You can get behind the wheel of a Ferrari or Lamborghini by renting from exotic car rental companies. These rental companies are located in many cities and offer customers a wide selection of luxury cars.
Operating an exotic car rental business requires plenty of working capital, extra attention to customer service, and a healthy risk appetite. You’ll need a strict age requirement to avoid damaging your rentals.
What are Exotic Cars?
Exotic cars are often described as sleek, curvy, and brightly colored. They usually stand out among other vehicles on the road, making them popular for those looking to impress.
To qualify as exotic, a car must be one-of-a-kind and hard to come by. A Ferrari or Lamborghini might fit that description, but the term can also be applied to a rare Porsche 911 twin-turbo or a replica Cobra Roadster.
Exotic car rental operators must go beyond the standard safeguards to ensure they rent to reputable customers. Some rental companies do a criminal background check, a driving record check, and a credit report on every driver it rent to. It also requires a cash deposit equal to a day’s rental. The premiums associated with exotic cars are so high that third-party collision damage waivers aren’t available. That puts rental companies, with insurance rates sky-high and two or three claims, likely to cancel an operator’s policy.
How Much Do They Cost?
The cost of exotic car rentals can vary. Major rental companies, like Monza Exotics, may have cheaper rates than smaller niche providers. However, prices can still be high, especially for add-ons, such as a loss damage waiver.
In addition to the daily rental rate, exotic rental cars typically have a set number of miles you can drive daily. If you exceed the limit, the company will charge an additional fee per mile caused.
Exotic car rentals also have higher maintenance costs than standard vehicles. These include the costs of specialized storage (such as private garages or climate-controlled shipping containers) and regular repairs, which can be costly.
Before renting a car, many businesses demand that potential customers pass background checks for criminal activity and driving records. For instance, some request a fingerprint, a scanned copy of the driver’s license, and a $10,000 deposit.
What Kind of Insurance Do I Need?
There are a few different types of insurance for exotic car rentals. Many credit cards offer coverage for renting cars, but it’s essential to know the stipulations of that coverage. For example, some credit card policies exclude exotic or luxury vehicles and may not cover driving outside the state.
Alternatively, other offers special auto insurance for companies that rent out exotic cars. Their policy includes physical damage (comprehensive and collision), liability, and vehicle replacement coverage. It’s designed to offer the specialized range that these businesses need while protecting their investments and minimizing risk.
If you’re interested in starting your own exotic car rental company, thoroughly research the market and the competition. It’s also crucial to consider the profitability of exotic car rental in your area, as some markets might already have too many companies or have a limited pool of potential clients. With the proper planning, however, it’s possible to make a lucrative exotic car rental business.
How Do I Rent an Exotic Car?
If you want to impress your date, appear classy for that business meeting, or enjoy a thrill behind the wheel of a Ferrari, you can rent an exotic car. These rental cars are available for a fraction of owning one. However, like all rental vehicles, exotic cars have a set of terms and conditions that must be met.
Many local exotic car rental companies will require a credit card, a minimum age requirement, and additional insurance coverage beyond what your regular driver’s insurance covers. Before renting an exotic car, check out the company’s website for these requirements and other important information about your vehicle.
Check out online reviews to start your own exotic car rental business. They’ll break down how to fund a startup exotic car rental operation. It takes a lot of capital and a dedicated team to succeed in this type of business.