Last year I replaced my trusty old Toyota Camry with a beautiful new Hyundai Tucson. I’m not a car enthusiast, but that burnt orange bodywork, black leather seats, and turbocharged engine gave me a lot of joy.
Then four weeks later, I was fired.
Instead of going back to an office job, I started freelancing from home. Now every day I look at those four wheels and wonder if there is something better I could be doing than taking up space in my driveway.
With Getaround, there could be.
What is Getaround and how does it work?
Getaround is a car sharing platform where car owners can rent their underused cars to people in their city.
It operates in 300 cities in seven countries with more than five million users who share and rent everything from trucks and vans to exotic and luxury cars. Renters pay hourly access to cars and owners can monetize their unused vehicles.
Entry is keyless and you control when and how often you rent, making it a true passive way to earn money with your car.
Owners typically charge $ 5 to $ 10 an hour, and the company claims that on average, people who make money from Getaround make thousands each year.
Is Getaround legit?
Getaround is a legitimate company, with a B rating from the Better Business Bureau. The app is rated 3.8 out of 5 stars on the Google Play store and 4.8 on the Apple App Store.
However, a review of Getaround’s BBB profile shows numerous customer complaints. Some vehicle owners say the company is slow to respond and resolve damaged vehicle issues. A common complaint among renters is being falsely accused of damaging a vehicle and being at fault for the repairs.
While Getaround is one of several legitimate car-sharing companies, renters should be aware of potential drops and take extra safety measures to protect their vehicles whenever possible.
Getaround Review: How to Make Money Renting Your Car
If tenants only pay an average of $ 8 per hour, is Getaround profitable as a side activity? Several owners have said that you can make a profit. But first, there are a few steps you need to take before you can make money with Getaround.
Step 1: review the minimum requirements for Getaround.
To share your car on Getaround, it must be a private passenger vehicle with at least four wheels, 2010 or newer, have less than 125,000 miles, and have no more than 8 passengers. There is no professional safety inspection, so you are responsible for making sure your car meets the requirements safety standards.
Getaround provides travel insurance, so there are no insurance, license or driving record requirements for owners other than those required by state law.
Still, some owners choose to switch to more rideshare-friendly insurance companies. John Frigo is one of them. You have the option of working from home. Six months ago, Frigo decided to start renting his car on Getaround.
“My biggest challenge was making sure my auto insurance covered these kinds of things,” Frigo said. “I ended up switching to State Farm because I knew from Ubering that they were more flexible with innovative solutions than my previous insurer.”
While incidents that occur while traveling are covered by Getaround and do not affect your personal insurance, some companies will still cancel your coverage.
Step 2: Include your car.
Once you are sure your car meets the minimum listing and safety requirements, you are ready to list it. Creating your ad is free and there are no premium upgrade options, putting everyone on an equal footing with your listing. You will not have to compete with those who have paid for advertising.
You will enter the year and mileage of your car, the zip code where you will share your car, and instructions for tenants on how to access and operate the vehicle, then press “Start Earning.” A Getaround representative will contact you to finalize the setup.
Meanwhile, take photos of your vehicle based on the recommended angles. You can upload up to 12 photos, and cars that take advantage of all 12 rent more easily than those that don’t.
Step 3: install Getaround Connect.
Before you can start renting your car, a Getaround representative will finalize your account setup and physically install Getaround Connect in your car.
This electronic device allows owners and tenants to lock and unlock Getaround car doors using the Getaround app. After a 90-day free trial, Getaround Connect costs a one-time fee of $ 99 to install and $ 20 a month as long as your car is active on Getaround.
Getaround Connect also tracks your vehicle’s location and includes an anti-theft feature that disables starting the car when not in use by the owner or a verified renter. While that’s the goal, the device isn’t perfect.
Ask Fred Phillips.
Phillips rented his Ford Transit in San Francisco, CA and because it was only one of the few cargo vans available in the area, he was able to earn around $ 1,000 per month after expenses.
But in May 2020, the van, which was parked in a reserved Getaround parking lot, was stolen and could not be found, despite having Getaround Connect installed.
“When I went to check the truck, the app showed that it was in its parking spot, but it wasn’t there. That means the system was somehow bypassed and the ignition interlock disabled, ”Phillips said. “The app still shows him sitting in his parking space.”
Technology can break or malfunction at any time, so it remains your responsibility to implement your own additional measures to protect your vehicle.
Step 4: Understand your benefits.
Owners have several benefits that make renting their car on Getaround simple and profitable. The most important is $ 1 million in insurance coverage during all active trips. This includes comprehensive, collision and liability coverage.
And in addition to tenant keyless entry, landlords and tenants can use the regular key or fob to start the car or enable Enhanced Security to start the car directly from the Getaround app. They can also use the app to lock the starter at the end of a trip.
Things to consider before listing your car on Getaround
A recurring complaint among owners is Getaround’s lack of communication and its slow repair time when a renter damages their car.
Fred Phillips also experienced this. In addition to the theft, another tenant backed up his Transit against a pole, causing thousands of dollars in damage to the van. He said it was finally repaired, but it took two months.
Michael Lowe, CEO of Passionate about the car, had a similar experience. One of your tenants was in a minor accident last year and it took Getaround more than six weeks to fix it.
“While the car repairs were covered, they did not offer me any compensation for the loss of income suffered while I was out of action,” Lowe said, despite Getaround claiming it offers a reimbursement for loss of use for damages suffered by tenants.
Lastly, most of the expenses incurred during a rental are the responsibility of the renter or Getaround. Some fall to the landlord up front, including citations or fines incurred by tenants, accident repairs, and cleaning up for excessively dirty trips.
These are refunded, but make sure you have the money up front to pay for them.
Getaround vs. Turo vs. HyreCar
Getaround isn’t the only car-sharing company out there and it may not be the only one you use to earn extra money. Getaround is more passive and offers unique features compared to other car sharing platforms like Turo and HyreCar. First, it offers hourly car rentals, as well as remote access to vehicles through the app.
Both Turo and HyreCar require renters to pay a daily fee and renters must meet with the car owner to collect keys.
Unfortunately, Getaround is only available in 300 cities, while Turo has cars in more than 5,500 cities. HyreCar also serves Uber, Lyft, and delivery drivers. If you are renting a car for the sole purpose of working in a transportation-based side hustle, you’ll want to start there.
Getaround Review Summary: Proceed With Caution
Weather Getaround it is a great way to earn passive income from your car, you have some issues especially if your car is damaged or stolen. If you are unsure about renting your car, but still want to put it to use, you have other options.
If you travel to work, you may be able to get paid to advertise in your car. You can also use your free time to earn money delivering groceries or take away food.
Find the side hustle that works for you and your car so you can make money in the long run.