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Are you looking for ways to stretch your dollar? 
HyreCar is a carsharing marketplace that’s specifically for ridesharing. HyreCar is a peer-to-peer car-sharing company that enables drivers to secure a vehicle to drive for a rideshare service.
The dual-sided marketplace lets owners rent out their cars to Uber, Lyft, and food delivery drivers. 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.
For HyreCar drivers, this platform lets them participate in the gig economy and to boost their income when it might have otherwise been impossible.
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
How Does Hyrecar Work For Drivers?
If you want to start a gig job but need a vehicle, becoming a HyreCar driver is an option.
According to HyreCar, there are numerous benefits to using the platform, including:
- You set your own hours.
- You can earn $15 to $20 per hour on average, depending on the company you’re working for and the conditions in your city.
- You get plenty of tax deductions.
In terms of driver requirements, HyreCar is also pretty straightforward.
What are the Hyrecar Driver Requirements?
Since you’re driving for a rideshare company, HyreCar essentially has the same requirements as Lyft and Uber.
It varies by state, but generally, you must:
- Be 21 or older.
- Have a valid driver’s license for at least one year.
- Have an existing, approved rideshare account for the company you’re driving for.
- Not have major driving violations or more than 2 minor violations within the last 3 years.
- Your vehicle has to meet state requirements according to the rideshare company you drive for.
If you meet these requirements, you can start making money with HyreCar. HyreCar operates in every U.S. state, and renting a car only takes 4 steps.
1. CREATE AN ACCOUNT & CHOOSE CARS
To signup for HyreCar, you just need to enter your name, email address, and phone number. The process takes all of a minute.
After you signup, you’ll see a catalog of cars that are available for rent in your area. You can sort by price, distance, and location. If you live in a major city, you’ll probably find a decent selection of vehicles to rent.
HyreCar suggests that you book 5 to 10 cars simultaneously to increase “your chances of getting the car you want, just in case some of your other choices become unavailable. You’re only charged for the car you’re approved to drive.” You have to input the dates you want your car for, and there’s a 2-day rental minimum, so keep this in mind.
2. BACKGROUND CHECK & DOCUMENTS
Once you’ve selected several cars, you fill out payment information. If you use a debit card, a refundable $200 deposit gets held until your rental period is over, so use a credit card if you can. If you’re a new HyreCar driver, you must consent to a background check. This only takes a few hours according to HyreCar.
If a vehicle owner approves your rental request, HyreCar sends 3 documents you have to upload to your Uber/Lyft driver accounts:
- Vehicle registration.
- The vehicle’s 19-point inspection report.
- Your HyreCar rideshare insurance.
Rideshare insurance is sent to you 24 hours before you pick up your rental. You also pay upfront for your rental days.
3. PICKUP CAR
Once Uber or Lyft verify your documents, you can pick up your rental vehicle. Arrange a pickup time and place for your vehicle with the owner through the HyreCar app. Once you arrive, inspect the vehicle for any signs of interior and exterior damage or scuffs so you don’t get blamed for them. Take pictures of the vehicle regardless of the condition. After you get the keys, you’re all set to start hustling!
You paid upfront for your rental, so ideally, you know exactly how much you have to earn from being a rideshare driver to make a profit after factoring in your fuel expenses, rental price, and insurance policy.
4. DROP OFF
Once your rental is up, you can extend the rental or return it.
Extending through the HyreCar app just takes a simple request, and your insurance and rental charge automatically get extended if the owner approves.
If you drop off the car, arrange a time and place with the owner. They’ll inspect the car, and if there aren’t any problems, they confirm the drop-off in the HyreCar app through the owner's side of the platform.
How Does HyreCar Insurance Work?
The first thing to note is that HyreCar is not an insurance company! They provide insurance for drivers, but this is done through their list of insurance partners.
According to HyreCar: “Drivers are not required to have a personal insurance policy to rent vehicles on our platform, however, Owners are required to have up to date personal and/or other insurance coverage required by law.” The fact that you don’t need personal insurance as a driver seems pretty ridiculous, but it doesn’t actually matter that much. HyreCar’s insurance covers you when you pick up a vehicle from the owner but haven’t started working yet.
Once you start driving for Uber or Lyft, their insurance policies take over. Since Uber and Lyft require their drivers to have personal auto insurance, I don’t believe there’s any way to avoid this cost.
As a HyreCar driver, here’s what’s covered:
- Liability to third-parties for bodily injury and property damage resulting from the use of the rented vehicle, up to the minimum liability coverage required by state law.
- Personal Injury Protection (“PIP”) in those few states where PIP coverage is required by law and cannot be waived.
- Uninsured or Underinsured Motorist (“UM/UIM”) up to the statutory minimum amount in those few states where UM/UIM coverage is required by law and cannot be waived.
Again, the main takeaway is that “No additional coverage is provided by HyreCar’s insurance partner(s) while the transportation network company’s application is on. This, for example, occurs when a driver is en route (Period Two) or when the driver is in on an active trip (Period Three). Rideshare services within the gig economy may have varying coverage plans.” But, in a nutshell, HyreCar covers you before and after you work for your rideshare company of choice. While you’re on the job, Uber or Lyft cover you.
Is HyreCar For Owners A Viable Source Of Passive Income?
Honestly, between the 10% transaction fee and other costs, I think the ideal HyreCar driver has to be working in the gig economy full-time or close to it for the costs to make sense. You can actually signup for HyreCar as a fleet owner, rental car company, or personal owner.
1. CREATE YOUR LISTING
Listing your car on HyreCar is similar to listing on Airbnb. You have to put some effort into your listing to make it stand out. High-quality photos, a decent description, responding to rental questions, and pricing competitively are all important.
To create your listing, you provide:
- Your address, basic car information, and photos.
- Proof of registration, insurance, and the 19 point inspection (basically take your car to a mechanic and have them inspect your car’s safety. Uber and Lyft have slightly different requirements).
- Your rental price.
2. CHOOSE PROTECTION PLAN
Your level of owner protection influences how much money you make with HyreCar.
To be clear, HyreCar drivers pay for gas and must return your car with a full tank. The gas coverage just reimburses you if your renter returns the tank with missing fuel.
Depending on your coverage, you keep between 75% to 85% of all bookings.The main takeaway here is you only get $25,000 in physical damage coverage. This means HyreCar is obviously for cars under this value, unlike platforms like Turo which also have a range of luxury vehicles.
3. RENT YOUR CAR
Once you’re approved as a HyreCar owner and get some interest, it’s time to rent your car! Like Airbnb, you should make an effort to clean and maintain your car if you want positive reviews. Also remember to take a photo of your vehicle’s interior, exterior, and the odometer. You set mileage allowances in your rental, and HyreCar protects you to an extent if the driver exceeds their mileage. Mileage is set at a default minimum of 250 miles/day. If the Driver goes over the mileage limit, there is a fee of $0.25 per mile. If you find a driver you feel comfortable renting to, meet them, hand off the keys, and sit back while your vehicle earns.
4. PICKUP & GETTING PAID
When the driver returns your car, inspect it for damage and confirm the drop off to conclude the rental period. HyreCar schedules payments within 2 to 3 business days and you can easily track your earnings through your owner’s dashboard via the app or website.
Why Choose HyreCar?
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:
- HyreCar
- The driver
- The owner of the vehicle
- The rideshare company
HyreCar Tips
- 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.
TIP: Check out these other work-from-home jobs that are currently available.
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