Car Rental Start Up

YanVanDam

Free Member
Sep 15, 2021
4
1
Hi everyone

My name is Yan and I am a new member at UK business forums.
I came across few articles related to the topic I am going to ask ,but I couldn't find the answers I need .
From what I found out , members opinion is that this is very competitive area and most of the people was discouraged from their idea.
Well most of the people were start ups and the case for me is slightly different ,because we already have an existing business in a similar area which could be an advantage for starting a small renting company in a niche area.
I've only had the idea recently and I am not completely sure if it will work yet and is it worth the effort , but I am hoping I can get some professional opinions here ,and eventually get everything moving.

I will try to explain what is our current situation , and what the plans are ,what I know so far ,and what I am hoping to find out.

So we are a taxi company based in a large touristic area in England with a huge demand for transport even without the foreign tourists in past 2 years .
Unfortunately Covid 19 break made it very hard for us to find licensed drivers to drive our cars and we end up in a situation where we have several vehicles and only a few drivers to drive them.
We've already paid for the vehicles and there is no point for me to sell them ,so I thought I may rent them to the public.
Initially I felt like I found a genius solution of what to do with our cars ,and started dreaming about working more social hours , but not long after that I've decided to make a quick research about it and it doesn't look so straight forward now.
Of course I wanted to find out what the right cover insurance will cost me , as that was always expensive with taxis ,but I couldn't even get a quote.
Obvioуsly insurance companies don't fancy start ups ,and most of them don't even bothered to reply to me.
That's my first question .Is there any well known brokers that specialise in pay as you go self drive insurance that I am missing out there?

As I mentioned earlier I've only started the research recently ,and I am combining that with my 7 days working week ,so I will stop with only one question for now.
Let's see if anyone has something to say ,and I am sure I will have a lot more question once everything starts moving.

Thanks to everyone that will take some time to leave his comment.

Regards Yan
 
Well I hire cars when I come
Back to UK and you either have your own hire insurance or take out there’s. Either way the driver is paying. So maybe you don’t need your own but a company that will provide it for your customer.
 
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Hi Trevor
I guess that will be pay as you go insurance ,but I struggle to find a company that is happy to provide me with one
 
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As you say this topic has come up a few times on the UKBF it can be difficult to get insurance as a new company and I have seen a lot of recommendations in the past suggesting people buy an existing business but that not generally possible. You are all ready in business so I would have thought have got a big head start.

This link might be useful for a few pointers and I know has suggestions to trade links which might give some ideas on insurance etc best of luck and welcome to the UKBF

https://startups.co.uk/guides/how-to-start-a-car-leasing-company/
 
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I had such a similar idea last year. Nothing materialised as of yet.
About insurance, contact Allianz. They partnered with getaround and Turo - two of the biggest in the market.

Let us know what they reply.
 
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