Carsharing platform HyreCar allows you to rent out your personal vehicle to delivery and rideshare drivers as a way to earn some extra cash. It’s like Airbnb for cars.
But can you really make money renting out your car on HyreCar? Yes — but there are some risks to consider.
Keep reading for our full HyreCar review:
- What is HyreCar?
- How much do you make with HyreCar?
- How HyreCar works
- Does HyreCar offer insurance?
- HyreCar reviews
What is HyreCar?
HyreCar is a carsharing platform primarily for drivers who need a vehicle to perform a service, such as driving for companies like Uber, Lyft, DoorDash, GrubHub, Uber Eats, etc.
HyreCar allows vehicle owners to list their car on the platform when it isn’t being used for drivers to rent out.
Why consider renting out your car on HyreCar?
If you have a car you don’t use often, listing your vehicle on HyreCar can be a good side gig to earn some passive income (money you make with minimal work/effort). These are some reasons you might want to rent out your car on HyreCar:
- You’ve purchased a new car but haven’t sold your old one yet (and it still runs)
- You’re someone who travels extensively (and you leave your car at home)
- You work from home and rarely use your car
- You have a car but use public transportation to get to work
According to HyreCar, one Los Angeles woman who started taking public transportation to work invested in four additional cars after realizing her earning potential. She was able to make an additional $4,000 each month in passive income, boosting her salary by $48,000 a year.
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How much do you make with HyreCar?
That depends on the year/make/model of your vehicle and how often it’s available for drivers to rent. When I logged into the site, most cars were listed between $29 and $50 per day.
At those prices, if you were to list your car every day, you could earn between $870 and $1,500 a month, minus the 15% Hyrecar takes. Note that a discount will be applied to whatever price you set if a driver decides to rent your car for a period of 7 or 30 days.
However, keep in mind that your car will go through more wear and tear while racking up mileage — meaning extra work on your end to keep your car well-maintained. And you may also pay in money and/or time to manage difficult clients. You’ll have to weigh these extra costs against the profit you might make.
When I went through the process to list my car, HyreCar gave me a suggested daily rate of $41, which means I could make about $885 per month if I rented out my car (a 2005 Toyota Corolla with around 126,000 miles) every day.
Although you can make decent money with HyreCar, you have to weigh the cost of paying for insurance, paying a deductible in the event of an accident, and the increased mileage/general wear and tear that may happen if your vehicle is frequently in use.
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How does HyreCar work?
Car owners can list their car for people to rent on HyreCar, and rideshare/delivery drivers can rent a car for work.
HyreCar makes money in three ways:
- Charging the vehicle owner 15% of the rental price
- Charging the driver/renter a fee equal to 10% of the rental price
- Charging the driver/renter for auto insurance while they use the vehicle
Where can I sell my car for the most money in 2023?
Listing a car on HyreCar
If you own a car, you can list your car on HyreCar for daily, weekly, or monthly rentals. The process is simple:
- Input your personal information — full name, email address, phone number, and zip code. You’ll also be prompted to create a password and verify your phone number.
- Select the service you want to provide. People can use your car to work for any of the gig services listed, or for commuter rental.
- Create a listing for your vehicle. You’ll need to write a description of the vehicle and upload photos, vehicle registration, and Uber/Lyft inspection documents (these companies require your car to pass a 19-point inspection to be used for ridesharing).
- Talk with potential renters. If someone requests to rent your car, you’ll receive a notification. You’ll have the opportunity to discuss the rental with the driver and confirm their application.
- Once you approve an application, HyreCar generates an insurance policy for the vehicle and the driver.
- Once a driver’s application is approved, they will be charged the rental fee. You will be paid as soon as you hand over the keys. You and the driver will coordinate to figure out how they’ll get the car — they may come to your house or you might meet them somewhere to transfer the vehicle.
- Once the rental period is over, you can coordinate a pickup and retrieve your vehicle.
You cannot use the HyreCar app for this process. You will need to create your listing on HyreCar’s website. The app is currently only available to browse available rental cars.
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Renting a car on HyreCar
If you need a vehicle to perform a task for a service like Uber, Lyft, GrubHub, DoorDash, or another company, you can rent a vehicle through HyreCar by following these steps:
- Create an account.
- Enter your location and the desired date(s) of your rental, and view the vehicles available in your area.
- In addition to selecting your desired vehicle, HyreCar makes you select at least five other vehicles you would be happy with in the event your desired vehicle is not available.
- New drivers must undergo a background check once their booking is submitted, which HyreCar says takes just a few hours.
- Once your application is approved by the vehicle owner, you’ll receive the vehicle’s registration, 19-point inspection, and proof of rideshare insurance, which you will need to upload to your profile for whichever service you intend to drive for.
- Payment is made upfront, before you pick up the vehicle. You will coordinate directly with the owner a time and place to pick up the vehicle.
- Return the vehicle. Once the rental is over, you’ll need to replace the gas you used and coordinate a dropoff with the vehicle owner.
Does HyreCar offer insurance?
