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

  1. #73
    Member DRKATO1's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    That reminds me I do need to get the sand off my driveway. thanks

  2. #74
    Gold Member asp_125's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    I've rented a motorcycle 3 times, all in CA. A CBR600RR, GSX-R600, and a Thruxton 900. All three times they put a $2000 credit hold on my card, and the fine print said I was responsible for repair costs to the bike if I biffed it. Needless to say, the hefty credit hold and fine print weeds out a lot of squids and marginal renters.
    When life throws you curves, aim for the apex
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    Quote Originally Posted by salsashark View Post
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  3. #75
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by asp_125 View Post
    I've rented a motorcycle 3 times, all in CA. A CBR600RR, GSX-R600, and a Thruxton 900. All three times they put a $2000 credit hold on my card, and the fine print said I was responsible for repair costs to the bike if I biffed it. Needless to say, the hefty credit hold and fine print weeds out a lot of squids and marginal renters.
    This is exactly what i've thinking for a long time. I don't want to go on craigslist and advertise, I just want people like you and your friends to enjoy a day on a great bike.

  4. #76
    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
    People keep talking about insurance that I must have but i'm not riding the bike when you rent it. If you wreck my bike and you better have your own insurance to cover the liability portion of the damage that you do to someone else' car or whatever you hit. I will require a copy of your insurance card on your car or motorcycle that covers a rental bike like progressive does. But this coverage will not cover my bike, that is what the deposit is going to be used for to help fix my bike and if the deposit does not cover it all I may have to sue you for the balance. I know it's a PITA but just don't wreck my bike.
    i'll have my own insurance and if I ever have to use it that will be the end of it.
    Like I said earlier I do not think a person's auto insurance covers them on a motorcycle; could have sworn my State Farm agent told me this when I asked how it works! So you would be renting it to a uninsured motorist...which I would think is illegal! I've heard of one day policies, but I doubt many insurance even do that since it is more hassle than it is probably worth. I still don't understand how you are getting around the insurance issue since EVERY driver must be insured

    I thought when I talked to DK at 303 Cycles he said he had to take out a huge insurance policy under his company to do this....which is eventually why he stopped doing it.
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  5. #77
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    Like I said earlier I do not think a person's auto insurance covers them on a motorcycle; could have sworn my State Farm agent told me this when I asked how it works! So you would be renting it to a uninsured motorist...which I would think is illegal! I've heard of one day policies, but I doubt many insurance even do that since it is more hassle than it is probably worth. I still don't understand how you are getting around the insurance issue since EVERY driver must be insured

    I thought when I talked to DK at 303 Cycles he said he had to take out a huge insurance policy under his company to do this....which is eventually why he stopped doing it.
    I had state farm for a long time because they are so cheap. If you have to file a claim with them they will try and screw you every way they can. They will not cover a rental bike if you have coverage through them at all period.
    If you have a progressive policy they will cover the liabilty portion for a rental on a car or motorcycle with no extra cost to you. I have a dairyland policy and if i want to go to california or wherever i can rent a car or a bike and it will not cost me anything. but they only cover you and whatever damage you do to someone else or there property and it will not cover the rental bike. You must call your agent and talk to them. If you wreak a rental bike you are on the hook for the cost of repairs to it.

  6. #78
    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 had state farm for a long time because they are so cheap. If you have to file a claim with them they will try and screw you every way they can. They will not cover a rental bike if you have coverage through them at all period.
    If you have a progressive policy they will cover the liabilty portion for a rental on a car or motorcycle with no extra cost to you. I have a dairyland policy and if i want to go to california or wherever i can rent a car or a bike and it will not cost me anything. but they only cover you and whatever damage you do to someone else or there property and it will not cover the rental bike. You must call your agent and talk to them. If you wreak a rental bike you are on the hook for the cost of repairs to it.
    Well I know they cover rental cars (was a $5 month fee) because they did for me. As for a claim they just replaced a roof on my house with no issues, so never had anything bad with State Farm. I guess the issue here is every policy and carrier can be different so you would almost have to call each insurance for the person you are renting it to, to check their policy. If they say there is no sportbike rental coverage I'd think it would be illegal for the person to even ride it then......

