms.

There are three main ways to make money with HyreCar:

  1. Renters are charged at 15% of the vehicle rental cost.
  2. The renter pays a fee equal to 10% of the total rental cost.
  3. Renters pay for the auto insurance while they drive your vehicle.

This is a simpler way to make money with your idle vehicle but it doesn’t have the safeguards of Getaround so for many owners it’s a less attractive option.

Is Getaround Worth It?


Hopefully I’ve demonstrated that you can enjoy a great Getaround experience and it is a legit car sharing service that you can use to make some extra money from your idle vehicle.

If your vehicle fits the criteria and you live in a city where this service is operating you can make some passive income. Just check with your auto insurance provider in advance to make sure you’re not violating your existing policy and set some cash aside for extra car maintenance.

Getaround FAQ


Can I use Getaround for uber?

If you’re thinking about becoming an Uber driver, you may find that your vehicle does not meet Uber’s requirements. However, Uber has partnered with Getaround to allow eligible drivers to rent an appropriate vehicle instantly. You can use Getaround to book and rent cars in your area instantly, so you can start making money as an Uber driver. 

How long does it take to get verified on Getaround?

Getaround aims to verify all new driver profiles as quickly as possible, but it can take up to 24 hours. After you submit the necessary documents, Getaround will let you know if you need to submit additional documents or if your profile is now verified. 

How do I contact Getaround?

If you have any issues, you can contact the Getaround customer service team using the mobile app at any time. To submit a support request, tap “Help” from the top left menu. From this location, you can access the FAQ section or if you still have questions, submit a request.