Yes, HyreCar provides insurance and physical damage coverage through an insurance partner while the vehicle is actively being rented through the HyreCar platform, up to $1M in liability coverage and physical damage protection up to $25K for each rented vehicle. There are four available protection plans:
Basic:
- Earn 85% of rental revenue
- $1M third party liability coverage
- Physical damage coverage up to $25,000
- $3,000 deductible
- Cleaning reimbursement up to $30
- Gas reimbursement up to 65%
- Mileage coverage up to 65%
- No coverage on impound fees or lost/stolen keys
Standard:
- Earn 80% of rental revenue
- $1M third party liability coverage
- Physical damage coverage up to $25,000
- $2,500 deductible
- Cleaning reimbursement up to $50
- Gas reimbursement up to 80%
- Mileage coverage up to 80%
- No coverage on impound fees or lost/stolen keys
Premium:
- Earn 75% of rental revenue
- $1M third party liability coverage
- Physical damage coverage up to $25,000
- $1,000 deductible
- Cleaning reimbursement up to $60
- Gas reimbursement up to 85%
- Mileage coverage up to 85%
- Impound fees up to 85%
- Lost/stolen keys fees up to $250
Premium Plus:
- Earn 70% of rental revenue
- $1M third party liability coverage
- Physical damage coverage up to $25,000
- $500 deductible
- Cleaning reimbursement up to $75
- Gas reimbursement up to 100%
- Mileage coverage up to 100%
- Impound fees up to 100%
- Lost/stolen keys fees up to $300
Coverage begins when the rental period starts, remains active while the renter has the vehicle, and ends when the vehicle is returned to the owner. If the person renting your vehicle drives for Lyft, Uber or another rideshare platform, their insurance may take over while the driver is actively transporting passengers.
Unfortunately, several Reddit users expressed disappointment with HyreCar’s insurance claim process:
Trustpilot users offered a similar take:
HyreCar’s pros and cons
Check out the pros and cons of this rental car service.
The pros of renting out your vehicle on HyreCar
- Insurance covers active rental periods
- Drivers must undergo background checks
- Payment upon vehicle rental
- The platform itself is intuitive and easy to use.
The cons of renting out your vehicle on HyreCar
- Increased vehicle mileage
- Potential vehicle damage/wear (resulting in additional financial expenses)
- Before you can list your vehicle, it needs to pass a 19-point inspection (required by Uber, Lyft, and other rideshare companies)
- Insurance does not cover things like scratches or dents; interior rips or stains; or tire damage
- Have to coordinate drop off and pickup of your car for each rental
- Must deal with customer service complaints from drivers
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What do others say about the service? HyreCar reviews
Reviews on HyreCar are mixed, with some platforms boasting mostly positive reviews and others mostly scathing.
HyreCar review: BBB
HyreCar is not accredited with the Better Business Bureau but has a B rating and an average 1.04/5 stars. Out of 51 reviews, many renters state that the cars they rented had mechanical issues and were not driveable.
Owners who have rented their vehicle through HyreCar talk about the platform’s poor customer service.
HyreCar review: Trustpilot
HyreCar has 3.6/5 stars on Trustpilot. Out of nearly 2,000 reviews, about 70% are “excellent.” Some reviews from renters mention helpful customer service reps by name. But HyreCar’s poor Trustpilot reviews from renters say the cars listed on the app are not in good condition.
Some owners were frustrated upon realizing they owed more money than they’d realized after a rental.
HyreCar alternative: Getaround
Getaround is a car-sharing company with many similarities to Hyrecar. Although drivers are still allowed to pick which vehicle to rent, Getaround uses an algorithm to match drivers with a rental car that seems like a good fit.
Getaround also has a unique Connect system that pairs with users’ smartphones to make the rental experience easier and safer — car owners benefit from GPS tracking, tamper detection, and an engine lock (keep in mind this system does cost $99 and must be installed in your car). HyreCar does not offer any driver protection beyond its insurance protection plan.
Getaround also has a B rating with the Better Business Bureau and 3.9/5 stars on Trustpilot.
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Bottom line: Is HyreCar legit?
Yes, HyreCar is a legitimate platform where you can rent out your personal vehicle and earn money. However, there are risks involved in renting out your vehicle to a stranger.
If your vehicle happens to be in an accident while it is being rented on HyreCar, numerous negative reviews say the process to file a claim and actually be reimbursed for damages can be quite a headache. You also have to consider how much the wear and tear and additional mileage can affect the value/driveability of your car.
If you believe you can make more money regularly renting out your car on HyreCar than the trade-in value of your car in its current condition, then it’s worth trying out >>
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HyreCar allows vehicle owners to list their car on the platform when it isn’t being used for drivers to rent out.
That depends on the year/make/model of your vehicle and how often it’s available for drivers to rent. When I logged into the site, most cars were listed between $29 and $50 per day.
HyreCar provides insurance and physical damage coverage through an insurance partner while the vehicle is actively being rented through the HyreCar platform, up to $1M in liability coverage and physical damage protection up to $25K for each rented vehicle.
HyreCar is a legitimate platform where you can rent out your personal vehicle and earn money. However, there are risks involved in renting out your vehicle to a stranger.
