It seems more and more people are starting a side hustle to make a little extra money these days. Technology and the entrepreneurial spirit are making this possible in ways that you couldn't even imagine 10 years ago. But with new opportunities come new risks and the need to protect yourself is growing fast. Two main ways that people are finding extra income is by sharing their vehicle(s) and their homes.
Owning a car was a right of passage for many of us. Now it can be the key to unlocking extra income. RIDEsharing apps such as Uber and Lyft let you use your car to give people rides while earning trip fees. Delivery driving for Uber Eats or Instacart lets you earn money delivering people's meals or groceries. Since you are now using your car for business, your personal auto insurance likely won't cover you in the case of an accident while driving for one of those companies and in some cases may cancel your coverage altogether if they find out that is what the car is used for. Finding a company that will cover you while you are making money in your car is important.
CARsharing services like Turo let you rent your car to someone else similar to a traditional rental company. Some people like to rent their car out to help with the payments, some rent out investment cars and many other reasons. Renting your car to someone is not covered by a personal auto policy and needs special coverage. Again, claims on your personal insurance might be denied or your insurance canceled.
HOMEsharing sites like airbnb and VRBO let you rent your seasonal home, investment property or even a room in your home to someone for a fee. This lets ordinary people become part of the billion dollar travel and leisure industry. HOMEswapping sites like Homeexchange will let you swap homes with someone. So you stay at their home while they stay at yours to reduce travel expenses. All of these are great ways to make or save money, but having extra guests in your home increases the chance of something being damaged or someone being injured. Not all insurance companies are interested in those kinds of risks and they may deny claims or cancel your insurance policy..
There are so many opportunities out there to make some extra money or even replace your income by sharing the things you already own, but understanding the risks involved and being properly protected will keep you from unexpected loss. Want to learn how we can help you in your sharing business? Call Choice Agents to help you find a customized solution to help give you peace of mind when you are out there making extra money!