3 THINGS TO CONSIDER BEFORE YOU MAKE MONEY WITH YOUR CAR
We’re privileged to live in an age where there are more ways to make money than ever. Now we can now earn full-time incomes and beyond with little more than our laptops or, as we’ll be considering here, you can even make money with your car.
Options like casual couriering, ride-sharing, and even renting can all lead to decent car-based incomes, and they’re all within pretty easy reach.
You can make your car look more professional by seeking the best place for private number plates or the closest car maintenance service. There’s just one crucial consideration to make beforehand, and it comes in the form of your insurance.
Many vehicle owners find that turning to more professional pursuits can throw insurance into jeopardy, and sometimes even cost more in the long-run. If you are looking to make money with your car, make sure it doesn’t happen to you by considering the following 3 things first.
Potentially Invalid Policies
Invalid insurance could see you facing extreme repair costs with no support. That’s why you should always check policy regulations before committing to any vehicle-based business. Renting your car out is perhaps the most common reason why insurance might come into question, but there’s no guarantee with options like car-sharing either.
In these cases, some insurers may go as far as to say that you can’t make any profit from such pursuits without higher premiums. In this case, you should always consider whether the extra income is still worth your while after deductions.
Specific Policies Might be Necessary
In some cases, especially when making money through courier jobs and the like, you may even need to invest in certain insurance policies for this need. Courier-specific insurance, for instance, protects vehicle, driver, and even the contents that you’re delivering. Such packages can cost more upfront, meaning that this isn’t always the easy money-maker you would assume.
Again, do your sums early on, and consider whether the number of drops you’ll be making will comfortably cover those increased insurance costs.
More Time On the Road Could Mean More Accidents
Even if your insurer is happy for your rates to stay the same, it’s impossible to deny that more time on the road alone increases your risk of accidents. If you spend a substantial portion of each day driving, your no-claims bonus could, therefore, quickly become a thing of the past, especially if you’re out during busy periods like school pick-up or rush hour.
Again, this would throw any extra earnings into question. That’s why you should work out when you would be driving, and how risky those roads are liable to be before you pursue earnings here.
To make money with your car can be a fantastic way to boost your earnings, access flexible working, and more. But, it’s vital you know where your insurance stands, and how much you could earn regardless. Only then can you decide once and for all whether this is the right earning option for you.
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