Need advise on renting out my motorcycle to other people

[DRKATO1]

This is an idea I am working on and would like all the feedback I can get to make this happen.
I have an 2004 RC51 that I might rent out and have spent $1.00 on a godaddy web sight, so check it out and let me know what you think.

rentrc51.com

mods fill free to move this post, I didn't know where to put it.

[bulldog]

This is an idea I am working on and would like all the feedback I can get to make this happen.
I have an 2004 RC51 that I might rent out and have spent $1.00 on a godaddy web sight, so check it out and let me know what you think.

rentrc51.com

mods fill free to move this post, I didn't know where to put it.

So what happens if they wreck your bike? That would be my main concern!

[JKOL]

So what happens if they wreck your bike? That would be my main concern!

That or what if there is a mechanical failure that causes the wreck? What would your liability be? Just a big hit to your insurance, or are you personally exposed to a lawsuit? I don't see enough upside to make this worth while, but I can see a whole bunch of ways to get bent over financially.

[bulldog]

That or what if there is a mechanical failure that causes the wreck? What would your liability be? Just a big hit to your insurance, or are you personally exposed to a lawsuit? I don't see enough upside to make this worth while, but I can see a whole bunch of ways to get bent over financially.

Right! I believe this is why 303 Cycles stopped renting out motorcycles....just too much risk!!!

Not to mention I wouldn't trust people beating on my sportbike....very common to beat up on rentals

[DRKATO1]

So what happens if they wreck your bike? That would be my main concern!

I would have a simple contract making you responsible for damages and I would require a large credit card deposit that is refundable when you bring it back undamaged.

[JKOL]

I would have a simple contract making you responsible for damages and I would require a large credit card deposit that is refundable when you bring it back undamaged.

But what if those damages are the result of an accident caused by a mechanical failure, not rider error? That puts the responsibility for the accident on you, not the renter. Bike maintenance is on you, not the renter. I don't think a simple contract would save you from a lawsuit if someone got hurt in a crash because something on the bike broke.

[DRKATO1]

But what if those damages are the result of an accident caused by a mechanical failure, not rider error? That puts the responsibility for the accident on you, not the renter. Bike maintenance is on you, not the renter. I don't think a simple contract would save you from a lawsuit if someone got hurt in a crash because something on the bike broke.

I've been a master auto mechanic for over 30 years and I keep my maintenance up to date and can do inspections when the bike is returned.
Yes there is lots of risk involved, thanks for the feed back.

[bulldog]

I would have a simple contract making you responsible for damages and I would require a large credit card deposit that is refundable when you bring it back undamaged.

So you are going to run their card for like a $10K deposit???? My bet is not many people even have that high a limit Plus I you are basing it all on insurance I am not sure motorcycle policies work like auto policies and cover people not on the policy; or vise versa, their auto policy would not cover a motorcycle. I could be wrong, but thought that was how most of them work. Something to think about....

Not to mention what Jkol said.....I could see some person crashing and blaming your maintenance neglect or faulty equipment. Doesn't seem worth it to me.....

[tecknojoe]

What if they wreck, get hurt, hurt someone, steal it? What is your insurance company going to tell you, especially if you say you rented the bike? would you still be covered? Is it possible to fake a credit card deposit, or use a stolen one?

Personally I couldn't do anything more than swapping bikes for 5 minutes while out on a ride with a friend.

I really don't see this idea working out well with all the liabilities

also, no matter how good of a mechanic you are, parts fail. You can't control it 100% of the time

[asp_125]

I'm pretty sure most personal vehicle insurance policies would be voided, or require you to convert it to commercial use, if they knew you are using it for income. On top of that you have a HUGE liability as mentioned on maintenance. Which is why most folks don't rent out sportbikes, the insurance cost kills profits.

[DRKATO1]

I'm thinking about a 2k deposit.
Some insurance companies like Progressive cover you for renting a car and a motorcycle if you would like to rent a bike instead. dairyland does the same thing, you have to check with your agent.

[asp_125]

I'm thinking about a 2k deposit.
Some insurance companies like Progressive cover you for renting a car and a motorcycle if you would like to rent a bike instead. dairyland does the same thing, you have to check with your agent.

My bike insurance covers me when I rent bikes, but if I am renting a bike from you and I crash because of a mechanical fault it's not on my policy, it's on yours. I would be going after your carrier for a defective motorcycle; the cost of liability insurance on your part would be expensive, it's why 303 got out of the business.

[Generic]

You need to have a very specific business insurance policy to cover that bike. The minute you let someone ride off on it for money it is no longer for your own use and your basic policy won't cover it. You will need to have the liability coverage in case of mechanical failure as others mentioned. I highly, highly suggest getting a lawyer to draw up the documents and register you as a LLC so that if something does happen someone doesn't sue you for ALL of your possessions.

[madvlad]

I'll rent it and won't sue ya, problem solved

[DRKATO1]

What if I make this a non profit thing with all money going to my 14 year old back surgury to fix her broken bone in her back.

[bulldog]

I'll rent it and won't sue ya, problem solved

Yeah but do you have the cash on hand to fix the bike if you were to crash it? Not getting sued is one thing, but actually getting people to pay up is another (not saying you, just in general if someone wrecks their medical bills are going to come before they worry about paying for the bike).

[madvlad]

What if I make this a non profit thing with all money going to my 14 year old back surgury to fix her broken bone in he back.

or we can put a bike night/fundraiser thing together as well and I am in for this idea to help out

[DRKATO1]

I'll rent it and won't sue ya, problem solved

when do you want it.

[bulldog]

What if I make this a non profit thing with all money going to my 14 year old back surgury to fix her broken bone in her back.

Why not just sell the bike then? Wouldn't that be faster

[DRKATO1]

You need to have a very specific business insurance policy to cover that bike. The minute you let someone ride off on it for money it is no longer for your own use and your basic policy won't cover it. You will need to have the liability coverage in case of mechanical failure as others mentioned. I highly, highly suggest getting a lawyer to draw up the documents and register you as a LLC so that if something does happen someone doesn't sue you for ALL of your possessions.

this is this great advise and as a skydiver i sign a waver not to sue if something goes wrong but even then if there is neglect on there part the dropzone can still be sued.

[DRKATO1]

Why not just sell the bike then? Wouldn't that be faster

yes it is one of the things i am considering but it's not enough money to cover everything.

[DRKATO1]

or we can put a bike night/fundraiser thing together as well and I am in for this idea to help out

If all options run out i might consider this in the future. she got her injury 2 years ago and gets shots in her back every 3 or 4 months to manage the pain. but last years scared the shit out of me when people started dying from the same shots she was getting.
sooner or latter she will need major surgery to put rods and screws in.

[DRKATO1]

This is the bike we are talking about, just thought i would share.

[DRKATO1]

At this point and time if you are a friend of mine or can get someone like Wicky to tell me you're a responsible person I would consider renting this bike to you, if you can agree to my rules.