Make extra money renting out car

CAR owners who do not use their cars every day can make some extra money by hiring them out.

For those looking to rent, it can be a cheaper, more convenient alternative to traditional car hire companies.

The scheme is organised through the website www. zilok.com and prices range from around €10/day to €400 depending on luxury levels and how long you want the vehicle for.

The site’s scheme can work with a wide range of equipment, but car hire is one of the most popular.

Anyone can sign up for a free account and it is the same procedure for owners and hirers.

Owners can enter details of their car and their chosen price (per day, or with additional weekend, weekly or monthly rates).

To hire a car, you click on it and contact the owner via an internal messaging system (a method of phoning them directly via a special number is being put in place) and you agree on details, including the hire period. You then click to reserve the car and pay an instalment of about 5-10% to secure it, using methods such as a card or www.paypal.com

When the car is collected, the hirer hands over a deposit cheque (which is not cashed) and signs a contract: a standard one can be printed off the site.

There are agreed fees for late return and the contact states that, if the car is not returned, the full stated value is payable.

The hirer should ask to see identity documents at the handover and proof of insurance.

The site makes its money from the vehicle owner by charging a commission of about 5-9%, payable at the end of the rental period.

Owners can either check with their own insurer that a hirer can be covered (however, if there is an accident, it will affect their own no claims bonus) or ask that the hirer take insurance out.

Zilok offers a specially tailored policy via Car Assure, a subsidiary of insurers Generali, which can be taken out online and on a day-by-day basis.

The cover documents are provided by email. It covers for third party and for accident damage to the car above an excess corresponding to the deposit.

A Zilok spokesman said: “It’s very easy to put your car on the site. For the actual transaction, the main thing is to make sure the right documents are in place so everything is secure.”