In recent years, the sharing economy has witnessed a surge in innovative services that provide individuals with convenient access to various resources.
Got a spare room? Rent it out! Got a pool you aren’t using all the time? There are people with money just waiting to swim in it. You can even rent out your yard for puppy play dates. So it seems logical that cars are a logical addition to the peer-to-peer sharing economy.
In fact, apps like Turo and Getaround have made peer-to-peer car sharing a multi-million dollar industry (projected to be valued at $7.2 million by 2030). These platforms connect car owners with individuals in need of temporary transportation, offering a cost-effective and flexible alternative to traditional car rental agencies.
But how safe are these services? What protections should you make sure you have as a car owner before renting your vehicle? And, as a renter, what happens when you get in an accident? In this article, we'll delve into the workings of peer-to-peer car rental services, consider safety concerns and discuss the intricacies of insurance.