Legal question
So, I can't find much about this. Maybe someone here can help. I am curious about the legality of renting out your private owned car. I am more worried with insurance and those type of issues. Anyone have experience with this or know what it takes to do it legally?
I am assuming that as long as you have a pretty watertight contract then it should be OK (i.e. stating liabilities, notarized, etc), but it would probably be too much of a hassle if you only plan on renting out your car once.
I have no experience or legal training, but I think that a good contract is all you need to be pretty safe.
UGA: Everybody is laughing at us this year.
I plan to do this on a regular basis. The market for my price range seems pretty good.
I would think you would at the very least need a business license, hellva lot of insurance (and insurance has to be changed to a business account etc, etc, etc). Unlike a work vehicle for a company, you can't exclude a renter from driving your car based on a DMV record assuming of course they have a valid drivers license.
Just doing that for one car is not going to be profitable unless you can keep it booked 24/7, and even then barely. Just the maintenance costs will kill your profit.
Originally Posted by Echonova
Almost exactly what i was going to post.
Car rental is based on volume and volume alone. Assuming you charge $50/day it would take nearly a month of rentals every day to cover a single wreck, assuming a $500 deductible, after you deduct the cost of the added insurance, regular maintenance, and business related expenses. This also assumes you dont have to put new tires or new brakes on the car, it isnt the month you have to renew your business license, and on and on.
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