What: Fetch is an online platform where you can rent out your truck or van
Expected pay: $10 to $25/hour; $50-$150/day
Commissions & fees: 20% to 30%, plus about $110 to buy and install a keyless device
Where: Select cities in Georgia, California, Florida and Mississippi
Requirements: A licensed and insured truck or van, model year 2009 or newer
Review:
PROS:
- The trucks are provided by side hustlers and fleet owners, who determine when their vehicles are available and what to charge for the rental.
- The actual rental rate is up to the owner; suggested prices from the site are $10 to $25/hour or $50 to $150/day.
- Fetch arranges and collects rental fees
- A site fee of 20% is charged and there’s an additional 10% charge for those who don’t already have commercial liability coverage and want to buy it through the site.
- You need commercial coverage if you rent out your vehicle, in addition to your ordinary personal liability coverage. Standard auto insurance policies do not cover losses when someone is renting your car.
- Fetch provides a Bluetooth-connected device that automatically starts the car and lock/unlock your car.
- This allows vehicle-owners to avoid meeting every renter with keys. The site charges a $49 deposit for the device and owners have to pay to have it installed. Installation costs about $60.
- If you decide to take the vehicle off the platform, the device must be taken out of your car and returned to Fetch. There is a $200 fee if it is not returned within 30 days.
- The site pays owners twice a month.
CONS:
- The cost of the keyless device and installment will set you back $110 before you book your first rental.
- If your engine has any problems, you’re responsible for repairs. Fetch says the devices are trouble-free, but similar devices generate a ton of complaints at other platforms.
- For the insurance coverage to apply, you must file a claim within 24 hours of the rental’s completion.
- You may not need to be there to drop off keys each time, but you should inspect your car after each rental. You will need photographs of the vehicle’s condition before and after the rental to establish your claim.
- The policy has a $1,000 deductible and a $25,000 cap on property damage. The company’s CEO, Steinberg, says renters are responsible for paying for any damages, presumably from their own insurance. If they’re unable to pay, the site’s coverage kicks in. But that potentially leaves the owner shouldering the first $1,000. Steinberg says they get roughly one damage claim per 1,000 rentals.
