With a growing demand for RVs and more people choosing to explore the countryside with recreational vehicles, the RV rental business clearly has a bright future. This is especially fueled by the rise of the millennials who prefer to enjoy adventure instead of buying stuff. Therefore, if you’ve been looking for an easy and painless way to make money, this is probably one of the coolest ideas worth giving a shot. But don’t rent out your lovely RV yet! There are quite a few important facts you need to keep in mind to ensure your bottom-line is protected. Here are some of them.
1. Is Your RV in Good Shape?
The first and most important thing to consider prior to renting out your RV is whether everything including the brakes, engine and electrical system is currently in tip-top shape. Apart from increasing the life of your vehicle, ensuring your RV is in top condition also makes it safer for your renters to camp. Not to mention, well-maintained RVs tend to attract more renters because they feel reassured knowing your vehicle is well-maintained and tuned up. You should also make sure all the tires are in perfect condition with less tread wear before every trip your renters make. Depending on how often you are willing to rent out your RV, you can choose to schedule a weekly, monthly, quarterly or yearly RV maintenance.
2. Insurance Coverage
While RVs can be so much fun, they can also incur so much damage. Therefore, when renting out your RV to other people, it is imperative that you ensure your vehicle is covered. Sure, you probably already have a standard insurance cover for your recreational vehicle but it is unlikely that the same policy will cover you when you rent it out. Depending on the state you reside, a personal insurance policy is deemed null and void in the event that you rent out your RV.
As such, it is advisable to get a commercial rental insurance policy on the off chance that your vehicle is damaged or even vandalized while being used by a renter. The policy will not only protect you if your RV causes death or injury to a third party but also property damage.
Although some popular RV rental sites offer complete coverage to both the owners and the renters, it is still advisable to consider getting an insurance policy of your own. So make sure to pay a qualified insurance provider a visit so you can have your motorhome insured prior to renting it out.
3. Vetting Your Renters
For most RV owners, their motorhome is like their second home. As such, some may not help but think about worst case scenarios when renting out their RV to total strangers. If this is the case for you, you should consider vetting your renters for your peace of mind. The last thing you want is to rent your motorhome to a felon who missed a couple of meetings with his probation officer. Apart from doing a background check on your renters, you should also check things like driving records just to avoid unpleasant surprises.
4. Recording the Mileage and Generator Hours
Before renting out your motorhome, you should record both the generator hours and mileage so you can have an easy time surcharging for any extra mileage. In addition to this, you should set the daily mile limits. Generally, most RV owners who rent their vehicles usually set a daily limit of 100 miles and in the event that you exceed the limit, you get charged extra money.
5. Clearing Your Personal Belongings
Another important thing to take into consideration before renting out your motorhome is your personal items. Basically, you will need to remove all your personal belongings like clothes from your RV to ensure the renters will be comfortable riding in your vehicle. However, be sure to leave all the basic items like cooking appliances, blankets, bed, chairs and other necessities behind for the renter’s use. This is because the RV is supposed to be like a hotel.
6. Setting Up Pet Policies
Having a pet policy is important because some renters love bringing along their lovely pets while on vacation. So, if you don’t allow pets in your RV, your policy needs to be very specific since some pets can do so much damage to your vehicle. However, if you have no problem with your RV renters traveling with their pets, you might want to include a few rules in your policy. For instance, you can include the types of pets allowed including their age limits and allowable weights. Also, you might want to include a damage clause that includes excess stains.
7. Getting Listed On Popular RV Rental Sites
Your RV is probably one of the major assets you own so the thought of renting it out to a stranger can be a bit terrifying. As a result, most people usually have their motorhomes listed on trusted and dedicated RV rental sites like Outdoorsy and RVShare. This is because RV rental companies offer the highest level of safety for both the renter and the owner and often don’t charge any upfront fees to join. As if that’s not enough, the sites provide a secure checkout process for added peace of mind and are relatively easy to set up a listing with.
Moreover, they make it easy for you to connect with millions of people looking to rent your RV and even perform DMV background checks on drivers thereby saving you the hassle of doing the work by yourself. Therefore, if you have a really busy schedule and lack the time to advertise your RV, working with a reliable RV rental company can be a good idea.
What’s more? Most of these rental companies offer insurance coverage for your motorhome as long as it’s being rented through their site. But probably the best part about getting your motorhome listed with one of the largest and most trusted RV rental sites is the fact that you get to set both the price and availability.
RVs can be expensive to buy and even maintain. Therefore, one of the best ways to subsidize the cost of ownership is through renting them out during peak seasons like summertime or while you aren’t using it. No doubt you can earn a lot of extra income (up to 32,000 a year) by renting out your recreational vehicle especially if you get it listed on RV rental platforms like RVshare and Outdoorsy.