    And then why does $2K seem enough deposit then if it won't cover the bike? I assume a RC51 is worth more than that. Only choice at that point is to sue the person and in time your business is dead with no rental bike. Then you may get a judgement for like $50 a month for years....as others said, doesn't seem worth it
    Last edited by bulldog; Tue Jul 2nd, 2013 at 01:22 PM.
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  7. #79
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    Re: Need advise on renting out my motorcycle to other people

    If you want to go to progressive.com and apply for full coverage policy you can pay them $60.00 or so, depends on your driving record and credit score and you can print out your insurance card right there. then you could cancel it the next day and they will send you a refund for the balance.

  8. #80
    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
    If you want to go to progressive.com and apply for full coverage policy you can pay them $60.00 or so, depends on your driving record and credit score and you can print out your insurance card right there. then you could cancel it the next day and they will send you a refund for the balance.
    So this is what you are going to have your clients do? You think many would actually do that?
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  9. #81
    Gold Member asp_125's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    When I went to Cali and rented the bike, my SF agent said my current motorcycle policy was in effect. Of course I have 5 bikes and a car through them, they better treat me right. YMMV
    When life throws you curves, aim for the apex
    Current stable:09 Thruxton \ 09 FZ6S2
    Sold List:97 Ninja500R, 03 SV650K3, 01 Ducati 750Sport, 73 CB350/4, 03 F650GSA, 08 Gixxer600, 03 Gixxer600, 91 VFR750F, 09 KLX250, 06 Thruxton 900, 02 VFR800, 08 Spyder RS, 12 Street TripleR, 09 KLX250S, 16 KTMRC390, 10 F650GS
    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?...

  10. #82
    Senior Member j0ker'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 this is what you are going to have your clients do? You think many would actually do that?
    It's not unreasonable if he's looking for a "distinct" clientele to use his equipment. Someone with some forethought and enough money to cover the proper fees. It also gives him options for additional insurance coverage if he needs it.

    Good luck man. Hope your Daughter gets better soon.

  11. #83
    Gold Member bulldog's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by j0ker View Post
    It's not unreasonable if he's looking for a "distinct" clientele to use his equipment. Someone with some forethought and enough money to cover the proper fees. It also gives him options for additional insurance coverage if he needs it.

    Good luck man. Hope your Daughter gets better soon.
    True, but a business is about making money and not others happy, so not sure it would amount to much profit if that is the goal. Plus others have tried in CO and failed, so just putting that warning out. All and all I hope it does workout for you, but the consensus here has been to not do it, so surprised you are still considering it.

    Quote Originally Posted by asp_125 View Post
    When I went to Cali and rented the bike, my SF agent said my current motorcycle policy was in effect. Of course I have 5 bikes and a car through them, they better treat me right. YMMV
    I could see that with a current motorcycle policy, but with a regular auto policy it may be different.
    Last edited by bulldog; Tue Jul 2nd, 2013 at 01:36 PM.
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  12. #84
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    Well I know they cover rental cars (was a $5 month fee) because they did for me. As for a claim they just replaced a roof on my house with no issues, so never had anything bad with State Farm. I guess the issue here is every policy and carrier can be different so you would almost have to call each insurance for the person you are renting it to, to check their policy. If they say there is no sportbike rental coverage I'd think it would be illegal for the person to even ride it then......

    And then why does $2K seem enough deposit then if it won't cover the bike? I assume a RC51 is worth more than that. Only choice at that point is to sue the person and in time your business is dead with no rental bike. Then you may get a judgement for like $50 a month for years....as others said, doesn't seem worth it
    You have some good points, maybe I should make it 3k. And I'm not trying to make this a business to make allot of money, I could get an business insurance policy but I would have to pass on the cost to you by jacking up the price then I would have the same problems DK had with his rentals

  13. #85
    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
    You have some good points, maybe I should make it 3k. And I'm not trying to make this a business to make allot of money, I could get an business insurance policy but I would have to pass on the cost to you by jacking up the price then I would have the same problems DK had with his rentals
    Just jacked up people in this world and I could see some fool giving you a stolen credit card and getting a bike with keys for $2k. Or some guy who doesn't care about his credit and sees a way to screw you since he is planning to file bankruptcy anyways; I actually knew a guy that did this and racked up all these bills because he knew he was filing and covered under that. I recently had a guy jip me on hundreds of dollars on car parts I bought and he filed for bankruptcy and I have been told there is nothing I can do....just so hard to trust anyone now.
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  14. #86
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    So this is what you are going to have your clients do? You think many would actually do that?
    If you wanted to do it this way and you wreaked the bike all you are on the hook for is the deductable you choose. I would choose the lowest.
    It's just an option, and a smart one I think.

