Is "Riders Share" Motorcycle Rental Worth It?
Вставка
- Опубліковано 10 гру 2019
- Riders-Share is a fantastic service where riders can rent motorcycles from individuals. It's a great way to try out a new bike or take a ride while you're away from home. It's also a great way for owners to make a few $$$ by renting out their motorcycles to other riders. It's a great system... until it's not.
Check out my review of Riders Share, and let me know your thoughts in the comments.
Great info! Thanks so much for taking the time to post you experience. I've debated using Ride Share to rent my bike and I still may. You're right that the most important thing is how the company handles things post-accident. My biggest fear is if someone renting my bike crashes and gets injured badly. Is there a possibility someone could come after me with a lawsuit for having a faulty bike if my brake pads or tires or something were not quite brand new? I'm not sure the gains outweigh the possible losses.
Sorry for my slow response! You'll have to read over their conditions; I'm sure that if someone wants to sue you, they can and will, but my sense is that Riders Share has put as much protection for the owners as they can- their business model would seem to demand it. Their vetting process for riders, also, would seem to protect owners from getting bad actors. But for me, as I said, I don't think the gains outweigh the possible losses, even if that meant the inconvenience of having my bike repaired.
We have $1 million in general liability protection if that happens. We also have liability waivers in the rental contract/booking process and the lengthy check in form is also there to mitigate this risk. So far, zero lawsuits between customers or against Riders Share in 10,000 trips.
When you say the one weekend rental per month pays off the bike payment. Do you means it’s after tax or before. I am trying to understand the tax implications of this income and the loan payment offset as expense. I am assuming taxation requires maintains logs for personal use.
@@bzldzl well you could possibly write the tax off under business expense and put it on ride share for proof and basically save on that tax problem.
@@bzldzl yes, hosts are sometimes just earning $200 a year but then thats enough for them to write off the depreciation on the bike and save on taxes. It works for a few years - you should make a profit so it doesnt become a hobby instead of a business under the law
Hey there, Riders Share CEO here. We just changed to a new claims adjusting service that takes 4 days on average to solve a claim and 8 days max per the contract. The prior one was terrible! That said: Sometimes shops behave unethically (made up damage, insane hourly rates, slow work) and that delays the process; we have to give owners the choice of shop by law, so we can’t control that aspect of the experience.
Thanks for this! My hat's off to you for creating a great company with tons of potential. I really wanted to create a video that would give viewers an overall view of the experience in case something goes wrong, because that's when it all matters the most. So much of that experience is beyond your (the company's) control, unfortunately. Kudos for making adjustments along the way to make for a better experience.
@@sdmartintn Thank you, Steven. Also...we use machine learning to forecast the probability a user will crash. We have cut accidents in half vs. having nothing. We are still small and expect to continue reducing the accident rate as we grow and get more data!
@@guillermocornejo1259 You have excellent response times (No VOIP Support Email) keep doing your thing Guillermo!
I love that you're reaching out personally. Been thinking about Ridershare and seeing this definitely makes me think highly of the company!
Will the 2022 Kawasaki kx250s be able to be rented soon?
Being an owner, rider, master mechanic & a logistics director:
In your circumstance, I would have recommended to just go ahead & paid the extra $250 (in addition to the $500) and purchased the parts & did the repair yourself.
Why you ask?
- the accident doesn't go on your bikes historical records
- the repair is completed quickly & you know it's done right
And #1 - you don't have to get hassled by "the bureaucracies" (ie the insurance Co's, rental company, police, etc) and all their BS excuses!
I learned when I was young how these systems don't work & will never fall for it again.
Remember, the only way you know it's done right - is if you do & plan it yourself! 👍
Steve thank you for taking the time to share this. If only there were more of this going on in the world.
I have a $53K Ducati V4 Speciale listed and I rent it for $189 a day... so far only 3 renters in 5 months but they are always 2 or 3 days.. worth it.
Does your personal insurance company OK with you renting your motorcycle commercially, and covering the motorcycle alongside a 3rd party insurer (via Riders Share)? If so please DM me the name of your insurance company, I'd like to start renting a fleet of motorcycles in my area but need to make sure of the risk factors and legal compliances.
