Owning a car can be a hassle.
Affordable parking is hard to find, traffic can be so bad that you’re better off walking, and the cost of insurance and maintenance can destroy your budget.
But what if you could turn your car into a revenue stream instead of an expense?
It’s time to check out Getaround.
Getaround is a car sharing service that is perfect for people that own a vehicle and want to make some extra cash.
Keep reading for our definitive guide to Getaround for car owners.
- What is Getaround?
- Vehicle Requirements
- How to Get Started
- How Much Money You Can Make?
- What About Insurance?
What is Getaround?
Getaround is a peer car sharing service where car owners can rent their vehicles to drivers who want to borrow them. Renters can borrow a car for an hour, a few hours, a day, or even an entire week.
The service originated in San Francisco (like Uber, Lyft and every other transportation startup) and quickly spread Oakland and the rest of the bay area before moving into large markets like Chicago, Los Angeles, and New York. Now, Getaround is available in most major cities across the United States.
For people who don’t own a car, it’s a great way to rent a vehicle for a short period of time. Unlike traditional car rental services, you’ll have the option to rent a wide range of vehicle makes and models. It’s ideal for anyone who doesn’t want the expense of owning a car but can’t avoid the need to drive one on occasion.
For car owners, it’s a great way to earn extra money. If you’re willing to list your car on Getaround, you can have access to thousands of potential renters looking to borrow your ride.
You can rent your car during the day when you’re at work. You can rent it out for a week when you’re away on business. You can rent it for a weekend when you’re traveling out of town. Whenever you’re not planning to use your ride, you can turn your idle vehicle into a stream of revenue.
Getaround is also good for the environment. Fewer cars on the road mean lower carbon emissions – and that’s a win-win for all of us.
Vehicle Requirements to List on Getaround
You can’t just list any old car on Getaround. The company has some specific requirements for vehicles, and you must meet all of them to be eligible to list your car as a potential rental.
For starters, your car must be 2008 or newer. Motorcycles aren’t allowed, so all vehicles are required to have four wheels. Mileage is important too – you can only list a vehicle with less than 125,000 miles on the odometer.
Vehicles also have size limitations. They must be small passenger vehicles that cannot seat more than eight passengers.
If your vehicle meets the above requirements you will be able to list it on Getaround, whether you own it, finance it, or lease it. For drivers who lease their car, make sure you read through the terms of your lease agreement before signing up to share your ride. Some lease agreements from certain dealers exclude you from partaking in carsharing.
There is one other thing that will prevent you from being able to list your car – smoking. Getaround does not allow you to rent out any vehicle that has been smoked in. In return, renters are strictly prohibited from smoking in your car.
Vehicle Requirements Summary:
- Small passenger vehicle (less than 8 passengers)
- 2008 or newer
- Less than 125,000 miles
- Never been smoked in
How Can I Share My Car on Getaround?
To create an account, start byGetaround.
You’ll need to include some basic details, such as the make and model of your vehicle, the mileage, and the zip code where you live. Once you’ve entered the basics, you’ll be asked to create a name for your car that will help you advertise it.
The next step is to set a location so renters know where they can pick up and drop off your vehicle. With your location set, you can then create a calendar that indicates when your vehicle is available. You can make your car available on a weekly recurring schedule or you can make it available at different hours on different days.
Make sure that your availability calendar is accurate at all times. If you have to cancel a booking, you will have to pay a fee if you cancel within 24 hours of the start of the trip.
If you can less than 24 hours before, you’ll have to pay a $25 fee. If you cancel within one hour of the start of the trip, you’ll have to pay $50. If you cancel with no advanced notice, the fee surges to $100.
It’s also important to create a description of your vehicle. This is your chance to make mention of any benefits or extra features that will make someone want to rent your ride. For example, let potential renters know if you have a sunroof, a moon roof, a GPS navigation system, or Bluetooth.
In addition to the extras, it’s important to include basic details as well. Let renters know if you have an automatic transmission, leather seats, all-wheel drive, or four-wheel drive.
When creating a listing for your vehicle, it’s also important to include detailed instructions about when to pick it up and how to return it. Let potential renters know the address, location, and other specifics, such as where to park.
The last step is to include photos of your vehicle. With interior and exterior photos of your car posted, you’ll be ready to start renting out your wheels.
How Much Money Can I Make Sharing My Car?
Getaround makes it easy to set a rental price for your car – in fact, they recommend the rates for you.
Most cars rent for between $5-$8 per hour, depending on the type of vehicle you own and the city in which you live. Upon creating your listing, Getaround for your vehicle based on the recommended rate. This rate is factored by the location, the level of demand in your area, and the make, model, and year of your car.
