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The ultimate guide to deposits
The thought of a car rental security deposit often raises hairs. Suppliers require towering
deposits for even their cheapest rentals, which leaves customers searching for alternative
options or ways to pay. Unfortunately, in the world of car hire, deposits are almost
inescapable. But there are a few steps you can take in order to get your money back without
a hitch.
Common questions
What is a car rental deposit for?
A rental deposit is taken as a safe guard by the rental supplier in case of any damage. It
is also used by the rental company for any possible refuelling or cleaning charges. As you
are renting a vehicle worth thousands of pounds, companies use the deposit as financial
protection and assurance they won’t be out of pocket if something goes wrong.
How much is a car rental deposit?
The exact amount depends on the location and the supplier you choose, as well as the type of
car. Higher excess or premium cars will often incur a larger deposit. The type of CDW
(Collison Damage Wavier) you opt for will also effect the deposit amount.
A car rental deposit is usually the sum of the insurance excess and petrol costs, meaning it
can range anywhere from £200 to £3000. So be sure to have sufficient funds available on your
card.
Is there any way I can reduce my deposit?
On the rare occasion, you may be able to reduce the required deposit by buying the
supplier’s most extensive insurance policy. But this will come at a high price. And in
general, there are almost no suppliers that will not take a deposit.
How can I pay a rental deposit?
In almost all cases, you will require a credit card with the main driver’s name on it in
order to pay the deposit. Unlike a debit card, a credit card provides security for both you
and the rental company.
The deposit is not taken out of your account but simply blocked, meaning your card is not
charged. Rather, the money is fenced off so you won’t be able to spend it and the supplier
can retrieve it if needed. However, in the circumstance that the hire company accepts debit
cards, your deposit will be totally withdrawn from your account and later refunded.
For more information on why you need a credit card to hire a car, click here.
When will my deposit be refunded?
As long as there is no reported damage or extra fees that must be settled, the deposit will
be unblocked from your account soon after you return the car. It will take extra time though
for your bank to process the release of funds. So you should expect the amount to be
available within 10 to 15 working days.
If your deposit hasn’t been returned within that time, call your bank or credit card
company. If they cannot see any transaction by your rental company, get in touch with the
supplier.
In the event that part of your deposit has been debited for damages or another charge, the
amount returned to you may be slightly different than expected. This is likely due to
fluctuating currency exchange rates.
What’s the best way to protect my deposit?
The easiest way is to carefully inspect your car upon collection and drive safely during
your journey. You can read here to find out
more on the best steps to take when picking up your car. If you return your car the way
you received it, the supplier will have no reason to withdraw your deposit.
In the unfortunate case that you do not have your deposit returned to you, your credit
card company may help you dispute the claims. Additionally, if you have a full insurance
policy in place with zero excess, whether that be through the supplier, a booking site
or a third party, your deposit should be refunded.
*Always read the Terms and Conditions to be sure of the details as each rental agreement
and insurance policy, these are general guidelines and tips.
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