HyreCar Review – Is It Profitable For Drivers & Owners?
The gig economy is ripe with opportunities to make money. But a lot of the top apps are rideshare or food delivery gigs that require having a vehicle.
This is where HyreCar can help. It's a vehicle rental marketplace designed to help gig workers rent out vehicles so they can make money with companies like Uber, Lyft, and DoorDash.
But is HyreCar worth it for gig workers? And can it be a nice source of passive income for vehicle owners?
Our HyreCar review is covering how this platform works, its pros and cons, and what other users think to help you make the best choice.
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What Is HyreCar?
HyreCar is a carsharing marketplace that's specifically for ridesharing and gig workers. It helps people who don't have a vehicle begin making money with companies like DoorDash, Uber, Lyft, and other driving apps.
There are other car-rental apps on the market, like Turo and GetAround. However, these peer-to-peer vehicle rental apps focus on everyday consumers, whereas HyreCar is built for the gig economy.
For HyreCar drivers, this platform lets them participate in the gig economy and to boost their income when it might have otherwise been impossible.
And for vehicle owners, HyreCar presents an interesting passive income opportunity since people can rent out their vehicles for a daily fee.
HyreCar Driver Requirements
Since you're driving for a rideshare company, HyreCar essentially has the same requirements as Lyft and Uber.
This article breaks them down per state, but generally, you must:
- Being 21 or older
- Having a valid driver's license for at least one year
- Having an existing, approved rideshare account for the company you're driving for
- Not having major driving violations or more than 2 minor violations within the last 3 years
- Meeting state requirements with your vehicle according to the rideshare company you drive for
If you meet these requirements, you can start making money with HyreCar.
How Does HyreCar Work For Drivers?
If you want to start a gig job but don't have a car, becoming a HyreCar driver is an option. And the entire process just takes four steps:
1. Create An Account & Choose Cars
To sign up for HyreCar, you just need to enter your name, email address, and phone number. The process takes all of a minute. After you sign up, you can browse a catalog of cars that are available for rent in your area:
You can sort by price, distance, and location. If you live in a major city, you'll probably find a decent selection of vehicles to rent. As you can see in my screenshot above, plenty of cars are available for $20 to $45 per day or so.
HyreCar suggests that you book 5 to 10 cars simultaneously to increase “your chances of getting the car you want, just in case some of your other choices become unavailable. You’re only charged for the car you’re approved to drive.”
You have to input the dates you want your car for, and there's a 2 day rental minimum, so keep this in mind.
2. Background Check & Documents
Once you select several cars, you fill out payment information. If you use a debit card, a refundable $200 deposit gets held until your rental period is over, so use a credit card if you can.
If you're a new HyreCar driver, you must consent to a background check. This only takes a few hours according to HyreCar.
If a vehicle owner approves your rental request, HyreCar sends three documents you have to upload to your Uber/Lyft driver accounts:
- Vehicle registration
- The vehicle's 19-point inspection report
- Your HyreCar rideshare insurance
Rideshare insurance is sent to you 24 hours before you pick up your rental. You also pay upfront for your rental days. I'll get into the insurance plans later on in this HyreCar review, because it honestly deserves a separate section.
3. Pickup Car
Once Uber or Lyft verify your documents, you can pickup your rental vehicle.
Arrange a pickup time and place for your vehicle with the owner through the HyreCar app. Once you arrive, inspect the vehicle for any signs of interior and exterior damage or scuffs so you don't get blamed for them. Take pictures of the vehicle regardless of the condition.
After you get the keys, you're all set to start hustling!
You paid upfront for your rental, so ideally, you know exactly how much you have to earn from being a rideshare driver to make a profit after factoring in your fuel expenses, rental price, and insurance policy.
4. Drop Off
Once your rental is up, you can extend the rental or return it.
Extending through the HyreCar app just takes a simple request, and your insurance and rental charge automatically get extended if the owner approves.
If you drop off the car, arrange a time and place with the owner. They'll inspect the car, and if there aren't any problems, they confirm the drop off in the HyreCar app through the owner side of the platform.
How Does HyreCar Insurance Work?
The first thing to note is that HyreCar is not an insurance company!
It provides insurance for drivers, but this is done through its insurance partners. According to HyreCar: “Drivers are not required to have a personal insurance policy to rent vehicles on our platform, however, Owners are required to have up to date personal and/or other insurance coverage required by law.”
The other key thing to note is that HyreCar's insurance covers you when you pick up a vehicle from the owner but haven't started working yet. Once you start driving for Uber or Lyft, their insurance policies take over.
