Legal issues while renting out our personal Vehicle

I want to understand the Legal issues in renting out personal vehicle to a friend for personal use. As per the motor bill - No owner of a motor vehicle shall use or permit the use of the vehicle as a transport vehicle for the transport of passengers and their goods in any public place whether or not such vehicle is actually carrying any passengers save in accordance with the conditions of a permit issued under this Act. 2. The provisions of sub-section (1) shall not apply: if it is not carrying any goods or passengers or their goods, any transport vehicle which is subject to a hire-purchase or lease hypothecation agreement, and which, owing to the default of the owner, has been taken possession of by or on behalf of, the person with whom the owner has entered into such agreement, to enable such transport vehicle to reach the principal place of business of the financier; So, it clearly says that one cannot use personal vehicle as a transport vehicle (Yellow number plate), but vehicle can be leased just like people rent out their homes. Currently, does the law clearly say that personal vehicle cannot be rented out for personal use. Few more questions that need to be answered: What is the exact legal issue when you give your personal vehicle to other people for personal use for money? In case of accidents whose liability is it? The owner’s or to whom he has leased the vehicle? In case of damage to the vehicle or theft, while filing FIR does the registered owner need to be present? What are the legal implications of a person not sticking to the agreement? If we can some legal documents like his verified ID, rental agreement can a FIR be filed? Is the current insurance policy valid if a person rents out the vehicle for personal use? How do we make sure that a person pays back if a vehicle is lost due to negligence? Is the online rental agreement valid in court of law? How to make it stamp duty? How does the current car insurance work? Who liability is if a person is dead?