Posting in Energy
Want some extra cash? Subscribers of GM's OnStar system can now rent their cars out via peer-to-peer network RelayRides.
Beginning on Tuesday, car owners who subscribe to GM's OnStar system will be able to rent their vehicles out to other drivers. The service was made possible by a deal struck last October between GM and car sharing start-up RelayRides.
GM's OnStar system makes use of satellite-connected on-board services, but its capabilities have up till now been used mostly to call for assistance in case of emergency. RelayRides says it is the first third party to make use of OnStar's API, and GM has already announced plans to open its API to additional developers as well.
Under this new partnership, RelayRides members can use the OnStar system to reserve a car and lock and unlock the door via a mobile app. Car owners can set prices for others to rent their cars. OnStar service costs roughly $200 to $300 per year, but RelayRides says car owners can earn hundreds of dollars per month, depending on where their car is parked. Check out the graphic below to see how the system works.
Peer-to-peer services like RelayRides, Getaround, and Wheelz are considered the next iteration of car sharing, in contrast to companies like Zipcar, which actually own the cars and rent them out. While security concerns are prevalent among peer-to-peer networks, RelayRides says the OnStar system makes the service more secure, since the vehicle can be monitored.
RelayRides has received more than $13 million in venture capital from a series of investors such as Google Ventures, August Capital, Shasta Ventures, and General Motors Ventures.
Jul 17, 2012
The peer-to-peer car sharing seems to be a nice approach as people can rent their vehicle; I really enjoyed my stay here. http://automotorinsure.com/car-insurance-quotes/
The other problem is car theives. This goes back to when cars became difficult to hot wire or break-in for stealing, criminals were simply car jacking people to steal cars. With this system could thieves simply "borrow" cars to use for crimes to cover thier criminal tracks? Once one rents a car you still have to trust the person who uses it. With all the technology being used to monitor the person renting these cars this process won't make the person behind the wheel honest or keep that person as a responsible driver.
What about the stench some nasty person might accidentally diffuse into the seats, or the drool from someone's little pet dog with the overactive toungue slung all over every surface except the glass, where direct contact with its snoot (snout?) does the job, or in lieu of the dog, a similar effect is caused by their sticky-handed children. Just saying. How can one be confident the vehicle won't be trashed? There are some things no amount of cleaning can remove. No, the only way to come out ahead on this is to install onstar into a well maintained beater you keep for emergencies, and rent that one out with a disclaimer and [u]renter indemnifies owner[/u].
Someone is really smokin their socks. Who is liable for any and all damages to your car? Just from wear and tear on your car it will require more servicing and sooner replacement. What if the vehicle is involved in a robbery or even a drug bust? I could see someone stranded at work looking for a ride. Who gets the ticket when you get the photo ticket for your car running a red lite or the parking tickets? (It usually goes to the owner if the plate on the car). I see someone else making out on your cars and it seems like RelayRides, Getaround, and Wheelz are gonna make out on your work, money and equipment. Their proposed plans sounds good in theory, and IF we lived in a fairy tale society it would make cash for everyone but as I see it I will not venture into this nightmare.
...or are at least clueless about the real costs of owning and operating a car. Yes, it may look good compared to fixed costs or cash flow, but after you factor in the variable costs of wear-and-tear, additional maintenance and depreciation, people doing this are going to find that they really aren't making much, if anything at all. They might actually be losing money on the deal.
Can't think that the car insurance will be anything other than exorbitant. Q/ Who will be the drivers on your car, and what is their driving record A/ Dunno.
Evidently you didn't bother to log on to RelayRides's website. It clearly says that you are covered with $1,000,000 of liability insurance covering damage, liability, and theft, with no out-of-pocket costs. As far as the camera ticket, if you can prove in court that you rented out the car during that time, I have to believe the judge will dismiss the case against you. Besides, the location of the car is always tracked by OnStar's satellites and they won't rent it to anyone whose identity is not confirmed. Also, the car owner can deny anyone from renting, for any reason upon reviewing the renter's profile and reviews from other car owners. Some of you guys fret about everything! Sheesh. Don't participate if you're that cynical. My guess is lots of people will sign up.
http://www.nytimes.com/2012/04/14/your-money/relayrides-accident-raises-questions-on-liabilities-of-car-sharing.html?pagewanted=all $1-million may not be enough. And traditional insurers are considering cancelling policies of insureds that they find are renting their cars in this way. If you're a judgement-proof 20-something with car payments to make, this might seem appealing. But if you have any kind of net worth, I'd steer clear of this kind of thing.