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Peer To Peer Sharing ServicesGuide Started By b.n. on August 2013 Last Updated on July 2014 | 6 Contributions | Comments
Peer to peer sharing services manage rental or borrowing of things like cars and boats. Owners gain a revenue stream putting unused assets to use. Renters may find peer to peer rental to be less expensive and/or convienent.
There are two styles of rental. With "instant" rentals you are able to make and confirm a reservation in one step. With the "manual" style rentals you submit a request to the owner. The owner receives a text message alterting them to the request, then approves or denies it.
All the servies rely on social means to gauge trust. Renters and owners rate each other, and the companies provide background checks.
Issues and Hassles
Renting under the manual system offers direct contact with the owners, which can be nice. It can also be stressful, as you can never be sure your request will be approved in a timely manner. The manual system also opens up the potential for racial or cultural discrimination, and the potential for biased or unfair ratings on the part of owners or renters.
State By State
Insurance impacts may vary by State. California has adjusted laws (AB1871) to mandate that personal car insurance companies cooperate with peer to peer services.
In May 2013 RelayRides was forced to suspend operations in New York, due to "potential noncompliance with certain unique aspects of NY insurance law.” Check back to see how the insurance situation develops!