Great video! Thinking about renting a bike when down in Tucson next week. This was a great perspective in whether to rent through RS or not. Thanks!
Thank you for some an awesomely thorough recap!
Mahalo Steven for providing an honest long term explanation of the challenges and process. This was an awesome video.
Thanks, Corvette! I’m glad this was helpful. It’s a great service, just take all the worst-case-scenario stuff into account.
We tried launching a similar concept in 2015, not riders renting out their own bike, but members purchasing an annual membership entitling them to 'X' annual days on the latest premium motorcycles owned by the Rental Club. The idea being to give riders the opportunity to try bikes they may admire, but would not necessarily want to purchase. Although the rates were substantially cheaper than from existing bike rental companies - and our range was bigger - there was no interest, the rates were still too high for local motorcyclists.
May I ask the rates you charged?
@@guillermocornejo7605 our project was in South Africa. The rates would be different in your country due to higher/lower local bike prices and the exchange rate.
This is a great idea for the states. People foam at the mouth over the newest bikes here.
@@FancyFeast3 it would require a substantial capital investment. It's a case of, if you haven't got money the banks don't give you money, at least that's what we experienced. Business finance companies felt the risks were too high. It's not easy trying to launch a new concept, unless one finds a like-minded investor.
@@Visionery1 True, it wouldn't be easy at all, rife with drama and legal issues.
I like it though, it's a really cool idea and has passion built in. I think there is a community for it, lots of bike UA-camrs who could use it, endorse it. I can see a path to supporting the macro-organism of the business by investing in near-organic marketing. I know a thing or two about marketing being that I've made ads with 9 million+ views, hundreds of thousands of ROI to millions, all for an extremely low cost though FB and instagram ads. It really is incredible what you can do.
There is a path to success, I think this is a really solid idea. I would want to ask the creators how they feel, get feedback, get something solid etc.
Someday, I would reach out to you if I ever went through with this, obviously. It's your idea.
Hey Steve, thank you so much for this long term review. I’m new to riding (don’t even have a license yet) and am considering using riders share to be able to afford a bike. I’m a broke college student so this seems like the best option to not break the bank. This video clears up a lot of questions I had.
Thanks. Glad it’s helpful to ya!
Yo, I really appreciate this video. Very very informative.
Exact info I was looking for. Thanks!
Thinking about listing my 954rr in Lake Tahoe 🤔🤷🏾♂️ I have two and they’re very special bikes. You also can’t go wrong with a lakeside ride.
Thanks my friend for this video. Excelllent!!
I came across this video because I was looking for information on Rider Share and found your story to be very valuable. I signed up with Ryder share as a renter in 2021 and had a good experience with my one and only rental. Rideshare is now pressing for crowd funding to grow the business. Experiences like this, if they persist Will make future RS growth questionable. Understanding the motorcycles in general are inherently risky insurance propositions. Nice to say that lengthy delays in repairs due to insurance negotiations do not bode well poor people wanting to rent their equipment with this company
We usually don't have delays, only when dealers try to take advantage of us, and pay most small claims within 3 days
Steve! What a video!! Thanks for putting this together, I just got started on renting out my motorcycle and I'm thinking about expanding, reminders like these are very helpful when calculating the risk. Thanks and hope you're well!
Thanks for posting your experience. It seems a good idea but navigating the insurance and all the possible abuses, that 's a tough sell.
As I said, it works great until it doesn't.
Absolutely love how you put this video together. Extremely informative and easy to watch. I do have a question. Could you have just added a rider to your insurance policy so that any rider would be insured? And then you could handle the insurance claim directly with your insurance provider instead of going through rideshare. Because it sounds like rideshare was trying to be frugal by going to a small shop that wasn't even reputable just to cut costs.
Yes, you can use your own insurance. We find those small shops do better work than franchised dealers for a lot less, and by being frugal we can offer lower prices on rentals
Awesome awesome video! Very informational.
Thanks for the info!!!!
Thank you so much for the video.
Thanks for sharing. From my experience dealing with insurance claims... Your experience sounds very very typical.
