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Hi Kings and Queens! In 2018, I purchased a new Honda to have a more reliable car. I didn’t realize I would wake up one day and decide to move to China. When I moved to China I was paying $500 for the car note and the car insurance combined. These were unnecessary bills I hated to pay each month. I always saw ads about Hyre Car but didn’t have time to figure out how to use the service. Thankfully, I friend I trust was able to help me get the car on the market place so I could start earning $1000 a month with Hyre Car (or more)!
Who Is Hyre Car For?
Hyre Car is for Car Owners who have an extra car that’s not being used. You can even offer to put your car on the site for a couple days a week. It’s your business, so it’s your decision. Hyre Car is also for car renters who need a car for personal or business use. Hyre Car advertises you can rent a car from their market place to drive for Uber or Lyft. Overall, their service is a win for both parties. An owner can make money renting out the car. A driver can make money using the car for Uber or Lyft. Pretty Cool!
How to Get Started
To get started on Hyre Car You Need:
- Car registration
- Car insurance policy
- Uber 9-point inspection (optional)
- Clear Photos of the car in many angles
- Detailed description
- Choose Insurance Tier
- Choose Mileage Limits for the Driver
One important thing you must understand is your personal insurance is a requirement, but you will never use it. Hyre Car provides their own special Ride Share Insurance that you must use. This Insurance is provided through Liberty Mutual. Hyre Car will let you choose which tier you want. I choose the Premium tier because is has the lowest deductible of $500. With the Premium Split, Hyre Car keeps 25% of my earnings while I keep 75%. You can choose the lower tier to keep more of your earnings. The downfall is you will have a deductible of $1000.
You will put the pickup location on you profile, so the renter will know where to get the car. You should NEVER hand over the keys until Hyre Car generates the insurance for the driver. The insurance will automatically generate in 24 hours. If a driver needs the car ASAP you can call Hyre Car to have the insurance generated faster. When the driver meets you to get the car, you must take pictures first. Now the driver can use your car and you will start receiving deposits in your account every 2 days.
Learn From My Mistake
Since using Hyre Car I have had the same client renew my car for months. We have a great relationship which makes this experience more easy. Unfortunately one problem did arise where she returned the car for 2 days so my friend could get maintenance done. I forgot to put on the app she returned the car. She started getting charged late fees for not renewing the car on time. This seem like it would be an easy fix but it wasn’t. It’s inconvenient to return the car in the app and generate new insurance for someone who will get the car right back. They tried to return the money for the 2 days but the late fees kept coming. The driver could never catch up. We had to end the rental and start fresh.
What to do If there is an Accident
If the driver get into an accident, the car needs to be returned. You will close out the rental on the app and select damages. You will have 24 hours to report the accident to Hyre Car and include pictures. Hyre Car will contact Liberty Mutual to do the investigation.
Here is a break down how I make $1000 a month with Hyre Car. My car is on the market place for $35/day. This brings the monthly income to $1050. The Hycar Insurance is 262.50 per month. I budget $85 for an oil change if needed. There is normally about $700 to use toward the car note and car insurance. I’m left maybe $200 to keep for myself. I could always raise daily rental price. I prefer to keep my long term client so I will keep everything the same. If you are lucky enough to only work with one client, this business is more passive. If you have different clients all the time, be prepared to be more hands on.