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Security Bond

security bond

When it comes to hiring a vehicle, you will need to leave a security bond. This is an amount of money that will be frozen on your account for the duration of your rental. Car rental companies require you to pay a security bond in the case of damage to the vehicle or additional charges. When you return the vehicle at the depot, the security bond will then be refunded in 3-10 business days.

How much will I need to pay?

The cost of your security bond will vary depending on the type of vehicle and the location of the rental. You can call the car rental company to find out what this cost may be for you. Did you know that some vehicles may require a bond that is significantly cheaper than others - or vise versa? It comes down to the suppliers' terms and conditions and vehicle class. 

What if I want to pay with my debit card?

The payment method that you decide to use may alter the security bond amount. You may actually need to pay a higher security bond if you decide to use your debit card.

Read more about  picking up a rental car in Canada

 For example:

Jane has rented a car in Vancouver...

To travel around the city while she is here visiting friends. Jane has rented a compact car. The car rental company representative informs her that they will need to freeze an amount on her credit card as a security deposit.  She used her credit card as the form of payment for this rental. The bond was frozen on her account for the duration for her rental. When she returned her car, the bond amount was returned to her credit card after 3 days. If she had incurred any additional charges or damaged the vehicle, she would not have been refunded the full amount. 

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