What Is HyreCar? (and Why Uber and Lyft Drivers Should Consider It)
Becoming a rideshare driver isn’t as complicated as people think. If your current vehicle fits the Lyft or Uber vehicle requirements, you’re able to pass the background check, and you meet the other driver requirements, then you should be good to go.
The rideshare companies want to ensure they’re approving drivers who will behave professionally, safely, and most importantly, operate their rideshare business with a safe and reliable vehicle.
But how do you ensure approval if you don’t have an eligible vehicle? Enter short-term car leasing companies.
In the past, we explored the Lyft Express Drive program and covered the now-defunct Uber XChange car leasing initiative. Today we’re going to cover one of the newest players on the scene: HyreCar.
Let’s dive into everything you need to know about this new short-term car rental option.
- What Is HyreCar?
- Why Choose HyreCar?
- HyreCar Driver Requirements
- How Much Does HyreCar Cost?
- HyreCar Insurance
- Who Should Use HyreCar?
- What Are the Responsibilities of a HyreCar Driver?
- HyreCar Review
- HyreCar Summary
HyreCar is a peer-to-peer car sharing company that enables drivers to secure a vehicle to drive for a rideshare service.
By renting a vehicle through this company, Uber and Lyft drivers are able to ensure they have a car that meets the requirements set in place for new drivers.
The process is simple:
- Vehicle owners list their personal vehicles on the site
- Potential drivers find a vehicle they like on the platform, then rent the vehicle for a certain amount of time
The HyreCar process allows drivers to get on the road in as little as 24 hours and offers an incredibly wide variety of vehicles to choose from.
Before anything else, why do people consider HyreCar as a rideshare vehicle leasing option?
People who rent a vehicle from HyreCar don’t drive their own vehicle, because the one they own probably doesn’t meet the standards of Uber, Lyft, or another on-demand company.
Instead, the company provides them a qualifying car at an affordable rate. The rideshare driver gets a vehicle they can use, and the owner of the car gets to earn passive income (up to $14,000 per year, according to HyreCar’s website). Therefore, the whole rental process involves four parties:
- The driver
- The owner of the vehicle
- The rideshare company
So how do drivers get started?
Before a car rental can take place, HyreCar will ask for necessary information from the applying driver. If the driver passes, they will then choose their vehicle from a variety of cars.
In order to rent a vehicle from HyreCar, drivers must meet a few basic requirements.
- Drivers must be at least 21 years of age
- Drivers must possess a valid in-state driver’s license
- Drivers must have had the license for at least one year in the state the driver is looking to obtain a rental car
- Drivers must have a mobile phone in their name, to allow HyreCar to communicate through text messages
- Drivers must have an existing Lyft, Uber, or other on-demand rideshare or courier account
In addition to the basic HyreCar requirements, drivers must also be clear of a set of violations that will disqualify them from renting a vehicle.
- Drivers should not have a major violation from the past three years (DUI, reckless driving, etc.)
- Drivers must not have more than two minor violations in the last three years
There is no set price for HyreCar vehicle rentals. Since it is a marketplace allowing individual owners to list their own vehicles, prices vary by listing.
On average, however, prices typically range from $25-40 per day, based on location. Most listings also offer lower prices and discounts for longer rentals, which typically run around $200 per week.
To give you an idea of pricing, we checked available vehicles in Chicago, Ill. The results came back a little more than we expected, but this gives you a basic idea of pricing.
|Vehicle Type||Cost Per Day||Cost Per Week||Cost Per Month|
|2010 Hyundai Sante Fe||$55||$450||$985|
|2015 Dodge Grand Caravan||$55||$399||$1,299|
|2013 Ford Fiesta||$55||$320||$1,200|
|2010 Toyota Prius||$50||$300||$925|
After looking at the prices, it’s clear that the best deal here appears to be the favorite among rideshare drivers: the Toyota Prius.
One cool thing about HyreCar pricing is that it includes a 100 percent refundable $200 deposit on first-time rentals. This not only protects both parties involved, but the deposit will be returned to the renter once the vehicle is returned on time and in good condition.
