You’re not taking full advantage of your car when it sits around unused. In the past, there wasn’t much you can do about that, but car sharing apps like Getaround are offering new ways to earn from your assets.
With Getaround, you can get paid to list your car for rent, and Getaround uses technology to make the renting process more seamless than ever.
Getaround: A platform to rent out your car
Getaround is a peer-to-peer car rental network that allows car owners to rent their vehicle to nearby renters. Renters can rent vehicles for as little as one hour.
Getaround installs a device in your vehicle that enables an app to lock it, unlock it, and track the location of the car so renters can access the car without ever meeting the owner.
You can schedule times when your vehicle is available with an online calendar tool, and you’ll always know where your car is while it’s rented.
Your car can be legally street parked, parked in a private spot, or parked in one of Getaround’s spots that are available in some cities. Renters pick up your car, then drop it off at the same spot they picked it up from.
Why use Getaround? The benefits
The main benefit of listing your vehicle on Getaround is that you can get paid to rent out your vehicle when you’re not using it. The Getaround technology makes it relatively seamless compared to other car sharing services because renters use an app to access your car.
- You can earn money from a car that you rarely use
- If you travel frequently and leave your car at home, you can rent it out while you’re away
- If you already list your car on Turo, Getaround is a similar services that offers a few key advantages
Vehicle requirements: Which cars qualify?
- Must be year 2007 or newer
- Have less than 200,000 miles
- Must not seat more than 10 passengers
- Cars 10 years or older and cars with more than 125k miles must have an inspection
- Vehicle can have automatic or manual transmission
- Leased vehicles are accepted, but check the lease terms to see if they prohibit car sharing
- Some models are ineligible, like sports cars. See restricted models here
How much can you make? The earnings potential
Getaround claims that some owners make up to $10,000 per year, or around $800/month. To achieve those earnings, your car would have to be rented out several hours of the day for every day of the year
Hourly rental rates are typically from $6–$10/hour and car owners keep 60% of the rental rate. Getaround keeps 40%.
40% may sound like a steep cut of the profits, but full insurance and roadside assistance are included with every rental. Owners are paid once every month by either check or PayPal payment.
A Getaround earnings example
Let’s say you rent out your car 10 hours each week, and your car rents for $7/hour. That’s $70/week, and you’d keep $42 for the week (60% of $70). In a month you’d earn $168.
How is your car’s rental rate determined?
Getaround uses automatic pricing to set your car’s hourly rental price based on your car’s year, make, and model, location, and renter demand.
Keeping your car’s price at its recommended rate will help you be a more competitive listing. You can choose to override Getaround’s recommended rate, but they don’t recommend that if you’re new to the service.
Predictive pricing: Some markets offer predictive pricing, which is a feature that dynamically adjusts your vehicle’s rental price based on marketplace demand. It is designed to ensure optimal rates at all times to keep both owners and renters happy.
How insurance works
When you someone rents your car on Getaround, both your vehicle and the renter are covered by Getaround’s $1 million insurance policy for the duration of the trip.
Comprehensive, collision, and liability coverage are included in the policy. Renters are responsible for a damage fee of up to $3,000, similar to a deductible.
Your personal insurance policy does not need to cover this type of rental usage, so you don’t need to have commercial or ridesharing insurance. Insurance is an important concern when you’re trusting your vehicle with another driver, so we encourage you to read more about the Getaround insurance policy on their site.
Getaround Connect technology: Rent your car remotely
One of the key innovations that Getaround introduced is a technology called Getaround Connect, a GPS-enableded device that plugs into your car’s computer port (OBDII).
Getaround Connect tracks your vehicles locations, can lock and unlock the car, or even disable the starter in an emergency. As an owner, Getaround Connect allows you to see where you car is at all times.
You never have to meet the renter to hand off the keys because of Getaround Connect. And as a renter, you simply show up to the car and use the Getaround app to get inside. The vehicles keys are left inside the car in a discreet pouch.
There is a monthly fee to list your car on Getaround, but you start with a free 30-day trial
Listing your car on Getaround is not free. Getaround charges a $99 installation fee to professionally install Getaround Connect in your car, and charges $20/month in data fees.