Hi, Steve! Thank you for sharing your experience! Take care and stay safe 🙌🏼
Thanks, you too!
Thanks, great video 👍
thanks for the info steve
What do you think about putting a protective frame on a rental bike in anticipation of it being laid down frequently?
After speaking with my insurance company about the prospect of renting out my motorcycle (commercially) I was told they would drop my policy if I did so, and they found that they were insuring my bike in parallel with a 3rd party's insurance. Therefore I'm still confused how to approach operating the business without acquiring commercial insurance, which would require originating a business, EIN, and all the other norms of business operations, tax compliance, etc. I suspect this service operates in the "grey area" of hope, that the risk of insurance claim (or death) won't happen, and if it does the asset owner isn't held liable for essentially conducting a negligent business. I think the hustle is a great concept, and not particularly expensive in the context of starting a business, to operate a small (hopefully growing) fleet of rental motorcycles, but based on all the information I've collected there seems to be too much risk, especially if an individual owns the motorcycle and not a company. That's literally 100% personal liability, potential life changing lawsuit nightmare.
Thanks for the info. I have two deposits on RE Himalayas and hope to ride share one to close friends. February I have to decide.
Good luck! Sharing to close friends may be the best strategy.
Thank you.
Did the insurance company compensate for the time that the bike was down? I’m asking cause auto insurance companies frequently pay for the cost of a rental car so the claimant can get to work while insurance settlement/ repairs are in progress. Also were you able to asked for a diminished value settlement? This is when you’re compensated for the however much the value of the bike is finished due to its newly ‘rebuilt’ title?
I’m looking into this but I definitely want to start off with a few bikes just in case one goes down
Great video
Thanks!
Thanks 👍
Riding in this area (where I live) near dusk and dawn is risky. During the rut which includes hunting season is a no go for me. Hell some one in the family hits a 🦌 every year on average likely every 100k miles.
Thank you
Thanks, just bought a canam ryker to rent.
You look so much different from your time on Saturday Night Live!
Thanks for the explanation in detail. Personally I am looking to rent a couple of bikes next month. Do I have to buy the insurance through ridershare ? I spoke to State Farm and they said my motorcycle insurance will cover. No different than me borrowing a friends bike and damaging it. Ridershare would just hold a huge deposit. ?
You don't have to buy our damage waivers
Skyline Drive! That's my neck of the woods
how much did your insurance company offer you as a pay out if you could have work on the bike yourself
Do they have to come to your house and pick up the bike for rental?. I’m surprise the rider didnt get severely hurt dropping the bike
Can you rent out your bike if you bought it on payments/hire purchase?
Me personally, would I put my beautiful 2021 Kawasaki Z900 RS Café, my baby out for rent? Hell to the no. I would actually buy a bike specifically for the purpose. I would buy a used bike that’s in high demand just for the purpose of renting it to people. I think that’s the way to go and I’m actually considering it.
I’m thinking of something like a royal Enfield 650 interceptor or a ninja 400 or maybe an ADV bike, used but high demand motorcycle to try out and see how I like the service. I would never put my personal bike that I bought brand new for rent for this exact reason and other reasons. Nobody’s gonna baby my brand-new dream bike the way I would. and for that reason, I would purchase a motorcycle just for the purpose of renting it to other people
For sure! In my experience it works out well as long as there’s no intense attachment to the bike you keep to rent out.
Goodday, I'm trying to start a rental motorbike but with the avenger cruise 220 from Kawasaki/Bajaj here in Philippines. I just want to ask from a tourist's experience and perspective, should I go with small cruisers? or stick with the scooters?
Scooters as lots of traffic in Phillipines
I don't think this rental program is for peeps with one bike. Or no maintenance and repair skills. If you can do the routine maintenance and lite repairs it makes more sense. And you need more than one bike if you don't want to be out in a case where the bike is out of action.
Thanks for sharing. You said it could "make the payment on the bike" but doesn't someone already have to own said bike and have the title before putting it up for rent?
Yes, you do have to own the bike in order to rent it out. I just meant that the money you earn more or less equals the amount you're paying for the bike.
