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Understanding Car Rental Security Deposits

Some of you may not be aware of the purpose of a security deposit for a rental. It’s not an additional charge; it’s an essential part of the contract. You are charged a substantial amount depending on the car you settle on. This amount will be reverted to you only in the following conditions:

  1. The vehicle is returned in its original condition, without any damage
  2. You did not incur toll charges or traffic violation fines
  3. You did not damage the car prompting the rental agency to cover repair costs.

However, if the charges from a damaged car or fines accrued are over the deposit made, you will have to pay extra to cover for the additional damage. Here are some of the things you should know about the security charge.

Car Rental Security Deposits

How It Works

A reputed rent a car company (Quick lease), will require the driver of the rental to avail of a credit card. The card should have the driver's names and should be valid. It should not be expired, and you’ll be required to know the card’s pin. However, the most important thing is that the card should have a sufficient amount. You should also know that you will not be allowed to use the amount available in the credit card for the entire rental duration.

Why Use A Credit Card?

Some of you may wonder why a credit card and not debit? Well, it’s simple; credit cards allow for funds to be ring-fenced. And they do this in a way that debit cards don’t. Car rental companies prefer pre-authorization of the funds to be used by them in case of any charge (though on some occasions they may debit the security charge and refund you the full amount if you haven’t incurred any charge.

Rent A Car Company

What If I Do Not Have A Credit Card

Most rental companies allow the usage of a debit card. However, for some, though they allow debit cards, they’ll still ask for you to have a credit card. Besides, it’s not only about the rental company’s interest to protect themselves. If you understand how a credit card works, you’ll know it’s much safer to use them. You should contact them beforehand and ask them if they can charge the security deposit on your debit card. If you show signs of renting for the long term, they can work something out for you.

Why Didn’t the Company Indicate They Charge It?

No company will overlook protecting its cars. They may not categorically state it, but they will charge you. It’s standard practice among car rental companies. But they will not have it on their site's homepage; once you inquire, they’ll breakdown the rental charges to you. A rent a car company will have support staff who dedicated to ensuring all the costs are explained to you in detail. Try them today.