Now, an iPhone application to share your car and generate rental income

WASHINGTON: Researchers have developed a new iPhone application which they say can allow you to share your car with others and potentially generate some good rental income.

The new app by Getaround, a car-sharing service provider in the US, enables car owners to "un-idle" their cars and offset the cost of vehicle ownership by sharing it with others.

For the service to work, users just need to install a Getaround Carkit in their vehicle that combines GPS, Wi-Fi and keyless remote technology.

The app then allows them to carry out entire transactions, including reserving, paying for and unlocking cars, using nothing but their iPhone, LiveScience reported.

"Getaround frees people from the burden of car ownership by turning an idle, costly, and underutilized asset into something that can generate revenue, and the Getaround Carkit and smartphone technology make car-sharing safe and accessible to everyone," Getaround founder and CEO Sam Zaid said in a statement.

To help with safety, Getaround allows car owners maintain complete control over their cars by setting the pricing and availability.

Owners also have the option to approve each rental request individually. They can also monitor and track the vehicle to make sure the vehicle is being used properly, the company said.

In addition, cars are covered by premium insurance provided by Getaround and Berkshire Hathaway, so if something goes wrong, the insurance will cover it.