In other words, renting out bike #1 will make bike #2 payments
You dint have to be the outright owner, we acceped bikes with a lien too
Being out a bike to rent out for over a month while the insurance company navigates its own burocracy makes it hard to accept
How did you verify riders experience? And also riders insurance is relevant? Because your insurance will need notice about this.
Riders Share's insurance is primary for the duration of the rental
Number one never take money from the individual. You could be breach of contract. you want to let the insurance company handle it in a situation like that
Steve do you cut your own facial hairs. It hasn’t changed threw all these videos. Nice! Thanks for the review!
Do you have to get commercial insurance or extra insurance if you rent your bike out?
Riders Share provides it, but you can also use your own insurance
Biggest problem for me is beyond just the insurance coverage of the damages. The issue is the damages that can incurred in the transmission or the engine you would not be able to see. They could wheelie the bike and money shift it and half way destroy the motor, you would never be able to get that back via insurance.
I hear ya. I was only willing to do this with a fairly simple, straightforward bike, and even that was too much.
Most bookings are touring, cruisr and adventure bikes that you can’t wheelie. If we do find evidence of a burnout or similar, we go after the renter’s wallet hard and get the owner new tires and parts.
Over 10k trips we rarely have had owners upset about their clutches - maybe 3 times? We do a really good job of vetting renters with machine learning
So how do you make up for all the time you couldn't rent/ride your bike? Living in New England I can tell you you may lose half riding season with this shit
By affording to own multiple bikes with Riders Share! :D
Sounds like a lot of trouble I hate people renting out my bike and then crashing it that’s the worst good video though
It sounds like you had issues because you insisted on using some specific "local" (aka "friends") shop that happens to want bill way more than what the repairs are worth. Every insurance company on the face of the earth is going to give you a hard time. That doesn't have anything to do with rider share.
I don't think he "insisted" on anyone. He recommended a local shop after Riders Share picked a business that wasn't able to actually do the work. If they took his recommendation, sounds like the luck of who might actually do critical repairs to your damaged bike it at the mercy of randomness.
I don’t understand why you paid the deductible. He wrecked the bike. Should he not pay it?
the renter gave him 500 then they deducted 500 from the renters card when the claim got entered into the system, so he sent the renter back the original 500 the renter gave him at first
I wonder how much harder this will be to go after a renter when they decline the insurance. I’m planning to rent a bike this week and will pay the $49 insurance fee. I have two bikes that I would rent out, but I’m concerned of how long it would take during COVID if there was any accident.
Riders Share goes after the renter on your behalf / assumes the risk
Read “Zen and the Art of Motorcycle Maintenance”. Would have reduced your hassles.
How long did they took to pay the entire amount?
The insurance payment came through pretty quickly, actually, once the process got started. When my shop finally submitted the items and photos for the more extensive set of repairs, I had a check in hand in less than a week.
Steven Martin man, you are dinging us for your repair shop’s slow work :-(
I don't mean to. My repair shop SUCKED and I told them that although I really wanted to give them my business over the long term that I would never be back. Their communication was terrible. Clearly this was a part of the overall experience, though, which is what I wanted to document in this video.
why is this video 15 minutes
Was this during covid year ?
No, just before.
@@sdmartintn have you done it since then ? If so have you’ve had success??
@@AdventureMan-kx3dr I have not, but I would imagine the service has grown, especially during COVID, when everyone was buying motorcycles.
I rent a bike on that platform and I got a bad break, almost crash and when I rent the owner wants me to pay for the repair.man I am not renting from da website again
Sounds like it’s not worth it
Is this Dave Ramseys younger brother?
I’ll pass I don’t need the hassle of wrecking my road glide not worth it
I always go to dealer to do things.....NOT
Good video but I'd consider ditching the hand over the camera thing. It's distracting and doesn't really add anything.
I liked that...
Let’s begin with the clutch for example, no accident at all, just a good old clutch and the guy who doesn’t have a clue how to use one.... what would be the price of a new clutch vs earned money?😂😂😂 I would never ever share/rent any of my bikes
Was thinking the same thing.