When is a security deposit required?
Turo requires a security deposit in these two situations:
- When a guest books a trip in a car that has a high market value.
These car are referred to as “Deluxe Class” and “Super Deluxe Class” cars. “Deluxe Class” cars are available in the US, Canada, Germany, and the UK. “Super Deluxe Class” cars are available in the US, Canada, and Germany. You can read more specifics about these cars here.
- When the system applies a non-Deluxe deposit to a trip booking.
Approximately 30% of US new and returning guests who book a trip in the US may be charged a security deposit.
These deposits are applied automatically by our security system. They cannot be waived by Turo or by hosts.
How much does a security deposit cost?
In the US, guests between the ages of 25-29 pay a $1500 deposit when they book a Deluxe Class car. Guests over the age of 30 are not charged this deposit in the US. In Canada and Germany, guests under 30 cannot book a Deluxe Class car. All guests who book a Super Deluxe Class car pay a $1500* deposit. For Super Deluxe trips in the US, guests who submit their personal insurance information when prompted to do so by our booking system, we discount their security deposit by $500, and they are charged only $1000. Guests must submit their insurance information when the system prompts them to do so. We’re unable to grant a deposit discount after a guest submits a trip request. We don’t require guests to submit their personal insurance information in order to book a Deluxe Class or Super Deluxe Class car. It is entirely optional. In the UK, all guests who book a Deluxe Class car pay a £500 deposit, which cannot be reduced.
Guests paying a non-Deluxe security deposit for their trip in the US are charged up to $150 for the deposit. Once you are charged a deposit for a trip, you’ll be charged a deposit for all future trips. The Turo system process two transactions for the trip -- one for the trip itself and one for the deposit. We outline both costs and display them on the Checkout page before a guest submits their trip request.
Turo charges non-Deluxe deposits to new and returning guests in the US only. They are not applied to guests who book a Deluxe or Super Deluxe Class car, nor are they applied to guests who book with a Commercial Host -- that is, a host who provides their own commercial rental insurance to their guests.
*Values are in CA$ for trips in Canada, € (euros) for trips in Germany and all countries in the eurozone, £ (pounds) in the United Kingdom, and US$ for trips in the United States.
How does it work?
We automatically refund security deposits 80 hours after the trip ends, as long as the guest returns the car in good condition with no reported issues. Otherwise, there are two circumstances for which we freeze the deposit:
- If a guest disputes a host’s request made via the Reimbursement tool within that 80-hour post-trip timeframe. If we resolve the dispute in favor of the host and the guest’s payment method on file fails, we’ll take the reimbursement amount from the security deposit and refund the balance, if any. You can read more about reimbursement requests here.
- If the host files a damage claim within that 80-hour post-trip timeframe. We’ll subtract the initial damage coverage cost from the security deposit. Once the claim is resolved, we’ll refund the balance, if any, or the full amount if the guest is found to not be at fault. You can read more about guest responsibilities here.
Why does Turo charge security deposits?
Deposits make for a safer marketplace, higher vehicle satisfaction, and reduced costs that allow us to keep our costs to you low. Besides helping to keep costs down, they bring more hosts with more cars to our platform, which ultimately gives guests more choices when it comes to finding the best car for their trip.