You have an awesome car- Can You Rent It Out For $$$?
Maybe it’s a restored a classic vehicle, maybe it’s a really cool, really fast car and people are always asking you if they can drive it or if they can borrow it to go out on a date with their wife or their girlfriend or whatever because they want to make a great impression. So here’s the question, can you rent your car to other people for a profit or like a side hustle type of business?
The Answer Is No.
You cannot. If your cars are insured under a personal auto insurance policy, it’s just that. It’s a personal auto insurance policy. It’s not a business or a commercial auto insurance policy. So if you are insuring your vehicles as personal vehicles, there is no coverage if you are to rent your vehicle out to other people. If you do that and something happens, your policy is not going to cover it and you’re going to be in a world of hurt.
What Should You Do?
So if you have awesome cars that you plan to rent out for a profit to other people, you need to call your agent and you need to put together a commercial or a business auto insurance policy to make sure that you’re sufficiently covered. But a personal auto insurance policy is not going to take care of those things.
And that goes not only for vehicles, but anything you may have. Trailers, ATVs, motorcycles, anything to that nature. You cannot rent those things out to other people . You need to get a commercial auto insurance policy to make sure that you’re sufficiently covered.
Don’t expose yourself to extra liability. Make sure you tell your agent what’s going on with your vehicles and that they get you the correct policy so that you’re not getting sued for a lot of money. No one likes to get sued.