Thinking of Renting out my bike!

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mimico_polak

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So as I like to think of little new things here and there, I'm wondering what is the process in legally renting out my motorcycle for day/weekend use to others?
I rented a bike before I purchased mine, and paid a $20/day insurance to the owner of the bike, but not sure if it actually covered me or if this was legally done. Nothing happened thankfully but you never know.
Can anyone shed some light on this topic? The bike's paid off and I bought a 2011 250CBR to replace the 125 so would be insuring both but only the 125 would be rented out.
 
You would have to tell your insurance that you are making a profit of letting random people ride your bike and if insurance would go for it, Get your vaseline ready for that quote.
 
If insurance finds out your bike was rented out, they are not obligated to pay (as your policy will explicitly prohibit this). I am not sure if you as the owner would be on the hook, or if it would be the rider. My guess is the rider would have to pay and then they would sue you for renting them something without legal insurance and you would lose in court.

Don't do it.
 
Just got off the phone with the insurer...she basically said if you do it your insurance is null and void...ok there goes that money making idea! LoL Time to sell the 125!
So technically the people that have bikes out for rental on Kijiji are doing this illegally? Unless they're paying through the nose...one girl's got 3 bikes for rental.
 
People are dumb. They probably see the money and look no further. You were smarter and did some research before doing something dumb.

Aside from insurance, if you are renting for $20/day what happens if someone crashes it (or damages it in any way). I assume most people can't take a credit card deposit and most renters would not be happy leaving $1000 deposit with you. If the owner ends up covering any damages, I would think the rental fee would have to be at least $100/day to come close to breaking even.
 
GreyGhost, I'm the type of person that likes to toy around with certain thoughts (as per all my posts!) and then do my research to get more info all around. The rental place that I rented from (private residence) was $80/day+$20/day insurance mandatory. I thought that it was all legit and whatnot (it may be depending on circumstance) but from my end it's just not worth the $ due to the business risk...and I'm definitely not setting up a corporation for this endeavour! LoL
 
hey poster I know who you are referring to $20/day insurance, it's a black CBR 125 right? lol i rented the same one as well for my full M road test, it was only $55, now she raised the price to $60. I am 100% sure she didn't tell her insurance company, the $20/day is only a profit she make and pretends to be a legit policy. If something really does happen, she has no problem claiming it as long as you tell the insurance that she is your friend and only lending the bike to you for a short ride, then she will be able to get the claim and if you have any injuries you will be covered as well. Just make sure no one stitches on you then it's all good. Let the renter knows if cops tell him to say the bike was borrowed from a friend(you). IF you sell your little CBR all you will get is $1500. I would personally trying renting it out cuz I have been through the stage where I really need a bike(road test) and at times I really want to ride one(pleasure).
 
mimico_polak said:
So as I like to think of little new things here and there, I'm wondering what is the process in legally renting out my motorcycle for day/weekend use to others?
I rented a bike before I purchased mine, and paid a $20/day insurance to the owner of the bike, but not sure if it actually covered me or if this was legally done. Nothing happened thankfully but you never know.
Can anyone shed some light on this topic? The bike's paid off and I bought a 2011 250CBR to replace the 125 so would be insuring both but only the 125 would be rented out.
Click to expand...

No offense but the only 125CC i'd think about renting would be motorcross.
 
GreyGhost said:
People are dumb. They probably see the money and look no further. You were smarter and did some research before doing something dumb.
Click to expand...

Agreed. I bet this person who is renting out their bike isn't reporting the income and paying HST either. If the renter crashes her bike, her insurance probably won't pay AND her insurance history will be marred as a result. Dumb, dumb, dumb . . .

You can't rent out your bike on a regular insurance policy. If this is something you are interested in doing, it will require a special commercial policy.
 
elton_t said:
hey poster I know who you are referring to $20/day insurance, it's a black CBR 125 right? lol i rented the same one as well for my full M road test, it was only $55, now she raised the price to $60. I am 100% sure she didn't tell her insurance company, the $20/day is only a profit she make and pretends to be a legit policy. If something really does happen, she has no problem claiming it as long as you tell the insurance that she is your friend and only lending the bike to you for a short ride, then she will be able to get the claim and if you have any injuries you will be covered as well. Just make sure no one stitches on you then it's all good. Let the renter knows if cops tell him to say the bike was borrowed from a friend(you). IF you sell your little CBR all you will get is $1500. I would personally trying renting it out cuz I have been through the stage where I really need a bike(road test) and at times I really want to ride one(pleasure).
Click to expand...

Yup that's the one elton! LoL I'm glad I rented it as I got a feel for the bike before I bought but I'm not interested in the hassle of worrying about damage/insurance claims. I thought it was a matter of a few hundred $$ more per year as long as you follow some protocol...but guess it's much more complex than that! No wonder there's so few rental places in the GTA! LoL

Viffer, I'm going to assume the same thing! It's a cash business for her and so long as it works for her then good for her. Insurance is high enough as it is for all of us, so there's no point in increasing the risk of a higher premium for a few hundred $ / month of rental income.
 
mimico_polak said:
Viffer, I'm going to assume the same thing! It's a cash business for her and so long as it works for her then good for her. Insurance is high enough as it is for all of us, so there's no point in increasing the risk of a higher premium for a few hundred $ / month of rental income.
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higher premium will be the least of your worries. Fault is laid on the operator but the liability follows the vehicle. Got a 2 mill dollar liability on your policy? Guess who gets held liable......
 
And the best part is that the insurance company will pay out for the liability claim but when the investigation shows that there was a policy violation the owner gets a bill for every penny they had to pay. OR....what do you do when someone rents the bike and then never comes back? You going to tell your insurer that you rented the bike and it was stolen? They're going to say "so.....what do you want me to do about that??"
 
I'm glad I asked the question! So many points here which I haven't thought of! Particularly the insurance and a bike that's stolen during the 'rental' period lol ... guess I'm too honest to think of doing that! LoL
 
Whoever this woman is that is renting her motorecycle is just another example of a person not paying the appropriate premium to pay for the inevitable claims costs.

This means we all end up paying more to cover her claims.

It's kind of like the guy who says his motorcycle was stolen when it really wasn't. He takes money from the insurance company that the rest of us end up paying in premiums.

P.S. to a previous poster, how do you get your full M on a CBR 125. I thought they required a 250 for a full M?
 
What did your parents have to say about this?
 
Platinum Cycle said:
P.S. to a previous poster, how do you get your full M on a CBR 125. I thought they required a 250 for a full M?
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Any +50cc motorcycle that can maintain hwy. speeds of at least 80Kph will qualify you for a full M.
 
I'm pretty sure it says right in the ministry book that the motor vehicle has to be at least 249cc before doing a test that involves the highway.
 
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