Is sharing your car for cash a good idea?
For many years, renting a car has worked about the same way. You go online, type in your destination and choose from a limited selection of vehicles available from a specific agency.
Now, peer-to-peer car sharing services like RelayRides and Getaround promise to change the existing model – making it easier to rent a car right when you need one at low rates, and allowing car owners to make money off of their otherwise unused vehicles.
For now, RelayRides works only in Boston and in parts of San Francisco. Getaround is running a limited public beta test in San Francisco and in some areas of Silicon Valley, including Mountain View, Calif.
The types of rental cars available are much broader than what you will typically find through a traditional provider like Avis. In one survey in San Francisco, FoxNews.com found low-end commuter cars, large SUVs, full-size sedans and even a few more exotic models like a Tesla Roadster and a Porsche Boxster. Rates run about $5 per hour for an older commuter car up to around $75 per hour for a high-end sports car.
To rent a vehicle, you first need to sign-up for the service using a smartphone or online. Then you can look for nearby cars based on real-time GPS data. Say you want to rent a Porsche Boxster that you find just a block away from you. You can schedule the rental period, pay an hourly fee, and walk to the car.
A code unlocks the vehicle. With RelayRides, that means using an iPhone app that works with the OnStar service (but only if you are renting a GM vehicle). Getaround uses device that provides similar functionality. It plugs into the car’s power outlet and connects to the car’s internal systems. You can use an iPhone app to send an unlock code to the car and retrieve the keys inside. (Getaround does not explain the exact details about how the car kit works to deter fraud.)
The concept of peer-to-peer car sharing is also known as collaborative consumption. Services like AirBnB have shown there is a demand for peer-to-peer rentals. You can rent out your villa in San Francisco at a daily rate, or find a place to stay for a few days in Las Vegas at a much cheaper rate.
Credit Cards With Car Rental Insurance - News
Your Credit Card May Not Be Enough It's fairly common today to have car rental insurance included with your credit card—especially with gold, platinum and business cards. It's important to realize though that all coverage is not created equal.
Specific products include Medicare supplemental insurance; credit cards, auto and home, mobile home and motorcycle insurance, life insurance and annuities; member discounts on rental cars, cruises, vacation packages and lodging; special offers on
Check your existing memberships, such as with the auto club and credit-card company, for discounts on eyeglasses, other merchandise and travel. -- Investigate what your employer offers: group-buying discounts, free tickets, gym memberships.
A gasoline card in the car covers the cost of fuel, up to 180 miles per day. Longer trips cost 45 cents a mile. All maintenance, insurance and other expenses are covered by the rental fee. At Valparaiso University, renting Pingpong, a Toyota Prius,
For many years, renting a car has worked about the same way. You go online, type in your destination and choose from a limited selection of vehicles available from a specific agency. Now, peer-to-peer car sharing services like RelayRides and Getaround
Rental Car Insurance: The Pros And Cons | The Magnetos | The ...
The next time you rent a car, you will be faced with a question that is asked of everyone who rents cars have to answer: do you want rental car insurance? Even if you decline their coverage, they will oftentimes try to convince you to buy their insurance.
You may see this as a waste of money, but it may not necessarily be. However, if you waive the insurance, you will be responsible for damages to the rental car.
So, are you really fully responsible for the car if you get into an accident? Maybe not; if you have full coverage, the chances are pretty good that you insurance company also covers rental cars. You should check with your insurance company to see what they cover in your policy and the stipulations of that coverage. They may have different coverages and deductibles for rental cars than your own car.
If you do have an accident while driving a rental vehicle and you opted to use your personal insurance, you will file a claim through your insurance company. You will have to initiate the process, but you will be working with your own company rather than rental car insurance company. However, if you are found to be at fault, your insurance policy rate will go up.
Some insurance companies have higher deductibles for rental vehicles than for your own personal vehicle. You will not have a choice where the car is repaired or replaced and the car rental place will typically charge all repairs to your credit card. It will be up to you to go through your insurance company to get reimbursed, less the deductible.
If you choose to use rental car insurance, you will save yourself a lot of dilemmas of using your own. Firstly, your personal insurance rate will not go up if you are involved in an accident and you were found to be at fault. Additionally, with a rental insurance policy, you will not have to pay a deductible.