Ever thought of getting involved with a car sharing service? If you have, you’re not alone. Car sharing is growing in popularity with some reporting over a million members of various services in the U.S. already. There are more options to choose from now too. So, how does this whole car sharing thing work?
Basically, the whole idea is that instead of buying a car, you can just borrow one for a price. You can borrow a company owned car for a few hours at either a time or daily rate. You can pick the car up and return it to the same spot, or there may be a drop off area in a designated zone. There are even services that allow you to rent a car from an individual or rent your car out to people.
But car sharing isn’t for everyone and there are things to consider.
If you’re looking to save money, car sharing may be a good way to go. According to AAA in 2017 it would cost you $8,500 a year to own and operate a new car and that doesn’t include payments on the car itself. Maybe you don’t need a car every day? If you fit this category, car sharing may be a good thing to look into.
Car sharing may be good for the environment. According to a study done by the Transportation Sustainability Research Center, greenhouse gas emissions were reduced and average of 10 percent in the five cities with car sharing which were studied.
But there are also some legal concerns with peer-to-peer sharing. If you’re thinking of peer-to-peer renting, some states have enacted regulations including limits on how much revenue you can generate annually with your vehicle. There are also concerns with insurance coverage that should be looked into. Some car sharing programs include insurance, but it might be wiser to consider additional coverage.
If you’re considering a car sharing service, make sure you’re covered.
