Hiring out supercars

mogwai

Does anyone have any experience, insight into hiring out supercars privately?

My OH has a lovely car but he is a bit bored of it now and doesn't mind if I hire out the car on weekends. There seems to be a lot of money in it, but how do you go about doing this and sorting out insurance etc?

I know people do it but just not sure where to start, so any help appreciated!

forgotmyname

Insurance will be expensive, Several scam companies have spring up taken deposits and vanished so people
will be wary.

Your giving someone the keys to the car so you need to be able to check their identity and be without a doubt
they are genuine and the car wont be on a ferry or in a container hours after it leaves you.

Doing it privately on the cheap is a no no.

Try asking the insurance 1st, See what they require.

alistair.long

goto a company that hires them out, but remember that they will be driven hard by the person renting.
Renting insurance is very expensive,

mogwai

i have read about people buying supercars for themselves with the intention of offsetting the cost by hiring it out, so there must be some genuine insurance companies out there that do it.

If the risk is too great though theres no point in doing it

Hire companies usually ask for passport copy, 3 months bank statements, and a £5,000 deposit. Although I suppose if someone is planning on nicking the car £5000 is cheap!

Its tricky, not sure if its worth it, and if someone makes off with the car, I won't be in OHs good books for a while!

billymadbiker

search google for '1-day insurance policy'
There are a number of places that offer short-term cover at about £35 for the first day then £15 each day after.

They let you insure for a 'test-drive' so rather than 'hire out' your car you could let somebody 'test' it. If I was thinking of buying a supercar I may well want to pay somebody to 'test' one the same for a weekend first!

Just be aware most of them only cover cars up to £50k though.

Also, if you let somebody else drive it with your permission and it gets stolen you may not be covered on your existing insurance.

I previously rented out race cars (insurance was not an issue as nobody would offer cover for race use!) but most of the people who hired them would tend to leave me a very expensive road car (with the V5 & keys etc) as a deposit. If they damaged the race car they got the V5 back once the cheque for the repairs had cleared!

raskazz

mogwai wrote: »

Does anyone have any experience, insight into hiring out supercars privately?

My OH has a lovely car but he is a bit bored of it now and doesn't mind if I hire out the car on weekends. There seems to be a lot of money in it, but how do you go about doing this and sorting out insurance etc?

I know people do it but just not sure where to start, so any help appreciated!

Be prepared for the insurance to outweigh any potential profit, certainly for the first couple of years as a new venture. Forget about it if the vehicle does not have a tracker.