In either case, HyreCar may be a solution for you! HyreCar is a service that allows drivers and car owners alike to make money by car-sharing.
In this post, we’ll look at how Hyrecar works, the pros and cons of using the service, and what you should know if you want to use it to make money.
- Rent a car to drive with Uber, Lyft, or a food delivery service
- Earn passive income by renting your idle car
- Insurance is provided, but only kicks in after a hefty deductible
Rent cars to drive for rideshare or delivery services
Daily, weekly, or monthly
15% to 25%
Who Is HyreCar?
HyreCar is designed for drivers who want to make money driving for Uber, Lyft (or any of the food delivery apps like DoorDash and Instacart) but who may not have a car to do so.
In order to rent a car with HyreCar, you will undergo a background check. After you’re cleared, you will be able to go on HyreCar’s website and apply for a rental car directly from car owners. Once a car owner approves your rental, you will be able to go and pick up the car and begin driving.
What Are The Benefits Of Driving With HyreCar?
HyreCar offers several advantages to drivers who need a dependable car to drive for a rideshare or delivery service. Here are a few of its top benefits.
Daily, Weekly, And Monthly Rentals
You can rent a car for just a day. Or you could rent a car for a whole month. It depends on your needs. You rent for as long as you need the car and nothing more.
Nobody likes contracts! Thankfully, there's no long-term commitments with HyreCar. You can list or rent a car today without contracts, commissions, or signup fees.
As a driver who rents through HyreCar, you don't have to provide your own insurance for the car. Instead, once you rent through HyreCar, you will receive ridesharing insurance offered by HyreCar. And this is the insurance information that you'll upload into the specific ridesharing or food delivery app.
HyreCar's insurance provides up to $25,000 in damage protection and up to $300,000 in liability coverage. However, it should be noted that there is a fairly high deductible of $2,500.
Several car sizes and models will be at your disposal as a driver with HyreCar. If you don’t like one car, you can take it back and pick out something new.
What Are The Drawback Of Driving With HyreCar?
As amazing as all the above sounds, there are some cons to getting a car through Hyrecar.
First of all, even though the company provides you with the ridesharing insurance (that Uber and Lyft require), it only covers you while you are actively driving or delivering food on the app.
If you turn off the app and start heading home and get into an accident, the car insurance doesn’t protect you at that point.
Thus, it is important to buy some kind of personal insurance for your driving business so you are not caught in a conundrum.
Rental Costs Add Up
Rental costs add up very quickly when you’re renting a car with HyreCar. For instance, if you rent a car for $150 per week, you're looking at paying around $450 per month for that car rental. And that's just for the rental.
Your costs for buying gas or for any food you buy on the way are not included here. (Hint: you can still write these off your taxes though!) By the end of one year of renting, you could easily have paid almost $6,000 to rent a car for your rideshare or food delivery business.
What Are The Risks And Benefits For Car Owners?
HyreCar can be a money-making venture for car owners as well! Benefits you enjoy from renting your car out through HyreCar include:
- If you’re still paying off the cars, this could be a way to make the car pay for itself!
- You're covered by the company’s rideshare insurance program. This means that if anything happens to your car while the driver is on the job, you will receive compensation.
- You get to vet each driver before you hand over your keys.
If you have an extra car (or one that you don't use during work or while you're home in the evenings), renting it out with HyreCar could be an excellent side hustle.
What Are Customers Saying About HyreCar?
As this article is being published, 72% of users rated HyreCar’s services as “Excellent” on Trustpilot.
There were some complaints from users on both sides of the renter/car owner arrangement. However, the overall sentiment was that HyreCar’s customer service is responsive to issues.
Is It Worth It?
For drivers who don't own newer cars, HyreCar could help them get around Uber of Lyft driver restrictions to start making extra money. And for owners, using HyreCar could be a great way to earn passive income when your car would normally just be sitting in the driveway or parking lot.
However, drivers will want to carefully examine their driving income to make sure that it's worth the HyreCar rental fees. And driver and owners alike will want to compare HyreCar's features and costs with other car rental services like Turo and Getaround.
Rent or list cars to drive for rideshare or delivery services
Daily, weekly, or monthly
15% to 25%
$10 per day (for drivers only)
Varies, standard limit is 250 miles
Excess Mileage Fee
$0.25 per mile
Customer Service Number
Customer Service Email
Mobile App Availability
iOS and Android
Driver Cancellation Policy
Can cancel anytime prior to picking up the car to receive a full refund
Owner Cancellation Policy
Can cancel up to two times per month, but cancellation fees may apply.
Ease of Use
HyreCar is a website and app that helps drivers rent cars to use for rideshare or delivery services and helps car owners earn passive income.
- Daily, weekly, or monthly rental terms
- Vehicle insurance provided
- No long-term contracts or signup fees
- Insurance only covers active trips or deliveries
- $2,500 deductible on insurance claims
- Coordinating vehicle pick-ups will require some work
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.