This seems like a natural and good use of peer-to-peer business plan. Basically they connect you with someone in your neighborhood that is willing to rent their car out on an hourly/daily basis.
Making your car available for rent in the pool could have the car pay for itself in rental fees.
Getaround has a master insurance policy that becomes primary for your car during the time of the rental, eliminating any extra charges or limitations on your policy. You can request a car via an iPhone app (Android soon!?), and that app works to open and start the rented car via the little device they provide to the person renting their personal auto.
This is similar in concept to the ZipCar model that has people sign up for access to ZipCar owned vehicles in several cities.
But the P2P model may work better.
As a simple example of why it may be better, it took ZipCar 6 YEARS to have 1,000 vehicles available for rent. WhipCar in London had 1,000 vehicles available within 6 MONTHS of starting their business. To date the services are available in limited locations;
www.getaround.com to sign up.
Google's RelayRides operates under the same concept. Currently in Boston and San Francisco.
Click Image below to sign up for free at RelayRides.
Sample rates from RelayRides.