Have you ever seen someone driving down the street in a motorcycle and thought to yourself how nice it would be if you could just borrow their vehicle on a nice day? Or, maybe you have a bike that you only take out every now and then. Wouldn’t it be great to earn some passive income by renting it out to someone else? In this article below, RSG contributor Chonce Maddox-Rhea shares a review of Riders Share for renters and motorcycle owners.
There are quite a few sites around that allow you to rent a car or truck. If you’re looking to rent a motorcycle of your choice, Riders Share is one of the best options.
- Motorcycle owners who rent out their motorcycles on Riders Share can earn a few hundred dollars a month and up – top users make $6,000/mo
- Motorcycle owners who live in a vacation-area or a part of the country with beautiful scenery typically earn more, but you can rent out your motorcycle anywhere
- Get started with Riders Share as a renter or as a way to earn passive income here
What is Riders Share?
Riders Share is a peer-to-peer motorcycle rental marketplace. It was founded back in 2018 by Guillermo Cornejo. The platform now has over 10,000 different motorcycles on it currently. Riders Share is something that has taken a little longer to get off the ground compared to car rental platforms like Turo.
While car rental is something that has been an option for many years, motorcycle rental services have been surfacing and catching up to the demand. If you prefer a bike over a car, Riders Share provides both motorcycle and scooter rentals in cities across the country.
How Does Riders Share Work?
As a renter, you must be registered on Riders Share and agree to a background check. Motorcycle owners are given up to 48 hours to accept a rental request from a renter. Once accepted, a pickup time and location is set up between the owner and renter.
Once you sign up, you’ll have the ability to choose from thousands of different bikes depending on your needs and interests. Choose from cruisers, electric, scooters, and sport. It’s preferred that owners and renters view the motorcycle before each and every ride. Riders Share does have a flexible cancellation that takes weather and bikes not in the proper condition into consideration.
This platform is the perfect chance for owners to share bikes and make good money doing it. Motorcycles are on the road for less than 2,000 miles each year compared to 12,000 per year for cars.
How Riders Share Works For Motorcycle Owners
Listing your bike on Riders Share is free. It only takes a few minutes and the average user can earn a few hundred dollars per month while top users make $6,000 per month.
Create your listing by entering the year, make and model of your motorcycle along with a detailed description and some photos. Set your availability based on when your bike would be free to rent out. Choose specific days that work best for you.
All renters are carefully screened and Riders Share will provide insurance and roadside assistance cards that you can hand over to the renter. You’ll get paid via direct deposit within 5 to 7 business days of the end of the rental. Payments are handled securely through Riders Share, but they do take a 25% cut of the rental price.
Remember, you can set your own rental price based on the type of motorcycle you have along with what a competitive rental rate in your area may be.
What Bikes Are Available For Rent?
Riders Share offers renters a wide variety of motorcycle makes and models that can be ready to be picked up as early as the next day. Currently, some renters don’t lend out gear (helmets, jackets, etc) with the bike due to COVID-19 concerns. Riders are always welcome to use their own gear as well. Some owners do lend out their gear for free.
Here is just a sample of some of the bikes available for rent on Riders Share:
Insurance Coverage with Riders Share
Riders Share’s Founder and CEO, Guillermo Cornejo, recently discussed the top of insurance coverage in detail on the RSG podcast. When riders sign up for their account, they fill out a section for phone number, email, and name. They also have a section to upload a picture of a rider’s motorcycle license. That way, the company will know your current motorcycle endorsements.
With these details, the company is able to run a report to determine your risk level. Not everyone who applies to join the platform is accepted. There are plenty of people who are rejected and not allowed to join.
The price to rent the bike varies on multiple factors. One thing that is similar to almost all rentals is that half the daily rate to rent the bike goes to cover insurance.
Renters are able to purchase damage waivers when checking out. Riders have to keep in mind that personal motorcycle policies will not cover bike rentals. Renters have 72 hours to file a claim, owners can also file it for renters if they are unable to.
Riders Share does not provide insurance for passengers. Protection options include 24/7 roadside assistance. Coverage applies for the entire duration of the rental and includes liability, collision, and comprehensive coverage.
What Are Renters and Users Saying About Riders Share?
Wondering what people are saying about Riders Share and who’s tried it out?
In this article, Dana Hooshmand discusses the benefits of renting out bikes on Riders Share. Most motorcycle owners typically only ride their bikes on the weekends. During the week people are usually busy with their families and work, so that’s why weekends tend to be better riding days and the perfect way to earn some passive income if you’re thinking of renting your bike out.
A big question on most people’s minds before renting out on Riders Share is how much can you make?
“It depends on the model and pricing. But you can make around $1–2K per year per motorcycle, which is pretty amazing considering it’s something most people SINK a lot more money into.”
Many people have had positive experiences renting out bikes on Riders Share and I found some of these reviews on Facebook and Reddit.
“Throwing in my two cents. Just found them last week. Rented a GSX S1000. Was super easy and super cheap. Will definitely do it again. The guy I rented from does it as a rental business and says his 4 bikes pay for themselves. Great way to try out bikes or grab one for a day or two. Business model definitely seems to work better as, rent a bike out primarily as a rental versus renting out your personal bike.”
- Reddit User PorscheAX
“Best rental experience on a motorcycle I’ve experienced. Way cheaper than what I’d pay in Australia and the quality/variety of the bikes available to hire is insane. Plus if you’re lucky like me, you’ll hang around with the owners of these machines and make some friends!”
Radhesh Krishnan from Facebook
“Best rental company out there, everything is quick and efficient and they really keep the customer in mind. Sasha is who I worked with specifically and he really went above and beyond to make the process comfortable and easy. 10/10 recommend if looking.”
- Rocco DeLeonardis from Facebook
Summary of Riders Share
Riders Share is great for both riders and motorcycle owners looking to make some extra cash. Of course, you have to deal with the risk that comes with all rental experiences. Something could always go wrong, so you’ll want to carefully read through the insurance coverage details and also make sure you’re an experienced rider and feel comfortable with the bike you’re renting.
So far Riders Share seems pretty promising and well overdue in this rental and rideshare era that we’re currently in.
Readers, would you try out Riders Share as a renter or rent your bike out on Riders Share?
-Chonce @ RSG