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My MoneyLife™ with Chuck Bentley

Peer-to-Peer Car Rental

Friday, January 6, 2012

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Chuck Bentley

Here’s a completely novel way to make a little extra on the side. It’s called “RelayRides, and according to Fox Business News, it’s a way your car can earn you extra cash.

You’ve heard of peer to peer lending? Well, RelayRides is the same concept. The company connects people with cars to other folks who want to rent them.

At RelayRides.com, you can sign up to rent your car or to rent one from someone else. Here are the rules:

  • Your car has to be in good condition—less than 10 years old and fewer than 80,000 miles.
  • You have to set up a schedule on the website. You decide when and where the car can be rented out, and the hourly and daily rental charge.
  • RelayRides takes 15 percent of the fee, and another 20 percent goes towards a special $1 million insurance policy to cover the rental in case of accident or injury. The renter is liable for a $500 deductible.

There’s a two-tier system for renting a car through RelayRides:

  • If you’re 21 and up, you need at least two years driving experience with no major violations—that means no DUIs. Also, no more than three minor violations in the last three years and no more than two minor violations in the last year.
  • If you’re 18 to 20, you need 2 years driving experience, a completely clean record and an additional $300,000 liability policy.

Depending on where you live and how frequently you rent out your vehicle, you could earn enough to make your monthly car payment.

I haven’t tried it myself, but the system must be working, as other peer to peer rental companies are expected to come on line soon.

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