What could possibly go wrong…

So there’s this new car rental service. Let’s you rent straight from car owners in your neighborhood or in any neighborhood where you don’t already have a car. Sounds great!  Everything’s insured, and you can even rent out your car to other drivers.  It is called RelayRides. 

Well here is my advice.  Make sure you call your insurance company. Some companies are excluding coverage and the coverage you buy from the service online may not be adequate. Read all about the insurance here!  I would advise you to buy the insurance policy through RelayRides.  Some states will carry your personal auto insurance over to the renter (it follows the car) and this could mean trouble.  If they had to file a claim it could be a claim against you!  But, your policy likely has a specific exclusion for coverage when you rent out your car, which is precisely why RelayRides has purchased this liability insurance policy for you.

Some good points are that the renters are pre-screened and you decide who rents your car!  The owner sets the price and stipulations.  You set your vehicle’s availability and approve only requests that work for you and you can make money off of renting your car!

I find this service/website risky.  I do not think I would rent my car out and risk my liability and insurance coverage nor would I rent anyone elses car.  What is your opinion?  Is this a trend that will continue?