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Thread: Need advise on renting out my motorcycle to other people

  1. #1
    Member DRKATO1's Avatar
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    Need advise on renting out my motorcycle to other people

    This is an idea I am working on and would like all the feedback I can get to make this happen.
    I have an 2004 RC51 that I might rent out and have spent $1.00 on a godaddy web sight, so check it out and let me know what you think.

    rentrc51.com

    mods fill free to move this post, I didn't know where to put it.

  2. #2
    Gold Member bulldog's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by DRKATO1 View Post
    This is an idea I am working on and would like all the feedback I can get to make this happen.
    I have an 2004 RC51 that I might rent out and have spent $1.00 on a godaddy web sight, so check it out and let me know what you think.

    rentrc51.com

    mods fill free to move this post, I didn't know where to put it.
    So what happens if they wreck your bike? That would be my main concern!
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  3. #3
    Senior Member JKOL's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    So what happens if they wreck your bike? That would be my main concern!
    That or what if there is a mechanical failure that causes the wreck? What would your liability be? Just a big hit to your insurance, or are you personally exposed to a lawsuit? I don't see enough upside to make this worth while, but I can see a whole bunch of ways to get bent over financially.


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    Gold Member bulldog's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by JKOL View Post
    That or what if there is a mechanical failure that causes the wreck? What would your liability be? Just a big hit to your insurance, or are you personally exposed to a lawsuit? I don't see enough upside to make this worth while, but I can see a whole bunch of ways to get bent over financially.
    Right! I believe this is why 303 Cycles stopped renting out motorcycles....just too much risk!!!

    Not to mention I wouldn't trust people beating on my sportbike....very common to beat up on rentals
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  5. #5
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    So what happens if they wreck your bike? That would be my main concern!
    I would have a simple contract making you responsible for damages and I would require a large credit card deposit that is refundable when you bring it back undamaged.

  6. #6
    Senior Member JKOL's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by DRKATO1 View Post
    I would have a simple contract making you responsible for damages and I would require a large credit card deposit that is refundable when you bring it back undamaged.
    But what if those damages are the result of an accident caused by a mechanical failure, not rider error? That puts the responsibility for the accident on you, not the renter. Bike maintenance is on you, not the renter. I don't think a simple contract would save you from a lawsuit if someone got hurt in a crash because something on the bike broke.


    Jason
    07 600RR
    07 Speed Triple -[COLOR=rgb(255,0,0)] [/COLOR]GONE BUT NOT FORGOTTEN[COLOR=rgb(255,0,0)][/COLOR]

  7. #7
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by JKOL View Post
    But what if those damages are the result of an accident caused by a mechanical failure, not rider error? That puts the responsibility for the accident on you, not the renter. Bike maintenance is on you, not the renter. I don't think a simple contract would save you from a lawsuit if someone got hurt in a crash because something on the bike broke.
    I've been a master auto mechanic for over 30 years and I keep my maintenance up to date and can do inspections when the bike is returned.
    Yes there is lots of risk involved, thanks for the feed back.
    Last edited by DRKATO1; Mon Jul 1st, 2013 at 08:21 AM. Reason: spelling

  8. #8
    Gold Member bulldog's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by DRKATO1 View Post
    I would have a simple contract making you responsible for damages and I would require a large credit card deposit that is refundable when you bring it back undamaged.
    So you are going to run their card for like a $10K deposit???? My bet is not many people even have that high a limit Plus I you are basing it all on insurance I am not sure motorcycle policies work like auto policies and cover people not on the policy; or vise versa, their auto policy would not cover a motorcycle. I could be wrong, but thought that was how most of them work. Something to think about....

    Not to mention what Jkol said.....I could see some person crashing and blaming your maintenance neglect or faulty equipment. Doesn't seem worth it to me.....
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  9. #9
    Senior Member tecknojoe's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    What if they wreck, get hurt, hurt someone, steal it? What is your insurance company going to tell you, especially if you say you rented the bike? would you still be covered? Is it possible to fake a credit card deposit, or use a stolen one?

    Personally I couldn't do anything more than swapping bikes for 5 minutes while out on a ride with a friend.

    I really don't see this idea working out well with all the liabilities

    also, no matter how good of a mechanic you are, parts fail. You can't control it 100% of the time
    #703

  10. #10
    Gold Member asp_125's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    I'm pretty sure most personal vehicle insurance policies would be voided, or require you to convert it to commercial use, if they knew you are using it for income. On top of that you have a HUGE liability as mentioned on maintenance. Which is why most folks don't rent out sportbikes, the insurance cost kills profits.
    When life throws you curves, aim for the apex
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  11. #11
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    I'm thinking about a 2k deposit.
    Some insurance companies like Progressive cover you for renting a car and a motorcycle if you would like to rent a bike instead. dairyland does the same thing, you have to check with your agent.