So if you drive a brand new Tesla, you’re going to make more than if you are renting out your 2010 Corolla.
Getaround recommends your rate in order to keep you competitive in the market. Some locations also have “predictive pricing.” With predictive pricing, your rates can change based upon the demand in your area. As demand increases, the rates increase. When there is no demand, the rates are lower.
How much you can make per hour isn’t something you have too much control over – but how much you can make overall is entirely up to you. And that’s because you alone decide how often you want to rent out your car.
Keep in mind, Getaround takes its fair share of fees for use of the service. In fact, vehicle owners will only earn 60% of the rental rate. For example, if you list your ride at $10 per hour, you’ll earn $6 per hour.
Why does Getaround keep 40% of your rate? To cover the cost of roadside assistance and provide insurance while a renter has possession of your car.
And those aren’t the only fees that owners have to pay. There are two additional fees to keep in mind.
The first fee is for Getaround Connect™.
Getaround Connect™ must be installed in every rental car. It provides GPS tracking, anti-theft functionality, and communications functions. It’s essential for the safety of both the owner and the renter. You’ll need to pay a one-time fee of $99 for onboarding and installation of the service in your car.
The second fee also relates to the Getaround Connect™ system. You’ll need to pay $20 per month for a data subscription to cover the network access for the Connect system.
The bottom line is this: you’ll need to earn at least $20 per month in car rentals just to offset the cost of the monthly subscription fee. If your plan is to only rent your car on occasion, the monthly fee can eat away at or negate your profits altogether. The most profitable owners are the ones who rent their cars on a regular basis.
Are Renters Insured?
Getaround has lots of protections in place to keep your car safe and make it easy to earn extra money by renting out your vehicle.
Eligible renters are insured through Getaround’s insurance policy. This policy includes comprehensive, collision, and liability coverage up to $1M. This policy covers both owners and renters during an active trip. Once the rental period ends, the insurance coverage ends with it.
Though this insurance exists, it’s important to know what is and what isn’t covered under the policy.
Small dings and dents and windshield chips are considered normal wear and tear. These sorts of damages are not covered by insurance. However, renters are responsible for paying for damage that occurs during the rental period.
If a renter damages the body of your car, you can file a claim with Getaround Fix. The Fix service makes it easy to process claims, and it includes an appraisal process. If you find that damage has been done to your vehicle, you will need to provide photos of the damage in order to process the claim.
Can’t prove that your renter did damage you’re claiming they did? Owners who can’t provide the proper evidence of the damage will be responsible for any costs incurred to make the repairs.
In addition to insurance, owners are also protected in other ways.
If a renter incurs a traffic ticket or parking citation, you will not be responsible. If points are issued as a result of a non-moving violation, Getaround will work with you to have those points transferred from you to the renter.
It’s possible that a renter may get a parking violation and not make you aware of it. In that case, it’s best to pay the citation so you don’t incur any additional penalties. However, once payment has been made you can contact the Getaround Help Center for full reimbursement of the citation. They will then follow up with the renter to have the citation repaid.
For renters that don’t want to follow the terms and rules of the rental agreement, there are penalties involved. For example, every trip has an allotted mileage amount – 20 miles for every hour you rent, for a total of 200 miles in a 24 hour period. Renters will have to pay you an additional $0.30 per mile for every mile they exceed over the allotted amount.
Should a renter return your car excessively dirty, you will receive a cleaning reimbursement up to $45. If your car is towed or impounded, the renter is responsible for all fees. If your renter smokes in your car, you’ll get a smoking reimbursement up to $300. And if they return the car late you’ll earn an extra $30 per hour on top of the standard hourly rental rate.
Getaround is a great way to turn your idle car into a money-making machine. However, there are a lot of things to think about before deciding to rent your vehicle to strangers.
For starters, you’ll need to rent your car to strangers. Getaround provides insurance and has protections in place for car owners, so in the event that a renter damages your vehicle, you will be covered.
In terms of earning money, one of the hardest pills to swallow is that Getaround keeps 40% of the profits.
The company recommends your rental rate based upon your vehicle and the demand in your area. So for a recommended $10 per hour rate, you’ll only earn $6. In addition to that, you’ll need to pay $99 for the Getaround Connect™ communication system and a $20 monthly subscription fee for the system. These fees can add up, so you’ll need to earn $20 in monthly rentals just to cover the monthly fee.
If you don’t drive your car that often but can’t bear the thought of giving it up, Getaround is a great option. Instead of letting your car sit parked and unattended you can rent it out and put it to work for you. Depending on how frequently you rent your vehicle, you may even be able to make enough money to cover your car payments or monthly lease.
Ready to get started with Getaround? Getaround Connect to sign up now!