All About Car Rental Deposits and Their Rates
If you return the car on time and in the same condition as you got it, you’ll get your full deposit back.
Renting a car can be convenient, but understanding the fine print can be tricky, especially when it comes to security deposits. Security deposits are a common part of the car rental process, but they can be confusing if you’re unfamiliar with how they work. In this article, you’ll learn the basics of security deposits, including why they’re necessary, how much you can expect to pay and how to ensure you get your money back.
Reasons for paying a deposit
Rental car companies ask for a security deposit to protect their vehicles and cover potential costs. This deposit can be used for damages, parking tickets, refueling, or cleaning. If you return the car on time and in the same condition as you got it, you’ll get your full deposit back.
Rates of rental security deposits and how to pay
Security deposits depend on many things, including the city, company policies, the driver’s age, and the car model. Listed below are the approximate security deposit for a two-day economy rental in San Diego:
| Sl no. | Rental Company | Deposit amount | Acceptable forms of payment |
|---|---|---|---|
| 1. | Ace | 300–500 USD | Credit Card |
| 2. | Dollar | 200 USD → Major Credit Card500 USD → Debit Check Card | Credit Card and Debit Card |
| 3. | Budget | 200 USD → Credit Card250 USD → Debit Card | Credit Card and Debit Card |
| 4. | Sixt | 200+ USD | Credit Card |
| 5. | Avis | 200 USD → Credit Card250 USD → Debit Card | Credit Card and Debit Card |
| 6. | Thrifty | 200–500 USD | Credit Card and Debit Card |
*The above information is sourced from the official rental car company websites in August 2024.
How long it takes to return car rental security deposits
The security deposit you pay is often a large sum of money. While securing a rental car is easy, getting your deposit back can sometimes be tricky.
Below are some rental companies and the time they take to return your security deposit:
*The above information is sourced from the official rental car company websites in August 2024.
| Sl no. | Rental Company | Security deposit return time |
|---|---|---|
| 1. | Sixt | Returned within 24 business hours. - Depending on the bank, the refund can take up to 5–15 to appear on your account |
| 2. | Dollar | Returned at the end of a rental.- Depending on the bank, the refund can take up to 14 days to appear on your account |
| 3. | Budget | Returned within 5–10 days.- Depending on the bank, the refund can take up to 14 days to appear on your account |
| 4. | Avis | Returned within 48 hours of returning a rental car and finalizing the bill.- Depending on the bank, the refund can take up to 30 days to appear on your account |
| 5. | Thrifty | Returned within 5–10 days.- Depending on the bank, the refund can take up to 14 days to appear on your account |
Reducing or avoiding security deposits
Rental companies may lower your security deposit, though the amount varies from company to company. Some, like Sixt and Hertz, already have comparatively low deposits, while others offer no-deposit options or let you reduce the deposit with extra insurance.
Here’s how you can avoid deposits:
- Credit cards: the deposit isn’t taken from your account; it is just held and charged later in case of damages.
- Prepayment: some companies waive the deposit if you pay the full amount upfront, charging only for damages, if any.
- Third-party insurance: if you have coverage that the rental company accepts, you might get to skip the deposit entirely
Car rental security deposits, their functions and rates
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