As a HyreCar driver, here's what's covered:
- Liability to third-parties for bodily injury and property damage resulting from the use of the rented vehicle, up to the minimum liability coverage required by state law.
- Personal Injury Protection (“PIP”) in those few states where PIP coverage is required by law and cannot be waived.
- Uninsured or Underinsured Motorist (“UM/UIM”) up to the statutory minimum amount in those few states where UM/UIM coverage is required by law and cannot be waived.
Again, the main takeaway is that “No additional coverage is provided by HyreCar’s insurance partner(s) while the transportation network company's application is on. This, for example, occurs when a driver is enroute (Period Two) or when the Driver is on an active trip (Period Three). Rideshare services within the gig economy may have varying coverage plans.”
The graph above looks a bit convoluted, so it's worth taking some time to review. But, in a nutshell, HyreCar covers you before and after you work for your rideshare company of choice. While you're on the job, the gig economy you're delivering for covers you.
Is HyreCar Worth It For Drivers?
HyreCar is worth it for drivers if you can work enough hours to pay off vehicle rental costs while still turning a decent profit. But this likely means it's best for full-time gig workers who don't have a vehicle, not part time hustling.
To understand if HyreCar is profitable or not, we have to take a look at how much it costs drivers. And there are four main expenses:
- Rental price
- Insurance
- Transaction fees
- Fuel
Let's take a look at a basic HyreCar rental option for an idea of how these cost stack up:
Renting this 2012 Toyota Prius for 7 days costs $293.90. HyreCar insurance is $13 per day, and there's also a 10% transaction fee. The daily rental price is $31.
You can get up to 20% off if you book a car for 30 days. If you did this, this car would cost $1,208 for the entire month.
$1,208 is honestly pretty hefty. But if you hustle with various driving gigs, making $100 to $200 a day is pretty realistic. So, you could potentially turn a few thousand dollar profit if you worked full-time.
Fuel is the other main cost you have to factor in. But again, HyreCar can be profitable if you work enough hours in a day and get decent hourly rates and some tips.
That said, you can consider other alternatives. In busy cities, you might be better off just becoming a bike courier for Uber Eats or DoorDash and cutting out HyreCar completely.
How Does HyreCar Work For Vehicle Owners?
HyreCar can help gig workers start new side hustles and make money with companies like Uber Eats, Lyft, and other driving gigs. But it can also be a nice passive side hustle for vehicle owners.
For vehicle owners, HyreCar works in four steps:
- Create your listing
- Choose a protection plan
- Rent out your vehicle
- Get paid
You can actually sign up for HyreCar as a fleet owner, rental car company, or personal owner. But we're going to examine the process for personal owners in this HyreCar review since this applies to the most people.
1. Create Your Listing
Listing your car on HyreCar is similar to listing on Airbnb.
You have to put some effort into your listing to make it stand out. High quality photos, a decent description, responding to rental questions, and pricing competitively are all important.
To create your listing, you provide:
- Your address, basic car information and photos.
- Proof of registration, insurance, and the 19 point inspection (basically take your car to a mechanic and have them inspect your car's safety. Uber and Lyft have slightly different requirements).
- Your daily rental price.
2. Choose Protection Plan
Like Turo, your level of owner protection influences how much money you make with HyreCar.
There are currently four protection plans, with the most basic plan paying you 85% of rental fees and the safest plan paying you 70% of rental fees:
As you can see, things like deductible amount, mileage overage reimbursement, and physical damage coverage all vary between plans. So, you have to decide how safe you want to be in exchange for earning less or more per booking.
Also note that HyreCar drivers pay for gas and must return your car with a full tank. The gas coverage just reimburses you if your renter returns the tank with missing fuel.
3. Rent Out Your Car
Once you're approved as a HyreCar owner and get some interest, it's time to rent your car!
Like Airbnb, you should make an effort to clean and maintain your car if you want positive reviews. Also remember to take a photo of your vehicle's interior, exterior, and the odometer.
You set mileage allowances in your rental, and HyreCar protects you to an extent if the driver exceeds their mileage. Mileage is set at a default minimum of 250 miles/day. If the Driver goes over the mileage limit, there is a fee of $0.25 per mile.
If you find a driver you feel comfortable renting to, meet them, hand off the keys, and sit back while your vehicle earns.
Extra Reading – The Most Profitable Things To Rent Out.
4. Pickup & Getting Paid
When the driver returns your car, inspect it for damage and confirm the drop off to conclude the rental period.
HyreCar schedules payments within two to three business days and you can easily track your earnings through your owner's dashboard via the app or website.
