Just to highlight, no contract can even be more risky. The
contract is to protect the interests of both party and yes, that
includes you. If there are a no contract (meaning no excess, no
terms of responsbilities), then if you wreck the car or the car is
serverly damage due to some reason, and the insurance company dun
allow for any claims, then it is up to you and the hirer to spilt
the $1X,000+++ cost. If you refuse to pay, he, as a owner can take
you to court and and even if he doesn't, things can turn very
nasty.
And don't forget, if the owner will definately take down your
particulars(from your ic), so dun even think of renting and
running. He will need to look for you to get back his car.
Don't work either way. I am not against private rental (or for
company rental), but I am totally against renting without any
contract.