Getaround offers a 30-day free trial to all new vehicle owners, so you won’t be charged for anything until your first month is over. You can choose to have Getaround Connect uninstalled during the first month for free.
After the first 30 days is over, you’ll be billed the $99 installation fee and begin paying $20/month for the ongoing Getaround Connect subscription.
Rules for Getaround renters
You might be concerned about who rents your vehicle, and what they do with it. Getaround has a strict set of usage rules and charges steep fines for breaking those rules. Renters are required to treat the car well, and use it for normal, non-commercial uses.
All renters are screened with the DMV, and Getaround performs online cross referencing to verify their identity. Only the renter is allowed to drive the car.
Parking: Renters must drop your car off where they picked it up, and they are responsible for any fines or towing for 24 hours following their drop off time. Want a dedicated spot for your car in a prime area? You can rent one from Getaround for a monthly fee.
How many miles can renters drive in your car? Renters are allowed 20 miles per rental hour, up to a total of 200 miles in 24 hours. If the renter exceeds the mileage limitations, you are paid $0.30/mile.
Fuel: Renters must return the car with as much fuel as it had when they picked it up. If they don’t return the car with enough fuel, you are paid the cost of the fuel.
Damage: Renters are responsible for any damage to the vehicle. Getaround’s insurance policy covers the vehicle, up to $1 million.
Cleaning and smoking: If renters make a mess, you can get up to $100 in cleaning reimbursement. If renters smoke in your car, you get up to $300.
Late returns, improper returns: If your renter returns the vehicle late, you are paid $50/hour up to $500. If the renter parks the car improperly, such as blocking a driveway, you are paid $30.
Cancellation policy: Fees for both the renter or owner
If the renter cancels: Renters can cancel within one hour of booking their ride with no penalty. Renters can also cancel up to 24 hour before their trip begins without incurring a fee.
If they cancel less than 24 hours before the trip, the owner can get cancellation reimbursement of up to 50% of the trip price.
If the vehicle owner cancel: Owners are expected to cancel a trip with a renter at least 24 hours before the trip begins. If you cancel less than 24 hours before the trip starts, you are charged $25.
If you cancel less than one hour before the trip starts, you are charged $50.
If you don’t cancel the trip and your car isn’t available (a no-show), you are charged $100.
The cancellation fees are steep, so make sure to schedule your car properly and cancel trips more than 24 hours before they begin.
Listing on Getaround vs. Turo: What are the advantages?
If you’ve heard of Turo, you might be thinking that Getaround sounds similar. Although they are similar concepts, there are a few key differences.
With Getaround Connect, owners never have to meet with renters. One of the biggest hassles of most peer-to-peer rental services is that you have to organize a way to meet up with the renter to give them the car keys.
Some clever renters come up with other ways to deal with the key problem (lockboxes), but Getaround Connect is the superior solution. The ability to track your car and disable the starter in an emergency is also a key reassurance for drivers.
Turo offers a similar service called Turo Go, but it is only available in a few cities. Getaround Connect is available in all markets.
Getaround offers clearer insurance options. Getaround only has one level of insurance, while Turo offers 5. Turo’s 5 varying levels of insurance offer different benefits, and the owner’s payout changes depending on which level of insurance you choose. Figuring out which one is best for you isn’t easy.
Getaround only offers one level of coverage; full coverage. Insurance is often the most confusing part of services like these, so it’s an advantage for Getaround to offer one clear policy that fully covers owners and renters.
HyreCar: Another option for car owners
HyreCar is a vehicle rental service for gig economy workers. You can list your vehicle on HyreCar and make up to $720 per month. It’s another option worth looking into if you’d like to earn money by renting your car.
List your car on Getaround! No fees for the first 30 days
If you have a vehicle that is year 2007 or newer that you don’t use for a few days each week, consider listing your car on Getaround. You can earn money while your car is sitting idle, and there are no device fees for the first 30 days. You’ll always know where your car is, and you’re covered by their insurance policy.