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Renting Your RV 101

Renting Your RV 101

Renting Your RV 101

Author: Erin Maxson in Finance

07-01-2019

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Renting your RV may be a way to get extra travel funds. Ever wondered what it would be like to make money off your RV while you’re not using it? With all the rental companies out there today, making money off your RV all year round is no longer a dream. It’s a reality. So, what does it take to rent your RV out to people in your area? From insurance policies to rental guidelines, here’s a comprehensive guide to help you figure out if renting your rig is a good fit for you. Things to Consider Before Renting Your RV Renting your RV is no small task. Clearly, there are things to be concerned about. How much will it cost you to get your rig insured for others that aren’t under your policy? What updates do you need to make to your RV to ensure it’s fit for renting? These are just two of the questions you need to ask yourself, but here’s a good checklist to review before turning your RV into a rental. RV Rental Checklist: Are all appliances, electrical, plumbing, and basic needs items ready for use? Are you willing to fix the things that aren’t working in order to rent it out? What will it take to keep your RV insured while others not under your policy staying in and/or driving your rig? What are the rules of the rental company you are going through to rent out your rig? (Example: Airbnb, Outdoorsy, etc.,) Are you willing to clean your rig, inside and out, after every time someone rents it? Are you okay with renting your RV out to complete strangers without knowing how clean they are? Are you willing to rent out your rig during busy times, such as festivals, holidays, and more? Or if not, are you willing to stay on top of your calendar to ensure you can use the RV when you’re away? There are most likely even more questions to ask than this, but you really need to consider whether you’re willing to put in the work to make extra money off your RV. Obviously, you are not required to rent your RV out every day of the year, but many people book in advance for trips and big events, so lack of flexibility becomes a big issue for many. Ready to Rent? If you’re still reading, you are most likely ready to rent out your rig. This is great news! You’ll make a little side cash and keep up with your RV at the same time, what more can you ask for? Let’s take a look at your first steps to renting now that you’re ready to get started. Check with your RV insurance agent. Most of the time, when you purchase insurance for a recreational vehicle, the insuring agent will ask if you plan to rent out your rig to anyone else. If you specifically bought your RV for your own use, then it’s time for you to get back in touch to upgrade your policy. Depending on what your policy covers, you may or may not have to spend a little more each month on insurance to have others rent out your rig. This is probably the most important step to take prior to renting out your RV in case something happens and your insurance policy won’t cover it. Find a rental company to be the middleman. Renting your RV out on your own sounds like a good deal until you realize that you have no way of finding guests on your own. Sites like Airbnb allow you to place your RV up as a listing on their site. People who search for RV rentals in your area will then see your RV’s availability and be able to ask questions about its limitations, too. Not only will you get more visitors to stay in your RV, but you also won’t have to waste any time trying to do your own advertising either. 3. Check with the rental company’s rules and also create a few of your own. Now that you’ve decided what company to go with, be sure you take a good look at their rules. Many offer insurance to cover any accidents that may happen, alongside your RV insurance, too. Others require a set number of nights or have limitations set to prevent you from letting people move your rig from one place to another. 4. Add details, photos, and get renting! Once you’ve found the rental company’s rules and have agreed to them, it’s time to list what you are willing to have happen in your RV while others rent it out. You can set limitations for pets, electricity use, and more on your RV’s listing. You can also list the amenities that your RV has on its page to encourage more people to rent it out, too. Be sure to add photos of your rig as an extra incentive for guests to book your rig instead of other RVs listed in your area. Once you’ve done all this, you’re set to start renting! 5. Host your first guests. Hosting your first guests can be nerve-wracking since you never know what could happen to them or your rig, but delivering a quality experience and not hovering over your guests is a good way to test whether or not you’ll rent in the long-term. Remember, the better the experience your first guests have, the more likely you’ll be able to have more guests later on. Leave a nice note or stock your fridge with snacks and drinks to ensure you start off each guest on a high note! It’s Not That Complicated No matter what you decide to do, renting your RV really isn’t that complicated. Rental companies have made it so easy for RVers to rent their rigs during the off-season to get their money’s worth, instead of leaving it in the driveway all Winter. If you’re willing to get your hands dirty every once and awhile, renting your rig can be a great side gig that will allow you to stay on top of any maintenance your RV may need, too.
Tags:Budget, Finance, Insurance, Rentals, Savings

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