  12. #12
    Gold Member asp_125's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by DRKATO1 View Post
    I'm thinking about a 2k deposit.
    Some insurance companies like Progressive cover you for renting a car and a motorcycle if you would like to rent a bike instead. dairyland does the same thing, you have to check with your agent.
    My bike insurance covers me when I rent bikes, but if I am renting a bike from you and I crash because of a mechanical fault it's not on my policy, it's on yours. I would be going after your carrier for a defective motorcycle; the cost of liability insurance on your part would be expensive, it's why 303 got out of the business.
    When life throws you curves, aim for the apex
    Current stable:02 VFR800 \ 08 Spyder RS \ 12 Street TripleR \ 09 KLX250S \ 16 KTMRC390
    Sold List:97 Ninja500R, 03 SV650K3, 01 Ducati 750Sport Dark, 73 CB350/4, 03 F650GSA, 08 Gixxer600, 03 Gixxer600, 91 VFR750F, 09 KLX250, 06 Thruxton 900
    my Facebook, SpeedShots
    Quote Originally Posted by salsashark View Post
    ... Motorcycles are kind of like Baskin Robbins... You're looking at 31 flavors of ice cream, don't you kind of want to know what they all taste like?...

  13. #13
    Senior Member Yearly Supporter Generic's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    You need to have a very specific business insurance policy to cover that bike. The minute you let someone ride off on it for money it is no longer for your own use and your basic policy won't cover it. You will need to have the liability coverage in case of mechanical failure as others mentioned. I highly, highly suggest getting a lawyer to draw up the documents and register you as a LLC so that if something does happen someone doesn't sue you for ALL of your possessions.

  14. #14
    Gold Member madvlad's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    I'll rent it and won't sue ya, problem solved
    www.mo-door.com
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  15. #15
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    What if I make this a non profit thing with all money going to my 14 year old back surgury to fix her broken bone in her back.
    Last edited by DRKATO1; Mon Jul 1st, 2013 at 08:42 AM.

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    Gold Member bulldog's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by madvlad View Post
    I'll rent it and won't sue ya, problem solved
    Yeah but do you have the cash on hand to fix the bike if you were to crash it? Not getting sued is one thing, but actually getting people to pay up is another (not saying you, just in general if someone wrecks their medical bills are going to come before they worry about paying for the bike).
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

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    Gold Member madvlad's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by DRKATO1 View Post
    What if I make this a non profit thing with all money going to my 14 year old back surgury to fix her broken bone in he back.
    or we can put a bike night/fundraiser thing together as well and I am in for this idea to help out
    www.mo-door.com
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  18. #18
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by madvlad View Post
    I'll rent it and won't sue ya, problem solved
    when do you want it.

  19. #19
    Gold Member bulldog's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by DRKATO1 View Post
    What if I make this a non profit thing with all money going to my 14 year old back surgury to fix her broken bone in her back.
    Why not just sell the bike then? Wouldn't that be faster
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  20. #20
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by Generic View Post
    You need to have a very specific business insurance policy to cover that bike. The minute you let someone ride off on it for money it is no longer for your own use and your basic policy won't cover it. You will need to have the liability coverage in case of mechanical failure as others mentioned. I highly, highly suggest getting a lawyer to draw up the documents and register you as a LLC so that if something does happen someone doesn't sue you for ALL of your possessions.
    this is this great advise and as a skydiver i sign a waver not to sue if something goes wrong but even then if there is neglect on there part the dropzone can still be sued.
    Last edited by DRKATO1; Mon Jul 1st, 2013 at 11:05 AM.

  21. #21
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    Why not just sell the bike then? Wouldn't that be faster
    yes it is one of the things i am considering but it's not enough money to cover everything.

  22. #22
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by madvlad View Post
    or we can put a bike night/fundraiser thing together as well and I am in for this idea to help out
    If all options run out i might consider this in the future. she got her injury 2 years ago and gets shots in her back every 3 or 4 months to manage the pain. but last years scared the shit out of me when people started dying from the same shots she was getting.
    sooner or latter she will need major surgery to put rods and screws in.

  23. #23
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    This is the bike we are talking about, just thought i would share.


  24. #24
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    At this point and time if you are a friend of mine or can get someone like Wicky to tell me you're a responsible person I would consider renting this bike to you, if you can agree to my rules.

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