Thursday, May 23,2024 1:42 pm EDT

What are the Pros & Cons involved with renting your RV?

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Renting your recreational vehicle (RV) is one of the easiest ways to make money, especially when it spends a lot of time in the driveway or storage during your off-season. RV will only take up space in the storage or driveway, whereas renting it out will get you money. When not using your, depending on its type, you can make an average of $1,400 a week by renting your RV. The money you make on renting it out can help earn monthly payments and pay for bucket-list upgrades like solar, lithium-ion batteries, or a sweet off-road package. For owners renting out their RVs, things are great when it goes right and does most of the time. The RV rental market is healthy and has the potential for further growth. You are making some extra money towards payments besides introducing newcomers to the wonderful world of the RV Lifestyle. However, things can go wrong in RV renting. There are advantages and disadvantages of RV renting, but there are also certain legal issues associated with it, which you must consider while renting out the RVs.

When to Rent Out Your RV

Most likely RV is rented out during the off-season, which is winter for most people, as it gets cold outside and the weather makes it difficult to enjoy camping. People from other parts of the country with different weather conditions will rent an RV from you. Another time is during the warmer months when you intend to take a break from camping but have not decided to sell your RV. For vacations and family adventures, warm weather is the best time for most people. Therefore, you can get paid better in the summer by renting out your RV.

Benefits of Renting your RV

There are many benefits of renting out your RV, as discussed below:

Passive income/Earning Money

You can earn a little or a lot. At an average of $800 per rental, and assuming it as a side-business approach at eight rentals per year, that is $6,400, less direct expenses. Out of that money, you can plan a family trip to any location of your desire.

Pay maintenance, insurance and upkeep

Renting out your RV can help pay the annual maintenance, insurance and other related costs with RV ownership.

Meeting others and facilitating memory-making

Meeting like-minded people is another benefit of renting out your RV. You get to know fellow outdoor or travel enthusiasts and share your interests and experiences.

Drawbacks of renting your RV

Apart from benefits and advantages, here are some drawbacks of RV renting:

Damage

The biggest fear and dislike of RV owners renting their RV is the chances of getting it damaged which also relates to insurance, thus having a legal aspect and issue.

Wear, tear, and mileage

Renting will have its impact and implications regarding wear and tear and the RV mileage.More use will take its toll on the RV, especially the mechanical parts. One can expect over 1,000 miles per trip; given national averages of 8 rentals per year, that’s 8,000 extra miles. It will affect the value of the RV.

Time and effort

Renting out RVs takes as much time and effort as it takes to advertise for, screen, and vet your renters.

Chances of Theft & Insurance issues

The worst situation is that your rented RV gets stolen from the person you rented it. Another is in case of an accident. You may take most of the time to pay out of your insurance as all renting companies do not cover insurance plans or coverage of RV accidents.

Where to Rent Out Your RV

RVs can be rented out to close family and friends but may not fetch you good rent. You can also start with local renting. Besides that, you can also rent online through rental sites such as RVEzy, RV share, Outdoorsy and Campanda. Though you have other options, going through these rental sides, you will be protected from legal issues. The best part of using rental sites is that it requires minimum effort at your end, and the site will take care of the entire RV renting process, including advertising, getting you customers etc.

RVEzy

You need to list your RV by adding pictures and details on RVEzy. Potential renters will place booking requests, including trip details, contact details, etc. The next step is to meet the renters and show them your RV, where they can take photos and inspect it. RVezy’s 100% insurance coverage and 24/7 roadside assistance ensure your guests enjoy their trip and your RV comes back the same way it went out. RVezy’s third-party insurance covers your RV for collisions, fire, theft, or vandalism. Liability coverage protects you if a guest gets hurt ($1M U.S. & $2M Canada), and your deductible is $0. RVezy also does a background check on guests renting your RV. Renters must have a valid driver’s license with an unrestricted driving history for a minimum of 8 years and a clean insurance record.

RV Share

This site protects owners and renters and has a vetting process. RVshare Insurance and Protection is provided at no extra cost and is needed for every trip. In addition, every renter undergoes a vetting process through RVshare’s trusted partner, DigiSure. In case of an accident while RV is with Rente’s market-leading insurance and protection partner, Crum and Forster, in conjunction with DigiSure, will look to a swift claims resolution so you can get your RV back on the road.

Outdoorsy

Every trip is covered as every rental is covered up to $ 1 million liability insurance and free roadside assistance. Their comprehensive renter and driver verification ensure that the rig is in good hands.

Summary

Before you rent out your RV, it is critical to understand the benefits, drawbacks and legal issues associated with RV renting.

References

The Pros and cons of renting your RV. Delivered RV Rentals. (2021, March 17). Retrieved January 22, 2023

Leroy, Jeremy, green, P., horton, C., Rh, leblanc, C., Stewart, D., & Valkyrie, D. (2021, April 23). How much money can you make renting out your RV? A realistic guide. Camper Report. Retrieved January 22, 2023

How does insurance work? Make Money Renting Out Your RV | List With RVezy. (n.d.). Retrieved January 22, 2023

Rent your RV – make money on outdoorsy: Outdoorsy. Rent an RV on Outdoorsy. (n.d.). Retrieved January 22, 2023

Wendland, M. (2019, September 15). 4 pitfalls of renting your RV out. RV Lifestyle. Retrieved January 22, 2023

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