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Choosing what to charge when lending
Choosing what to charge when lending

Things to consider when setting your fee

Joey M avatar
Written by Joey M
Updated over a week ago

With the cost of car ownership continuing to rise, charging people to borrow your car is a great way to boost your income and earn money to help towards your running costs.

If you do charge a fee, it’ll be automatically added into the cost of the borrower’s policy price - so there’s no need for any awkward chats about money.

It’s super simple and all sorted through Cuvva car clubs. Here’s a little more about how it all works 👇

Things to consider when pricing your vehicle

It’s completely up to you what you charge people who borrow your car, but it’s worth keeping a few things in mind. It’s a good idea to consider:

  • The type, age and mileage of your car

  • Whether your car has fancy features like heated seats

  • What your car is worth to you in both a monetary and sentimental sense

  • The equivalent it would cost someone to make a trip using public transport or a hire car

So it might be worth setting a different price for an older runaround that you’ve owned for years compared with a brand new BMW with few miles on the clock.

It’s also a good idea to be realistic about pricing when you consider who might be borrowing your vehicle. For example, you might charge your younger brother less than your work colleague!

To give you a ballpark figure, the average price charged by Cuvva lenders is around £5 per hour, and £30 per day - but it’s completely up to you.

How to set up pricing on your vehicle

You can set up an hourly and daily price on any vehicles you own. If your car is already on Cuvva, head to Car clubs > Your vehicles and tap on your vehicle to set up pricing.

If you haven’t added your car in the Cuvva app yet, head to the Car clubs tab and:

  1. Create a car club

  2. Add your vehicle to the club

  3. Tap on your vehicle and tap Pricing

When someone gets a quote on your car, we’ll charge your hourly or daily price as an extra cost on top of their insurance.

Here’s a quick example:

Your friend gets a 3 hour insurance quote = £15

Your hourly price = £3 per hour

They will pay a total of = £24

You earn = £9 (minus Cuvva’s 5% fee)

When you’ll get paid

When someone borrows your car, we’ll pay your earnings directly into your bank account within 7 days of their policy ending. Anything you earn goes straight to you, minus a 5% fee to cover our platform costs.

You can edit the amount or turn off pricing

You can edit the hourly and daily price on your vehicle at any time. For example, you may want to increase your prices over the weekend when demand might be higher, or charge different people different amounts.

When you edit the hourly and daily price on your vehicle:

  • if someone has already bought a policy on your vehicle, they’ll get charged the previous amount

  • anyone buying a policy on your vehicle after you’ve made the change will pay the new prices

You might not want to charge everyone who borrows your car, that’s why pricing is off by default. However, if you do set up an hourly and daily price on your vehicle, you can always remove it again afterwards. Head to your vehicle and tap Pricing > Remove hourly and daily rate.

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