According to the company’s website, “all vehicle rentals include approved insurance at a cost of $10 per day.”
The Hyre insurance policy appears to operate in a similar fashion to other TNC insurance, basically covering drivers when they are directly working for the rideshare company.
The diagram below shows that the coverage is most robust during Period 2 and Period 3, and offers basic liability protection during Periods 0 and 1.
According to therideshareguy.com, if you were to get into an accident when using a rental HyreCar vehicle, this is what would happen:
HyreCar’s insurance policy is pretty similar to a standard rideshare insurance policy although the deductible may be a bit higher than what you’re used to. And remember if you get into an accident while you’re on a trip or en route to a passenger, you would go through the TNCs for coverage (Uber has a $1,000 deductible and Lyft has a $2,500 deductible).
For more information on the specifics of this insurance policy, check out HyreCar’s official website.
A short-term vehicle rental service like HyreCar should be used as such. Meaning, there should only be select cases in which a driver will acquire a vehicle through a method like this.
HyreCar is a unique alternative to vehicle ownership, but really only appeals to special circumstances, such as drivers looking to test out rideshare before diving in full time, or existing drivers who have gotten into vehicle trouble and need a bridge until they get their other vehicle back.
If you take the rental cost of a reasonably-priced vehicle on the exchange, then break down an estimate of what you would make off the vehicle giving rides, the numbers come back pretty low, by most estimates.
For example, the vehicle cost alone of our 2010 Toyota Prius from Chicago (in our example pricing above) means we would have to give quite a few rides to pay the car off. And this isn’t including other expenses such as gas, a rideshare gap insurance policy, or snacks along the way.
As you can see, drivers should use this as a short-term solution.
In the general sense, a driver should take care of both the rental car and the passengers. That means adhering to traffic rules, HyreCar’s rules, and any special requests made by the car owner. If a car gets damaged, and if proven that the driver is responsible, penalties will be imposed.
Of course, there will be some cases where a driver is blamed for existing car damage. To avoid such incidents, take photos of the vehicle before receiving keys from the car owner. Drivers may also request a video from the car owner confirming the car is fit for travel.
If the two parties are in agreement, the car owner will hand over the key and click the “confirm pick-up” on the dashboard. Doing so will then activate the insurance coverage that HyreCar places on both driver and vehicle.
For drivers looking into this option, a HyreCar review is one of the first places to start. We found the most popular YouTube video on the subject, created by Real Tito, and have summarized it below.
HyreCar Review Summary
- Overall, HyreCar has good customer service, but sometimes they take a while to get back to drivers with resolutions to their problems.
- HyreCar is a great way to try a new service. For example, an UberX driver could test their hand at UberBLACK by renting an UberBLACK-approved vehicle from the exchange.
- HyreCar is a convenient option for rideshare drivers but is not for everyone. This review outlines that it is a great option for drivers that get into trouble, such as accidents, or something of the like.
- Use a credit card when renting a car with HyreCar. If you don’t use a credit card, you’ll get charged a $200 security deposit, making your rental much more expensive than it normally would be. This is refundable after a week of returning the car but can take longer than usual in some cases. This will leave you with $200 less in your pocket during that time.
- Select a vehicle at a location within 30 minutes of you. Picking up and dropping off a vehicle farther away than that can become a headache.
- Take many pictures of your vehicle before and after pickup and dropoff. This ensures vehicle owners cannot make a claim that you caused damage that you actually did not.
Overall, the HyreCar vehicle rental process is pretty easy and is a really good way for drivers who don’t have a working, eligible vehicle to get into rideshare.
However, acquiring a vehicle using this method is expensive and doesn’t make sense for full-time drivers. It is a great option to rely on in case of an accident, vehicle breakdown, or simply to test the waters of rideshare, but you should be wary and understand the full expenses.
Overall, no matter what stage of rideshare you’re in, keep HyreCar in mind as a tool that you can rely on.
With the ease of HyreCar in mind and the potential profits calling your name, what are you waiting for?
Are you interested in becoming a HyreCar driver? Or are you already a HyreCar driver yourself? Let us know your thoughts and experiences in the comments below.