  15. #87
    Senior Member j0ker's Avatar
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by DRKATO1 View Post
    If you wanted to do it this way and you wreaked the bike all you are on the hook for is the deductable you chose. I would choose the lowest.
    It's just an option, and a smart one I think.
    I rented a snow mobile one year, was dicking around with some friends and completely totaled the front of the ride into a tree. My $40 additional insurance paid for the whole thing. Was completely worth it!

  16. #88
    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
    If you wanted to do it this way and you wreaked the bike all you are on the hook for is the deductable you choose. I would choose the lowest.
    It's just an option, and a smart one I think.
    And what if they don't. You are stuck with a wrecked bike and $2k. Sure you can sue them, but that is going to be a long process....

    Quote Originally Posted by j0ker View Post
    I rented a snow mobile one year, was dicking around with some friends and completely totaled the front of the ride into a tree. My $40 additional insurance paid for the whole thing. Was completely worth it!
    But isn't that covered under the business's insurance then? I though he was trying to avoid having to get company insurance
    Last edited by bulldog; Tue Jul 2nd, 2013 at 01:51 PM.
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  17. #89
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    Just jacked up people in this world and I could see some fool giving you a stolen credit card and getting a bike with keys for $2k. Or some guy who doesn't care about his credit and sees a way to screw you since he is planning to file bankruptcy anyways; I actually knew a guy that did this and racked up all these bills because he knew he was filing and covered under that. I recently had a guy jip me on hundreds of dollars on car parts I bought and he filed for bankruptcy and I have been told there is nothing I can do....just so hard to trust anyone now.
    I will get a copy of your drivers license with the M endorsement, run your credit card for the deposit and I have your money. and copy of insurance with Colorado minimum. You will be video taped

  18. #90
    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 will get a copy of your drivers license with the M endorsement, run your credit card for the deposit and I have your money. and copy of insurance with Colorado minimum. You will be video taped
    Correction...you will have $2K of my money...not enough to replace the bike!
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  19. #91
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    Re: Need advise on renting out my motorcycle to other people

    If you pay me with a credit card and file for bankruptcy i've already have your money. you will be the one dealing with the credit card company and court. not me

  20. #92
    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
    If you pay me with a credit card and file for bankruptcy i've already have your money. you will be the one dealing with the credit card company and court. not me
    Again, you only ran $2K on card...so that is all you get...plus I'd cancel that card the minute I wrecked that bike (and before you knew so you couldn't charge more on it)

    PLAYING DEVILS ADVOCATE OF COURSE AS I WOULD NEVER SCREW SOMEONE
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  21. #93
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    Correction...you will have $2K of my money...not enough to replace the bike!
    I'll take the $2200.00 and go down to Faymyers and buy me a new Honda. LOL

  22. #94
    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'll take the $2200.00 and go down to Faymyers and buy me a new Honda. LOL
    Yeah maybe an old CBR F2 for $2200.00

    Hell I'll make you that trade now....a $2200 bike for a RC51
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

  23. #95
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    Re: Need advise on renting out my motorcycle to other people

    Quote Originally Posted by bulldog View Post
    Yeah maybe an old CBR F2 for $2200.00

    Hell I'll make you that trade now....a $2200 bike for a RC51
    That's just the down payment on the new V4 CBR that will come out in a couple of months

  24. #96
    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
    That's just the down payment on the new V4 CBR that will come out in a couple of months
    Yeah but for $2200 you can put your deposit down today! And I get a RC51 (I'll ride with Aireed so we can be twins)
    Bulldog's Motto: F*ck around and I'm going to bite you!!!

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