Singapore, how can I get my car rented out??

Question

I mean, are there any companies who take in cars from private owners to rent to others? Is this legal?

Answer 1

I would never rent out your personal car. The liability involved would not be worth it, not to mention what would you do if the car was involved in something like a bank robbery?

Also, one knows that a renter never take care of rental vehicles, and would probably end up ruining it. Weather it be driving it hard and damaging the engine to eating in the vehicle and just making a mess.

I would highly recommend you reconsider ever renting out your private vehicle.

Answer 2

To encourage fewer cars on the road, LTA had introduced the private car rental scheme to maximise the use if existing cars, thus, it's legal if you rent it out in a legal way.

These are the conditions for renting out a private car:

- The car must be registered under the name of a private individual (i.e. company cars are not allowed);
- Chauffeur-driven rentals are not allowed;
- Car owner has to ensure adequate insurance coverage for the period of rental;
- Hirer should check that the vehicle is adequately covered by insurance for the period of rental; and
- Hirer must meet the age and experience criteria specified in the insurance policy.

These are the steps to rent out your car:

Step 1

Decide whether you want to:

Get VICOM Ltd (Tel: [phone]) to do it for you; or
Rent out the car yourself.

Step 2

If you decide to get VICOM Ltd, they will match your vehicle with an interested hirer.

Step 3

If you decide to rent out the car yourself, decide the rental rates you wish to charge. Then advertise in the newspapers or other forms of media for an interested hirer.

Step 4

Once a hirer has been found, you may contact NTUC Income at Tel: [phone] to provide suitable insurance coverage.