Can you make money from sharing your vehicle?

Do you know you can earn extra income if you own a car or van? Check out how by learning more about car sharing in the UK.

Owning a car increases one’s efficiency and enables him or her to manage his or her time better. What is better is that it can also be a source of income. Considering that as a car owner you will often travel alone, it is possible to offer a ride to travellers with whom you share a route. Indeed, many car sharing platforms exist in the UK that would allow you to offer a ride for a small fee enabling you to cover part of your fuel cost. Existing car sharing platforms have different structures to enhance ride sharers safety. In a sense, the ride-sharing venture can only thrive if the involved parties are assured of safety. This calls for various arrangements in order to create a safe operating environment.
In a world experiencing a rapid adoption of new technological capabilities, the role of a car as a means of transport is also changing. The development and systematic launch of autonomous cars imply that car owners may soon become mere passengers in their cars. Grappling with this possibility, different firms have created platforms that allow commuters to share a car. To achieve this fete, a few considerations have to be made.


Insurance Cover for the Passenger

Car or van owners looking to join the car-sharing clubs must confirm that they have proper insurance cover in place. This third party cover extends the insurer’s liability to passengers in the holder’s car in the event that they are involved in an accident. Confirmation of insurance cover also enables the ride-sharing management to verify the driver’s credentials and driving history.

In addition to third party insurance cover, AXA, in collaboration with BlaBlaCar, have launched a free insurance cover for ride sharers using the BlaBlaCar platform. The customized insurance cover assumes liability in case the ride sharers car breaks down or they are involved in an accident while the passenger was behind the wheel. In the case of a breakdown, the AXA cover enables the ride sharers to find alternative means of transport and covers the towing and repair costs of the car.

 

Finding a Reliable Ride Sharing Club

Once a car owner has adhered to the insurance requirements, he or she should review and compare the characteristics of existing clubs to find one that suits his or her needs. Some of the factors to consider may include:

  • Membership size: a club that has a big membership not only increases the chances of always finding passengers but may also imply that the club has better customer relations.
  • Terms of entry: they will determine your ability to join the club as well as reveal the level of vetting carried out by the club management. A club that verifies its members’ credentials is safer to work with.
  • Terms of payment: considering that your motive for joining the club is to make or save money, it is important to review the payment terms to ascertain that they meet your expectations.

Once all these are in place, you can start earning extra money with your car or van.


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