Hyrecar Review: Is It Profitable to Rent Out Your Car?

Reading Time: 12 minutes

Considering turning your car into a money-making opportunity? It sounds promising, but the uncertainty surrounding car rental services might be holding you back. Is it safe? Will it be too much of a hassle? What about wear and tear?

These doubts often create a barrier for many who are intrigued by the idea of earning extra income but are wary of the practical challenges. Concerns about your car’s well-being, dealing with strangers, and navigating the complexities of a car-sharing platform can make the potential earnings seem less appealing.

Enter Hyre Car – a platform claiming to simplify the process and make renting out your car easy. But does it live up to the hype? Can it truly turn your car into a money-making asset without the headache?

My curiosity drove me to explore this concept firsthand.

I embarked on a research journey, eager to uncover the details and share my insights. This quest has been enlightening, fueling a genuine passion for unraveling the questions that initially intrigued me.

In this HyreCar review, we’ll delve into the key aspects of the platform, providing you with the insights needed to make an informed decision.

Hyre Car seems promising, offering a convenient solution to those looking to earn extra income from their cars. The final decision may depend on personal preferences and specific circumstances.

Stay tuned as we discuss the user experience, safety measures, earning potential, and everything in between.

HyreCar: What Is It?

Before we buckle up for the review, let’s grasp the basics. HyreCar is a peer-to-peer car rental platform that connects car owners with individuals seeking temporary wheels.

It’s like Airbnb, but for cars. You list your vehicle, and someone in need can rent it for a specified period.

HyreCar caters specifically to rideshare drivers, offering them the opportunity to rent a car for services like Uber, Doordash, Instacart, Grubhub, and more.

Private vehicle owners list their cars on the platform, creating a marketplace where potential renters can easily find and rent a suitable vehicle.

The majority of vehicles available on HyreCar have undergone inspections and received approval for rideshare platforms. Additionally, HyreCar provides car insurance for added peace of mind.

While Turo is widely recognized as a car-sharing giant, favored by both hosts and renters due to its extensive variety of vehicles, HyreCar distinguishes itself.

Unlike Turo, which accommodates a broad range of vehicles from luxury cars to basic sedans, HyreCar primarily serves gig economy workers engaged in ridesharing and food delivery.

HyreCar drivers utilize the platform to rent vehicles for income generation, focusing on affordability and vehicle reliability. This sets it apart, as the primary users are individuals working for rideshare and delivery services like DoorDash and Instacart.

Unlike Turo, where almost any vehicle can be listed and rented, HyreCar’s emphasis is on practicality rather than flashiness.

If you’re considering renting out your vehicle to boost your income, HyreCar offers a platform tailored for rideshare drivers and couriers seeking reliable and affordable rentals to maximize their time on the road.

If your vehicle aligns with these criteria, becoming a HyreCar owner could be a straightforward way to increase your earnings.

How Renting with HyreCar Works

Popular as food delivery and rideshare services may be, there’s a solution for those without a car, those who prefer not to use their own, or those who temporarily don’t have a car – enter HyreCar.

Before delving into the rental process, familiarize yourself with the HyreCar driver requirements:

1. You must be at least 21 years old.
2. Possess a valid, in-state driver’s license.
3. Maintain your license for at least one year in the state you plan to rent in.
4. Own a mobile phone in your name (HyreCar uses this for communication).
5. Hold an existing account with a rideshare or food delivery service.
6. Maintain a clean driving record – no major violations in the past three years (DUI, reckless driving, etc.) and no more than two minor violations in the last three years.

Assuming you meet these criteria, renting a car from HyreCar is a straightforward process.

Step 1: Establish a Hyrecar Account and Select a Vehicle

Begin by registering with HyreCar – the sign-up process is free and only requires your email address.

Following that, initiate the car booking process. Provide your location and desired rental dates (with a minimum of a 2-day rental), and then you can start browsing the available vehicles.

HyreCar suggests reserving not only the specific car you want but also five additional options. While this might seem like a substantial number, payments are only processed upon approval.

Booking multiple cars enhances your chances of securing your preferred rental period, especially if unforeseen circumstances affect availability.

Once approval is granted for a particular car, HyreCar automatically cancels any extra bookings you made as backups.

Step 2:  Background Check, Necessary Documentation and Deposit

Before you can proceed, enter your payment details, and for debit card users, anticipate a $200 security deposit. This deposit is separate from the rental cost and is refunded upon vehicle return.

This stage also involves a background check, typically taking a few hours but potentially up to a day or two. Only individuals new to HyreCar rentals are subject to this background check.

Once approved, you’ll be charged for the entire rental cost. Afterward, HyreCar will give you the required documents so that you can submit them to your food delivery or rideshare company.

These include vehicle registration, an inspection report, and rideshare insurance, which HyreCar purchases on your behalf and is valid for 30 days.

Document processing may take a few hours to a full day, so plan accordingly. For instance, if you need a car on Monday, ensure your documents are uploaded by Sunday.

