Insurance for renting out your car - any thoughts?

[GarethA]

Hi

I've been thinking about offering my car to a (select) bunch of friends / colleagues that might want to hire it for the weekend or the odd day.

I was wondering if anyone has any experience / could give any guidance on setting up a sensible insurance scheme for other people renting your car?

Whilst I would only offer the car to people I know I'd like to remove my exposure to suffering (from a premium/no claims bonus perspective) in the worst case of an accident so looking for something different from simply adding people to my policy for the hire period.

I know many would be covered 3rd party under their own policy but I'd want it fully comp obviously.

Words of wisdom / pointers appreciated.

Gareth

[esuuv]

I've no idea about your question, But your current insurance wouldnt be valid if you put someone else on your policy and then rented the car to them.

[RyanTank]

my brother borrowed my car when his expired. he only really needed it for a day but he got a weeks cover with elephant (i think) for about £30. it was cheaper to do this than get a hire car for the day he needed, and he then didn't need to get a rush job on his car saving him money on the repair!

this would make more sense for people wanting to borrow your car to do, as they will then be fully comp too.


btw, first hit googling "short term insurance" = http://www.aviva.co.uk/short-term-car-insurance/

Edit to ad -

I'm not sure where you'd stand if they binned it and needed to claim on the policy if they were renting it off you? perhaps if you loaned them the car and ensured they returned it with a full tank, by way of payment, you'd probably get less hassle??

[Davel]

I suspect that it would be pretty expensive.

You'd have to check everyone's driving licence and no drivers under a certain age etc if only to make sure that you were not exposed to any risk.

I'm sure that there will be other issues / restraints too.

[GreatGranny]

My advice is don't do it.

It will be expensive, normal insurance will not cover renting out your car.

What happens if its written off and its the driver's fault?
Lose car (yes you will geta payout but it's never what you want)
Lose NCB
Lose friendship possibly

If its just for the money then its just not worth it.

[Vaud]

GarethA said:

Hi

I've been thinking about offering my car to a (select) bunch of friends / colleagues that might want to hire it for the weekend or the odd day.

I was wondering if anyone has any experience / could give any guidance on setting up a sensible insurance scheme for other people renting your car?

Whilst I would only offer the car to people I know I'd like to remove my exposure to suffering (from a premium/no claims bonus perspective) in the worst case of an accident so looking for something different from simply adding people to my policy for the hire period.

I know many would be covered 3rd party under their own policy but I'd want it fully comp obviously.

Words of wisdom / pointers appreciated.

Gareth

Have a look at this PHer

http://www.pistonheads.com/gassing/profile.asp?h=0...

and this thread:

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Even if you aren't setting up a business per se, you will need the same insurance if you are doing for reward.

[GarethA]

No Z4M - just realised "garage" a tad out of date

[Escy]

Z4M. It's not all that. Just let your mates borrow it you tight wad.

[GarethA]

Delightful point, eloquently made. Best chivvy along the Veyron purchase - same question though.

[GarethA]

Vaud - thanks, I'll check out that thread / try that guy. He may have some lessons learnt.

[750turbo]

Maybe Big Mo can help...

[eltax91]

Just join easy car club and only let your friends rent it.

[Vaud]

eltax91 said:

Just join easy car club and only let your friends rent it.

Fails on at least one criteria, but interesting site:

Car criteria
10 years old (or less) at time of joining
Insurance group of 1-35
Replacement value not more than £25,000

[eltax91]

Vaud said:

Fails on at least one criteria, but interesting site:

Car criteria
10 years old (or less) at time of joining
Insurance group of 1-35
Replacement value not more than £25,000

Ah shame