Renting Your Driveway? Don’t Forget Liability Insurance

New data released by online parking portal YourParkingSpace.co.uk reveals how rented driveway income provides long-term economic stability, even in uncertain times. Indeed, analysis of its top 50 performing towns and cities, where homeowners are renting out their empty driveways, show that average annual income is almost identical over previous years.

From 2017 to 2020 the average annual driveway income has only changed from £1,130 to £1,106, with minimal variance in the intervening years. It’s a nice sideline for homeowners living near city centres or fave commuter routes. But don’t forget to take out public liability insurance, with business use, to protect yourself from claims. A driver could slip or trip and bang goes that rental income in a legal battle. A standard Buildings and Contents policy might NOT cover you for renting out space to the public, just random visitors. Then there’s the question of damage occurring to the renter’s car whilst parked, who pays if a loose roof tile smashes the rear window in an Audi TT?

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Additional income for homeowners by renting out their empty driveways to motorists needing somewhere to park is as safe as houses, if you pardon the pun.

“The amount made by homeowners has remained incredibly stable over the years, providing reassurance of a steady stream of income, even when we face difficult times.”

In fact, further research by YourParkingSpace.co.uk is also encouraging for empty driveway owners, as bookings have rocketed post-lockdown, even outperforming pre-lockdown figures as commuters chose to drive back to work rather than taking public transport.

In the last three months alone, new booking customers have increased by 70 per cent. Areas in particular demand include those in town and city centre locations near to offices.

Harrison added: “Rented driveway parking is growing in popularity as the way we travel changes. Anyone who has an empty driveway, possibly one that they don’t use throughout the day, is encouraged to list it for free on YourParkingSpace.co.uk so they can start making money from this valuable asset.”

For more information about YourParkingSpace.co.uk, to list an empty driveway for free or to pre-book a parking space, visit www.yourparkingspace.co.uk.

About alastair walker 4723 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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