Step 3: Time to Pick Up the Car

Coordinate with the car owner through HyreCar to arrange a time and place for picking up the vehicle. During the pickup, discuss the following:

• Mileage: Be aware of any mileage limits, usually around 250 miles per day, with an additional cost of $0.25 per mile if exceeded.
• Fuel: Ensure you return the car with the same amount of fuel it had when picked up from the owner.
• Visual Inspection: Walk around the vehicle with the owner, capturing pictures of any dents, dings, or scratches. Aim to return the car in the same condition.
• Vehicle Operation: Although likely self-explanatory, the owner may share specific features or peculiarities of the car with you.

Step 4: Bring Bach the Rented Car

Upon completion of the rental period, reach out to the car’s owner through HyreCar to coordinate a drop-off time. Expect the owner to conduct a walkaround to ensure the vehicle is returned to its original condition.

Subsequently, the owner will confirm the car’s return.

Understanding How HyreCar Works for Owners

Turning your car into a source of passive income through HyreCar is a straightforward process. Registering and listing your vehicle is uncomplicated, and in certain aspects, it bears a resemblance to earning through Turo, although Turo is exclusively designed for personal use.

HyreCar’s owner requirements vary based on location, as each state has distinct rideshare and delivery vehicle criteria. Generally, vehicles must be no older than 10 years, possess four doors, and have at least five seatbelts.

Before listing your car, it must undergo a 19-point inspection, ensuring its safety and readiness. Most mechanics can perform this inspection, providing you with a document certifying your vehicle’s fitness for use.

Requirements for Vehicles

These are the basic vehicle prerequisites for HyreCar:

• Must have 4 doors and accommodate a minimum of 4 passengers.
• Your car should be a 2005 model or newer, with certain cities imposing a maximum age limit of 10 years for vehicles.
• In-state car insurance, registration, and plates are mandatory.
• Reach out to HyreCar directly to confirm the specific vehicle requirements for your state.

Step 1:  Create an Account and List Your Car on HyreCar

Creating an owner account on HyreCar is free.

You only need to provide your name, email address, phone number, and zip code. 

Once signed up, you’ll access your HyreCar dashboard to list your vehicle.

Key information includes make, model, year, mileage, VIN, license plate number, and a detailed vehicle description with features.

Once your car is given the green light, it’s time to create an attractive listing.

According to HyreCar, creating an appealing listing is crucial. 

HyreCar recommends crafting a compelling description, highlighting the car’s strengths, such as a smooth ride, fuel efficiency, or unique features.

Upload high-quality photos, preferably taken in daylight, showcasing your car from various angles, including any significant flaws. 

Step 2: Choose A Protection Plan

Listing your car on HyreCar requires insurance, and you must select additional coverage for rental periods. The chosen protection plan directly impacts your earnings, with three tiers available:

1. Premium: $500 owner deductible, HyreCar takes a 25% commission.
2. Standard: $2,500 owner deductible, HyreCar takes a 20% commission.
3. Basic: $3,000 owner deductible, HyreCar takes a 15% commission.

Each plan comes with varying coverage levels, influencing the overall protection during the rental period.

Find additional information about each of these plans and their functionality for drivers and owners here.

Step 3:  Choose Your Listing Price

To maximize earnings swiftly, ensure your pricing is both fair and competitive. Browse through HyreCar’s local listings to gauge what similar cars are being listed for.

Step 4: Accepting Applications

Once your listing is live, your car becomes visible to local Uber, Lyft, and other gig economy drivers. Expect inquiries and reservations to roll in if your pricing aligns well and your car suits their needs.

You have the flexibility to rent out your car for a duration ranging from two to 14 days.

Engage in discussions with interested drivers, ensuring clear communication about your expectations.

Receive notifications from HyreCar when someone expresses interest in renting your car.

Accept rental periods via your HyreCar dashboard, essentially agreeing to rent the car at the specified time.

Coordinate with the renter to decide on the meeting time and place. Before the meeting, ensure the car is clean and prepared.

During the meet-up, go over any unique features or quirks your car may have, such as a sticking passenger-side window or radio scanning instructions. Take comprehensive pictures of the vehicle, both inside and out, before handing it over.

These images serve as documentation for reporting any damage that may occur during the rental.

Note the mileage and fuel levels as well.

Step 5: Steps to Remember When You Rent Your Car

Once you’ve verified that all your documentation is in order, it’s time to hand over your car keys to the renter. Coordinate with them to establish a day, time, and meeting place for the key handover.

Step 6: Hand Over the Keys to Your Renter

After ensuring all your documentation is in order, it’s time to pass your car keys to the renter. Coordinate with them to establish a day, time, and meeting place for the key handover.

Step 7: Returning Your Car

There’s a possibility that the renter might want to extend their rental period. You’ll receive notifications in the app, giving you the option to accept or decline the request.

Once the rental period concludes, agree with the renter on a meeting time and place. Upon getting your car back, conduct the following checks:

• Fuel: Ensure the renter returns the car with the same fuel level as when picked up.
• Mileage: If the driver surpasses 250 miles per day, additional charges may apply. Take note of the mileage at both pickup and return.
• Condition: Check to see if your car is damaged.  Inspect the exterior and interior for any damage. Contact HyreCar support if you notice any discrepancies – emphasizing the importance of initial pictures.

