Well, I did it... - 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 #1 of 11 Old 09-08-2019, 04:23 PM Thread Starter
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Well, I did it...

...I rented my bike to a stranger.

I've had my bike listed on Twisted Road and Riders Share for most of the summer, and I finally accepted a rental request.

I know for many people the risk isn't worth the reward...for for some of us it is. And for the 5 previous rental requests I received, it wasn't for me either. But this one was a good mix of proper timing and an experienced renter, so I went for it.

All went well, and I got my bike back this morning with no apparent problems. The renter was happy and I'll soon have a little something to add to the 'Next Bike' fund.

My rental came through Twisted Road, and things generally went well. The one thing I don't like about the process is that the site doesn't allow communication between the potential renter and owner before the owner has to make the decision to accept the request. I had 2 prior rental requests through TR that I very well may have been willing to accept if the renter had some flexibility in pick-up and/or return times. But with no ability to ask the question, I declined the offers. Riders Share does offer that ability.
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If it's a good day to wash the bike, it's a better day to ride the bike.
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post #2 of 11 Old 09-08-2019, 05:18 PM
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I'm thinking that if I get a few more scuffs on my 05 wee, I may look into renting it out.

I would not consider it with a new bike. Do you rent yours out with saddle bags and top box on?
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post #3 of 11 Old 09-08-2019, 05:54 PM
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What happens when the bike breaks down?

Glad you tried it, hope it's profitable.

2012 Suzuki DL650AL2, over 45k miles already!
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post #4 of 11 Old 09-08-2019, 06:41 PM
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I had a friend rent out his KLR and it all went fine. The person who rented it had a really fun time and thankfully didn't drop it!

I don't think I'd feel comfortable renting out someone else's bike... granted I'm a rather inexperienced rider but I don't think I'd feel comfortable either way.
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post #5 of 11 Old 09-08-2019, 08:20 PM
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The restricted communication between lender and hirer will be to ensure that Twisted Road gets its fee.

2010 Weestrom; 2017 Kawasaki Versys-X300; 1988 Suzuki GSXR1100
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post #6 of 11 Old 09-08-2019, 08:35 PM
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I ran across Riders Share, I have been thinking about it, I haven't looked into any details, but I believe your bike is covered with insurance while someone has it? I just don't think it would rent that often? BajaKirch what bike did you rent? I am interested in trying it.

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post #7 of 11 Old 09-08-2019, 10:09 PM
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What is your liability if something went wrong with your bike and the rider was injured and/or a failure caused an accident???

Phil C.
2017 DL650AL Wee-Strom.
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post #8 of 11 Old 09-08-2019, 10:23 PM
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Without having to go on a google deep-dive, how much can you rent the bike for, and how much is their fee? I'm familiar with Turo, but this is the first time I'm hearing of P2P bike rentals....

College Station, TX
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post #9 of 11 Old 09-09-2019, 12:23 PM
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Quote:
Originally Posted by Philbytx View Post
What is your liability if something went wrong with your bike and the rider was injured and/or a failure caused an accident???
Good question. If these ride share services don't provide liability insurance to the renter if he/she uses their services, I would read my insurance policy very carefully and check with my insurance company to make sure there is coverage. An insurance company might deny coverage if the bike is rented and the renter injures himself/herself or a 3rd party on the grounds that the rental was a commercial transaction and therefore requires a commercial/business policy rather than a personal policy. For example, I know that my insurance company does not insure my car for liability if an accident occurs while the car is used for hire (e.g., Uber, Lyft).

And even if the ride share service does offer liability coverage, make sure it's enough, especially if you have any assets (like a home) that you want to protect. Minimum liability limits in California for example ($15K/$30K) won't provide much protection for a catastrophic accident.
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post #10 of 11 Old 09-09-2019, 05:41 PM Thread Starter
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Quote:
Do you rent yours out with saddle bags and top box on?
I kept the Givi top box and side bags on the bike for the rental.

Quote:
What happens when the bike breaks down?
From Twisted Road's FAQ page:
All mechanical issues are the responsibility of the owner. This includes clutch cables, transmission, oil, or other mechanical-related items. This is how we like to look at it. If a part of your bike malfunctions during the ride, and this would have happened if you were riding it, then you're responsible. Here's an example: the renter is riding along the highway and the speedometer stops working. Or a crack appears on the exhaust. Although someone else was riding it, owners are responsible for these repairs. However if the bike is dropped or suffers any damage as a result of an accident, the rider is responsible.


Quote:
I believe your bike is covered with insurance while someone has it?
Several of TR's FAQs touch on insurance questions. In short -- the renter is required to hold valid insurance, which they have to prove to TR's satisfaction. My understanding is that TR's in-house insurance policy will cover damages caused by the rider up to $15,000 and liability up to $100,000. They will then chase after the renter's insurance agency for reimbursement. I believe RS has a similar arrangement.

Quote:
I just don't think it would rent that often?
I guess it depends on a lot of factors: Rental price, local competition, bike desirability, renter experience, owner comfort, etc. Currently, my bike is the only one available within about an hour of me and I'm located near a metro area (about 250K city population, 500K county-wide). I'm also near some of the best riding in the state. But some may think my bike is too small (650), or it's not a cruiser, so that could limit interest. I've received 6 rental requests since I listed the bike on the 2 sites in June. I'm OK with that level of interest.

Quote:
what bike did you rent?
I rented out my 2012 DL650.

Quote:
What is your liability if something went wrong with your bike and the rider was injured and/or a failure caused an accident?
I think this is the big question that gives bike owners the most angst. Another quote from TR's FAQs:
all owners are covered for up to $100K in liability insurance. Interested owners can increase this to $300K or $1M for a small fee.

Beyond this, I have a personal $1M umbrella policy in place. For this rental, my bike's ABS was not functioning, though the brakes themselves work fine. When I received the rental request, I informed TR of this and they reached out to the renter to see if it was an issue. The renter was OK with it, which TR documented and I also documented (via video recording) with him at the pick-up. That was another thing that kept me from accepting previous offers; I was concerned the lack of ABS could be used against me in a liability case.

Quote:
how much can you rent the bike for, and how much is their fee?
I don't know what the minimum or maximum daily rental fees are on the 2 sites. Looking at the available rentals in my area through TR, I see some as low as $60 and some as high as $180. I decided to start on the low end with my bike to build some action, so I offered $70. Of that, I'll clear around $60 per day. Now that I have 1 rental under my belt and a positive review on my profile, I raised the rate to $75. As I mentioned earlier, my bike is currently the only 1 available in my immediate area and, if that is still the case next season, I may continue increasing the rental fee as long as I'm still getting rental requests.

If it's a good day to wash the bike, it's a better day to ride the bike.
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