If you’ve ever wanted to try driving the car of your dreams, but you don’t have the skills to fix one, the money to buy one, or any friends that own one, DriveShare by Hagerty can put you in contact with someone that will let you rent theirs! Whether your dream car is a ’57 Chevy or a ’62 Corvette, you could find and rent one for a drive, for a wedding, or a class reunion, all through Hagerty’s peer-to-peer automotive rental service.
The other side of the token with DriveShare is that not only can you rent a classic car, you can rent yours out to other people to make your car bring in some extra income for you! For the first time, your collector cars can work for you rather than the other way around!
We were extremely curious about this program and reached out to Hagerty and spoke to Steve Haas, senior manager of DriveShare operations for Hagerty. He told us all about the program and how it works for both sides of the coin: the renter and car owner. A few examples of cars that are available can be found here: A Camaro, a Corvette, and an Impala Convertible.
The company started several years ago, as Classics and Exotics.com, in the New England area. Initially, Hagerty contacted them to provide roadside assistance. Last year Hagerty acquired the company, and now operates it as DriveShare. “We kept in touch with them, because we were in the collector car market. It really does fit with Hagerty’s goal of getting more people into classic cars,” Steve explained. The move to acquire the company was only natural for Hagerty.
“If you are going on vacation and need a rental car, why not rent something cool, and something that you want?” Steve explained, “we’ve had people get cars for weddings, receptions, commercial use, and things like that. A lot of it centers around use for special occasions.” For DriveShare and Hagerty, a lot of this is about getting people behind the wheel of classic cars, building interest, building community, and just getting these cars out on the road. When we are talking about getting young folks interested in cars, giving them a taste through DriveShare could be a good way to get them interested so they build the same love for classic cars that we have!
So, how does it work? There are three different rental options. The driver rental is one that the renting party drives themselves, an event rental is used as a static display for a wedding or photo shoot, and then there are chauffeured rentals where you can drive the renter around. “You don’t have to be a Hagerty member to offer your car for rent, it’s open to everyone. Just go to the website, add some photos of the car and a description, and it’s just a few steps to identify your price and location and all that stuff,” Steve explained. Insurance and roadside assistance is included with the rental.
There is a screening process to protect both the people renting the cars and cars going up for rent. Obviously, they have to be in driving condition to be eligible, and they have to be worth driving. If you plan on renting your car through the service, you set your own price. There will, however, be a minimum requirement based on the value of your car for insurance purposes. The owner keeps 65-percent of the rental cost and DriveShare gets 35-percent of the rental cost to cover insurance and fees.
The rental is covered by Hagerty insurance, so if anything happens to your car while it’s being rented, you are covered. The service also includes roadside assistance because as old cars, sometimes they break down. Even with the protection for the owner and the car, the service is not for everyone. “We know not all of our members are going to rent out their cars,” Steve explained.
There are roughly 850 cars in this growing program right now. People want to drive cool cars, their dream cars, and this is an opportunity to test drive them and see if it really is their dream car to drive or just to look at.
We’re really interested in what Hagerty is doing, and we’re going to keep an eye on DriveShare as it goes forward. We’ll definitely keep you posted as their renter base grows and the program matures. We love the idea of being able to rent whatever classic car we want for the day. How do you feel about renting out your car?