by One of the most common questions regarding rental cars is about the security deposit. Renters might wonder whether it is actually needed, or whether it is possible to rent a car without any deposit. How much deposit is actually necessary? Well, first and foremost, you need to understand the basics.
What Exactly Entails a Car Rental Deposit?
This is the sum of money that the rental company asks you to deposit to make sure that their car is safe. For instance, if the car is too dirty or it has some dents then the rental company will need to use the deposit money for repairs.
It essentially allows rental companies to rest assured that their property will return in the condition they rented it out. There is no denying that accidents can take place. However, there’s always insurance for that. As long as the car is returned in a good condition, you will receive your amount back.
How Exactly Is the Deposit Calculated?
The final amount of money would be dependent on the rental company you choose and what it is that is taken into consideration when calculating this amount.
The type of car or the category would be one of the determining factors. The number of days you are renting the car would also be another factor that will be taken into consideration. Some countries also take age into consideration. For instance, if you hire a luxury car then the deposit will be much more than if you hire an economy car.
How Much Time Does the Company Take To Return the Deposit?
Ideally, it takes anywhere between 10 to 20 business days for any company to give you back your deposit. Basically, as soon as the company has examined the car and determined that there are no damages, they will return your security deposit to you.
Can I Avoid Paying the Deposit Altogether?
This is not something that can be skipped. Although, it is understandable that you’d like to skip it but you need to understand that the rental company is also trusting you with their asset, and quite a valuable one at that. This is exactly why it’s mandatory. Don’t you think it’s only sensible that they hold onto the deposit till they get their car back.
Can I Pay It Online?
Some companies provide the option of paying the deposit online while others would want you to pay it on the spot. If you want to pay your deposit online then make sure to ask in advance.
Conclusion
It doesn’t matter if you pay it online or in person, the amount would remain the same. Hence, it is advisable to choose the option that is convenient for you. If you are looking for a reliable and trustworthy car rental company, you can check Speedy Drive.
