I just rejected the first offer to rent my bike - Page 5 - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
General V-Strom Discussion Talk about all things V-Strom not limited to just one of the above models

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post #41 of 60 Old 06-11-2019, 06:21 PM
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Originally Posted by Motorpsychology View Post
The way I interpret most of the posts to this thread that are coming down on the con-side of renting out their bike, is that insurance will cover damage & liability (after a deductible), but it doesn't cover the misgivings while the bike is out, loss of riding the bike yourself or renting the bike again for a protracted time while it's being repaired, or worse; the subject of litigation.All insured, but not worth this type of risk Call it emotional baggage or whatever, but many here aren't into the "sharing economy" thing.
This assumes full coverage insurance. The cards are always stacked in favor of the house, and there are many who do not play the game and instead opt for liability insurance only for their vehicles.
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post #42 of 60 Old 06-11-2019, 10:29 PM
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".....These insurance and liability issues are not insurmountable. Why is everyone acting like there's no possible solution?
All we hear is scare stories. Why?
All it takes is for the insurance companies to offer a reasonably priced add-on product to cover these situations. A few are doing this -- I think Erie Insurance was one of the first. ......"


I called my insurance company and explained the scenario. They flat out refused to cover my bike for outside rentals. You may have a different experience. How much more does it cost, from your research, to insure for renting? What does Eirie charge to add the rider onto a personal policy?

I have rented bikes from outfits who are in the business, in several different countries. In all cases, the deductible was huge (eg. $2500) and if you wanted to lower it, the cost was about $30/day and that only lowers it to about $750 and that is only because they "self insure". ie. that is the rental outfit gambling that the increased income will outweigh the cost differential. What does that signal to me? The first thing that comes to mind is that there are few bikes that are returned without damage.

As was stated earlier, many Uber/Lyft drivers are probably not insured simply by the fact that they have not informed their insurance companies of the activity and even if they did, their insurance is probably invalid. Very risky IMO.

So....the OP stated that he could make about $50/day renting his bike. To me, it doesn't make good business sense to risk my net worth for $50/day; especially if you are not renting it for 300+ days per year. There is a reason that insurance companies have the second largest buildings in town.
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post #43 of 60 Old 06-12-2019, 12:11 AM
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Renting your own bike out. Wow. Don't rent your bike. It's yours. And most likely paid for. You scratch it, you wreck it. Its yours. And, all the legal stuff..take it from a professional...it's more than you want to deal with...or can afford.
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post #44 of 60 Old 06-12-2019, 08:51 AM
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I don't know of any insurance companies that offer coverage to individuals for renting out your motorcycle part time, but they might exist. In any case, it's an unfilled opportunity, not an absolutely insurmountable problem.

Some insurance companies now do offer add-on coverage for ride-sharing and delivery drivers (Uber, Lyft, Doordash, etc.).

However, most companies have pretty stuck their heads in the sand, plugged their ears, and are singing "LA LA LA" as loud as they can in hopes the "fad" goes away. It's stupid.

Most or maybe all insurance companies have recently added policy language that removes your coverage and could even rescind your policy if they find out you're driving for ride share or delivery. If you're in an accident, you will be asked specifically whether you had ride share passengers or were making deliveries.

Again, this is a big opportunity for insurance companies, and I can't quite understand why they're so hostile. Change is opportunity.

Many lenders are also very hostile to ride share/delivery drivers. I understand that the work causes the asset to depreciate faster, and the insurance issues may leave them holding the bag. But instead of working with the customer to put together a loan/lease and insurance package that makes sense, many just try to flatly prohibit this sort of activity. Stupid, stupid, stupid.

Renting out one or more of your personal motorcycles could make financial sense for some, not for others. Probably wouldn't make sense if it's your only bike, or if you're too emotionally invested. No one is holding a gun to anyone's head to force them to rent out their bike. If the idea really bothers you, then don't do it. But if you can work out the insurance and legal issues to understand and manage the risk, then I can see that it could make sense.

