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Caution offered with private rental classic or young timer

ER Classics Desktop 2022

Sharing your own car with another is a trend that has become increasingly visible in recent years. There are several ways to divide the use and costs of the car between different parties. One of the possibilities to realize that is - through an intermediary party - renting out your own car. The rental of vintage cars and young cars based on brokerage / car sharing is also becoming more common. The basic idea behind car sharing is great. But just as with the rental of the everyday car, there are also risks associated with the private rental of old-timers and young-timers.

Some well-known mediators in private car rental are SnappCar, My Wheels and We Go. These parties work together with Centraal Beheer, which has created the "share car insurance" for this form of activities. This additional insurance covers damage caused by tenants of the vehicles offered. In theory it should reassure the landlord. There are risks lurking in practice.


Always consult insurer or intermediary
Joost Kam explains which they are. The co-owner of insurance office Advice Insured! - good for a portfolio with 3.500 old and young timers - is reluctant about individuals who "want to turn their own car into a business model". Most insurers exclude coverage of the car when it is rented. When a landlord does not report that the car is being used for rental purposes, matters such as concealment become current. When damage occurs then there is really a problem. The owner can be expelled and it is questionable whether he will be accepted for insurance elsewhere. In addition, you may wonder whether landlords realize that, in the case of classics / young timers, they are insured on the basis of a fixed appraisal, in the event of damage, they are confronted with a day value scheme through the insurance of the brokers. That could ultimately mean a negative item of thousands of euros. So ask your insurer or intermediary what the consequences are of renting out before you end up in an endless discussion and tug-of-war about the costs of and the consequences of damage.

Care should be taken with private rental. Risks such as loss of value in the event of damage and a defective morality of the tenant can pose major problems for the lessor. Photo: Jaguar Land Rover.
Care should be taken with private rental. Risks such as loss of value in the event of damage and a defective morality of the tenant can pose major problems for the lessor. Photo: Jaguar Land Rover.

Obligatory deductible excess
Not only about the loss of value, but also in relation to recovering the deductible from the tenant. Intermediaries pay out the damage - via Centraal Beheer - to the owner, but with deduction of the deductible. This must be recovered from the tenant before the owner is compensated in his own risk. A tour of the insurers largely confirms Joost Kam's reading. Incidentally, consultation with some insurers is possible about the lease, but usually the insurers do not want to start on such constructions.

Extensive screening
SnappCar explained the Central Management approach. “The landlord's insurance is out of sight when the car is made available to us through us. Before we proceed to that promotion, we screen the tenant extensively. In addition, the object is insured via the Central Management Allrisk partial insurance policy. It is not self-evident that Centraal Beheer only determines the amount to be paid out on the basis of current value. People are also inclined to include the findings from the appraisal report in that assessment. ”We also asked about passenger-occupancy insurance. "The policy does not currently offer this provision." According to SnappCar, the share-car insurer - Centraal Beheer - wants to add this coverage. Finally, SnappCar emphasized that "it is extremely important for the lessor to inform the insurer in advance and to make good agreements."

According to parties such as SnappCar and My Wheels, car sharing is safe. The brokers attach importance to informing the landlord to make proper arrangements with the insurer. Photo: Volkswagen AG
According to parties such as SnappCar and My Wheels, car sharing is safe. The brokers attach importance to informing the landlord to make proper arrangements with the insurer. Photo: Volkswagen AG

"Own insurer is indeed addressed"
Joost Kam does not agree with the explanation of Snapp Car. “The coverage of Centraal Beheer is an additional cover, so in the event of damage, the company's own insurer is always approached first because under its data the registration number is registered with the RDW. The own insurer is therefore not out of the picture at all. The fact that people are willing to include the findings of an appraisal report offers the owner absolutely no certainty. Also for that passenger insurance applies that in case of damage the own insurer will be contacted. Central Administration therefore does not recover the costs of invalidity or occupational disability from occupants from the counterparty, while the costs must be paid by the insurer itself. "

Also other matters that the landlord must take into account
In terms of insurance, therefore, a number of issues are covered - in the basics. But owners also run other risks. Snappcar and My Wheels extensively screen the tenant prior to the lease, but that gives the landlord no guarantee for a worry-free transaction. If the renter has outstanding fines or tax debts and this is held up by the police, he may seize the driven vehicle. In addition, the tax authorities may collect a car based on ground seizure.

Good preparation and risk assessment
Private renting of cars via the 'sub-concept' therefore seems a good and in some respects covered solution to be used as a revenue model, but at present the risks outweigh the benefits. Making agreements in advance and listing various risks is therefore a very important step before the owner of a car decides to rent out the flash possession through intermediary parties. Caution therefore remains necessary.

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