Question: I’m looking to book a car through the company (Turo) for driving in the Bay Area. How much will I have to pay for a security deposit?
Answer:
Security deposit amounts for Turo car rental reservations vary depending on several factors, including age, the type of car being rented, and other factors in the security process. It is also possible you won’t need to pay a security deposit at all with your booking.
Here’s how Turo’s website breaks down the pricing for security deposits:
- $750 if you’re under the age of 30 and book a Deluxe Class vehicle. Note that you must be 25 years old to book.
- $750 for all guests who book Super Deluxe Class rentals. Note you must be 30 years old to book these types of vehicles.
- $200 will be required as a deposit if the Turo security system selects your reservation for a deposit.
- No security deposit will be required if your reservation does not fall into one of the three categories above.
If you’re concerned about the amount of the security deposit on your rental reservation, you do have one option that can lower that amount. Turo will give you a $250 discount on your deposit if you submit your personal auto insurance information. However, you must do this when prompted at the time of booking. This is strongly noted on their help site in bold and italic font. Once you’ve completed the booking, Turo cannot add your auto insurance policy information after the fact, you must do it during the booking process.
Security deposit refund
After completing your trip, you’ll be eligible to receive your security deposit back. The refund of your security deposit will happen automatically 80 hours after your trip ends, but both of the following conditions must be met by that 80-hour mark:
- You or the host haven’t reported any vehicle damage.
- You don’t have any unpaid eligible reimbursement invoices.
Assuming you fulfill those two requirements, Turo will reimburse you for the security deposit amount. The time it takes to hit your credit card or bank account can vary depending on how your financial institution processes the refund.
Turo’s security deposit vs. insurance requirements
Keep in mind that the security deposit is separate from the insurance requirements on Turo rentals. You don’t actually need your own insurance to book a vehicle via Turo because Turo offers protection plans for all guests. If you do have personal auto insurance, the Turo protection provides secondary (excess) coverage over your personal policy’s liability coverage.
You can select from four different types of plans:
- Premier plan (65% of the trip price, minimum $14/day)
- Standard plan (40% of trip price, minimum $12/day)
- Minimum plan (18% of trip prices over $250 or 25% of trip prices over $250, minimum $10/day)
- Decline protection (not available on all rentals)
Not all options are available on all rentals. When in doubt, read the fine print of your car sharing agreement regarding deposits and insurance requirements to ensure you know what you’re getting into. Take ample photos for the in-app documentation process when picking up and dropping off the car so you can show there was no additional damage to the car caused by you during your rental time.
Kevin Berry is the Senior Director of Content at Jerry and has been working in the digital content space since 2011 across the car insurance/repair, personal finance, travel and sports industries. Prior to Jerry, Kevin was a content team lead at NerdWallet overseeing the Multimedia Production and Travel Rewards teams. Previously, he worked for NBC Sports, Comcast Cable and Nike. He has a Master`s Degree from Arkansas State and a Bachelor`s from Oregon State University.
Giselle Gomez is an editor with over a decade of experience editing content across personal finance, education, travel, and sports. In editing for Jerry, Giselle’s focus is on making sure content is consumer and SEO-friendly and helping readers understand all things car ownership. In prior roles, she worked as a content strategist, syndication editor, and writer. Her work is featured in AP, NerdWallet.com, BestColleges.com, and more. Giselle holds a master’s degree from Arizona State University.