Dealing With Issues & HyreCar Support
Ideally, your time as a HyreCar owner is mostly a fun exercise in passive earnings. However, if you encounter issues, you should know what to do.
Firstly, driver's are responsible for reporting damages. Driver's also follow up with Lyft, Uber, and any third party claims. Whatever the case, if your vehicle is damaged, you file a claim with HyreCar.
Once you file a claim, a “representative will be assigned to your case and contact you to guide you through the claims process. Damage claim cases on average take 2 to 8 weeks to process and reach a settlement.”
You also have to act fast. According to HyreCar, “Owners have up to 24 hours after the return of the vehicle to file a claim on any damages that occurred on the vehicle during the specific rental period.”
This is the same requirement as companies like Turo, so ensure you take photos, inspect your car, and process claims quickly.
Other HyreCar Reviews
One good way to verify if a side hustle idea is worth it or not is to read reviews and testimonials from other people. And the great news is that there are plenty of HyreCar reviews on forums like Trustpilot where gig workers and vehicle owners share their experiences.
For starters, the company has a 3.5 out of 5 star rating on Trustpilot. Here's what some recent reviews are saying:
- Azeezat Olayiwola says: “HyreCar is not the company to list your vehicle with. HyreCar let's drivers owe you money and do nothing, I have different people owing me over a year and still not paid.”
- Rahul Majumder says: “Do not use HyreCar. All it takes is an accident or damage to your car. HyreCar lets the renters walk away when they inflict damage to your car. My car was damaged by the driver in 1400$. HyreCar uses the insurance which has 3K or more deductible, but when the driver is at fault, they should charge the driver regardless of the deductible limit or help us in the process.”
- Dos Pistola says: “Everything went smooth and easy from the pick up, drop off, and the pay.”
You can also find a lot of mixed reviews on Reddit and similar forums. Some people report making great side income with HyreCar, either as a driver or vehicle owner, and many are happy with customer service.
On the flip side, you also see a lot of negative reviews relating to the damage claims process. And some people complain that drivers accumulate tickets or fines but never end up paying them, so the vehicle owner gets stuck with the bill.
As always, checking what other people have to say is a good idea if you're on the fence about using a certain service. For something as important as renting a car, this is even more critical.
My advice is to see if someone you know in your city has used HyreCar and ask them about their experiences. And always read the terms and conditions of any car rental company you use.
Pros & Cons
Pros:
- Available across the U.S.
- Lets you test the waters of the gig economy or subsidize your income if your vehicle breaks
- Better revenue share than Turo
- Vehicles have affordable daily rental prices
Cons:
- Margins are tight unless you book a HyreCar vehicle for a month to get a discount
- Some negative reviews relating to damage claims or hosts getting stuck with fines and fees
- You pay upfront for your rental
The Best HyreCar Alternatives
HyreCar is one of the only companies in the rideshare space focusing on gig workers using apps like DoorDash and Instacart. However, it's far from your only option.
Several other HyreCar alternatives you can consider include:
As mentioned, you can also consider making money with a bike, scooter, or even on foot depending on the gig app you use.
For example, companies like Uber Eats and Grubhub let you deliver food on foot in some markets. You can also check out Oppizi, an app that pays you to walk and deliver flyers.
Frequently Asked Questions
How Old Do You Have To Be To Use HyreCar?
You must be 21 or older to use HyreCar.
Does HyreCar Work With Lyft?
No, HyreCar no longer works with Lyft since Lyft now works with Express Drive Now.
Is HyreCar Legit?
Yes, HyreCar is legit, and it's a quick option for gig workers to get back on the road if their vehicle is in the shop or if they don't have a car. However, it's not an amazing long-term solution because of monthly rental fees. And there are mixed reviews from vehicle owners about how much of a headache renting out your car can be.
Is There A Mileage Limit On HyreCar?
The minimum daily mileage limit on HyreCar is 250 miles but can be up to 1,000 miles per day. The vehicle owner chooses how many daily miles to allow.
Final Thoughts
I honestly love the idea behind peer-to-peer marketplaces like HyreCar and Turo.
After all, the gig economy does an excellent job at making things more affordable thanks to the simple power of supply and demand and cutting out corporations from the entire process.
If you want to test out gig work or need a quick rental, HyreCar can work quite well. And for vehicle owners, it's a way to potentially earn money on autopilot while you're not using your car.
However, you have to factor in rental fees and gas into your earnings if you're a gig worker. And I wouldn't suggest vehicle owners use HyreCar with their only vehicle.
If you have experience using HyreCar, I'd love to hear about it in the comments!
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