On the other side, pretty much all the companies that facilitate these things do an absolutely terrible job of informing their drivers and customers about these issues. They tell you stuff like "you're covered" and "we've got your back", but then they rely on your personal insurance, which in almost every case specifically excludes sharing or business use. They're actively creating a false sense of security and taking advantage of the ignorant, which is deeply unethical.
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post #45 of 60 Old 06-12-2019, 09:21 AM
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Ignoring all the cost/liability issues.

I just think about how people treat rental cars, heck, how I treat a rental car.

Nope.

Same reason I haven't looked to buy an old police bike. I've talked with the deputies who ride them. If the oil light comes on, they keep riding. If they bring it in, they lose time on the street, and their numbers go down. Better to ignore it till the end of shift and then let the maintenance guys sort it out. "it came on while I was riding back here mate"

Basically no one is going treat it like they own it except, you and only you. To everyone else, it is just a machine.
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Last edited by Dragon Rider; 06-17-2019 at 09:07 PM.
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post #46 of 60 Old 06-12-2019, 09:31 AM
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"Better to ignore it till the end of shift and then let the maintenance guys sort it out. "'it came on while I was riding back here mate.'" @Dragon Rider
And how many of those hours are spent idling while writing a ticket, or monitoring an incident site?

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post #47 of 60 Old 06-12-2019, 10:09 AM
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I'm not sure I get the comparison to ride sharing use.

with uber the owner/driver has valid insurance which means they have a valid drivers liscence or at least they did when they got the policy. you as the private bike renter have no way of checking if the person you're giving your bike to has a valid liscence other than if they have a card. who knows if their liscence has been suspended for DUI, multiple tickets, street racing, etc, etc. do you think your insurance will pay out if the driver hasnt a valid liscence? I highly doubt it.
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post #48 of 60 Old 06-12-2019, 10:15 AM
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".....I'm not sure I get the comparison to ride sharing use......"

The comparison has to do with the fact that the vehicle is being used to generate income (not just recoup expenses) which usually takes different insurance than private use only. Who is operating the vehicle is another matter.

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post #49 of 60 Old 06-12-2019, 11:54 AM
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'been reading the reactions with interest. Most on here claim "no go", which is not very surprising. The type of people that frequent these forums are bike enthousiast, if not to say lovers. You selected the bike with care, farkled it up, you maintain it yourself, wash it regularly, put the battery on a tender and whatnot. It's also your primary mode of transport, your way of having a vacation, whatnot.

But there's plenty people out there that do not have the same emotional attachment to their bike(s) or riding in general. They've got a bike, maybe 2nd or 3rd hand, because it seemed like a good idea at the time. It may already have some minor damage. It's not their primary mode of transport. They use it a few times a year and the rest of the time it's just sitting there in the garage or driveway. In fact, some of these people may actually look at the bike every now and then, feeling slightly guilty that they're not riding it more often. Definitely not the type of people that are active on this forum.

Lending it out, for free or for money, for them doesn't lead to the emotional issues that some here display. In fact, seeing somebody else ride their bike may even diminish the guilt they feel for not riding it often enough themselves.

Heck, that's how I got my bike: It was owned by a friend, but he wasn't riding it often enough. After I got my MC license he loaned it to me for a trip, after a year and a half of not having ridden it himself. The first things I had to do was replace the dead battery and inflate the tires. A few weeks and a few 100 kms later he offered to sell it to me.
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post #50 of 60 Old 06-12-2019, 09:56 PM
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The insurance and liability issues of "bike sharing" are challenging at every level. I can't say it's "stupid stupid stupid" to take these issues seriously as an owner, renter, or insurer. The inherent dangers of putting a rider on an unfamiliar machine with no means of monitoring his riding activity, ability, or location is a nightmare. Can it be figured out? Sure, but responsible parties may decline the opportunity. DD
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