What is the Cost of HyreCar?

Typical rental fees range from $24 to $40 per day, though pricing fluctuates based on location. Larger, more bustling cities tend to have higher car rental rates. Discounts may be available for extended rental periods, such as a week or more.

Should you exceed the designated mileage limit, approximately 250 miles per day, an extra charge of $0.25 per mile will apply.

What is the Earning Potential with HyreCar?

The HyreCar website states that most cars are listed at $35 per day. 

Remember, HyreCar does take a 15%-25% commission, depending on the chosen protection plan, and there’s a 2-day minimum rental period. When factoring in these aspects, here are the potential earnings for a 2-day rental starting at $70:

• Basic protection plan: $59.50
• Standard protection plan: $56.00
• Premium protection plan: $52.50

Payments are disbursed after the rental pickup, and it typically takes about 2-3 days for the funds to reach your account.

HyreCar also advises owners to set aside 10% of their earnings for maintenance and repairs, considering the increased wear and tear on the car with regular rentals.

Additionally, taxes should be considered. A common practice for car owners and drivers is to allocate 30% of their side hustle income for taxes. While the apparent earnings per HyreCar rental may seem to be at least $50, the actual figure averages closer to $30 per rental after accounting for commission, maintenance, and taxes.

HyreCar Support and Dealing with Issues

While your time as a HyreCar owner is ideally a rewarding experience in passive income, it’s essential to be prepared for any issues that may arise.

In the event of damages, drivers are responsible for reporting them and following up with Lyft, Uber, and any third-party claims. Regardless of the situation, if your vehicle sustains damage, the process involves filing a claim with HyreCar.

After filing a claim, a customer care representative will be assigned to your case.  They will contact you and assist you through the claims process.

 On average, damage claim cases take 2 to 8 weeks to process and settle.

Speed is crucial in this process.

This aligns with the requirements of companies like Turo.

To ensure a smooth process, take photos, thoroughly inspect your car, and promptly initiate and process any necessary claims.

How HyreCar’s Insurance Operates

Firstly, it’s crucial to note that HyreCar is not an insurance company. Instead, it facilitates insurance for drivers through its insurance partners.

As per HyreCar:

Another critical aspect is that HyreCar’s insurance provides coverage when you collect a vehicle from the owner but haven’t initiated your work yet. Once you start driving for Uber or Lyft, their insurance policies take priority.

As a HyreCar driver, the following aspects are covered:

1. Liability to third parties: Covers bodily injury and property damage resulting from the use of the rented vehicle, up to the minimum liability coverage required by state law.
2. Personal Injury Protection (“PIP”): Applicable in states where PIP coverage is legally mandated and cannot be waived.
3. Uninsured or Underinsured Motorist (“UM/UIM”): Covers up to the statutory minimum amount in states where UM/UIM coverage is legally required and cannot be waived.

In summary, HyreCar provides coverage before and after your rideshare work.

However, during active periods such as en route or on an active trip, coverage is typically handled by the specific gig economy platform you’re working for.

Is HyreCar a Valuable Option for Drivers and Car Owners?

The pivotal question in this HyreCar review is whether it’s worth it. Let’s break it down for both drivers and owners.

Drivers:

• If a significant part of your income relies on food delivery or rideshare driving, and you temporarily don’t have a car, HyreCar is a definite yes. It allows you to sustain your earnings without any interruption.
• Even if you don’t own a vehicle and choose to rent from HyreCar for driving gigs, it’s a viable option. While you might not be eligible to write off mileage, it opens up a new avenue for a side hustle.
• Consider this example: Instacart and Shipt shoppers earning around $20/hour for 30 hours a week could still make $400 even after a week-long rental for $200.

Owners:

• HyreCar shines for owners renting out their cars in terms of passive income. This means you’re not actively exchanging your time for money.
• While you might need to perform maintenance more frequently and keep your car clean, the process of listing your car on HyreCar involves minimal effort.
• On the downside, after factoring in fees, maintenance and repairs, and taxes, owners might be earning closer to $30 per 2-day rental. Additionally, you’re without a car for a few days.
• Despite these considerations, HyreCar could still be a worthwhile option for many car owners, but it’s crucial to weigh all the factors.

HyreCar Pros and Cons

Now that we’ve covered getting started with HyreCar, let’s dive into the pros and cons.

Check out these aspects to determine if it suits you as a driver or car owner.

HyreCar Review: Final Thoughts

Food delivery and rideshare driving has emerged as one of the most sought-after side hustle options in the past year, offering flexible ways for individuals to boost their income.

HyreCar is founded on this concept, providing access to more cars for drivers and offering car owners a fresh stream of passive income. This is fantastic.

However, it’s essential to grasp the implications on both sides. Drivers must uphold responsible behavior and properly care for the rented car. Meanwhile, owners should have a clear understanding of their actual earnings.

For more money-making ideas, explore our additional articles here.

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