Can car owners make money off of their car by not even driving it?

A new emerging Wicklow-based company might make that possible. Fleet, frequently referred to the Airbnb for cars, just secured AXA car insurance company to offer drivers coverage for only £7-£10 a day. The insurance deal is separate and does not affect the car owner’s own coverage.With this new deal, the business is going to hit the ground running. The brains of it all, Maurice Sheehy, is offering car owners a chance to make a profit off their car while they are not using it. This gives opportunity to car owners who don’t use their cars on their daily commute to make money by renting them out. If used two days a week, one can make £3,500 a year, according to Sheehy.

This new business may change the game for the car rental services, hopefully comparable to Airbnb in accommodations and Uber in taxis. With the reviewing process similar to Airbnb, the online reviews can be used by renters and users to ensure a good experience.

The new company was created because how frustrated they were with the large amounts of paperwork involved every time they rented from traditional rental car companies. They wanted to create a peer-to-peer car rental app that was quick and painless.

Fleet allows the car owners to set their own price based on the car’s model, make, and age. It gives complete control to the owners with the ability of when and where you want them. The renters of the cars will be required to pay that fee with insurance and Fleet’s 10% commission. Requirements include the cars must be taxed, passed the NCT and be no older than 10 years old.

Fleet’s company currently advertises around 50 cars including Sheehy’s personal car, a 2008 Volkswagen Golf. This start-up company is hopeful in the future and believes this service will rapidly expand through the car rental market. With Sheehy even investing money he raised from selling his home along with other private investments. With vehicles already ready for renting in Dublin, who knows how much this company can grow.

So if a mortgage is in your near future and you’re looking for ways to easily save up money for a down payment this could be an option for you.


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