Otherwise known as the security deposit, most PCO car hire companies require the drivers to pay a significant amount in the form of security, ensuring that the vehicle is taken care of. Although you might already know the basics of security deposits. To make it more understandable, we have created a complete guide on how to hire a PCO car with no deposit. Read on to learn!
What Is a Security Deposit?
A car hire deposit is an amount given to a private hire company as security when renting a PCO car. A standard deposit is divided into two parts:
1- Insurance Excess: It is the amount that is held in case your PCO car is stolen or damaged, or you have a PCN in your name. Note that the insurance excess varies significantly depending on the location and vehicle type.
2- Fuel Deposit: Every private car hire company has a strict full fuel policy. This means that when you are renting your PCO car, you will have to make a deposit for a full fuel tank. However, the amount is refunded when your return the PCO car.
In simpler words, the security deposit fee is a way of giving the PCO driver ownership of the vehicle as they will be held responsible for any kind of damages. The cost of the damages will then be compensated from the deposit.
Countries that Support No Security Deposit PCO Car Rentals
Do you want to know if your country supports the “No security deposit PCO car rental plans”? We have compiled a list of countries that support the zero-deposit plan:
- The UK
Solutions for those Who Cannot Afford Security Deposit
The security deposit fee can be a nightmare for every new PCO driver, especially if you are a student who simply opted for this as a part-time job. For instance, imagine that you are in your junior year and want to drive a PCO car in order to meet your daily expenses. With an idea in your mind, the motivated you to visit a private hire company only to know that they cannot afford the £500 security deposit fee, ending your career even before it began. Note that this is the minim deposit fee for most companies and might vary depending on the model and make of your car.
So, what should a person do in such a situation? To help you in getting an affordable PCO car rental plan, we have figured out two simple solutions:
- The easiest way out is to ask the private car hire company if they have a zero-deposit plan or not. Although not all companies might not support it, some of them do. So, instead of standing still and being disheartened, gather some courage and communicate your needs to the PCO car rental service providers.
- On the flip side, if you are okay with paying the deposit fee but have budget limitations. In such a case, request the private car hire company grant you the permission to pay the exact value of the security deposit divided in the form of monthly or weekly instalments.
Although the first option is both better and cheaper, you might not be able to find it in all countries. Therefore, talk to professionals as they can help you in making the right decision.
Refunded and Accepted Security Deposit
Whether you keep the security deposit amount on your debit or credit card completely depends on the terms and conditions of the private car hire company. Therefore, before signing any documentation, make sure you have read and understood the conditions. Once the papers are signed, you and only you will be responsible for whatever happens. Moreover, even today, there are some PCO car hire companies that take the deposit in cash, relieving you of the need to keep the amount safe.
You didn’t receive the full deposit fee? Well, ask yourself the following questions:
- Was the PCO car’s fuel tank full when you returned it? If not, the company has probably subtracted the cost of fuel.
- Was your PCO car damaged? The company has taken out the fixation cost.
- Did you postpone or miss any rental fees?
- Is there a PCN in your name?
How to Hire a PCO Car with No Deposit?
To hire a PCO car with zero-deposit, all you need to do is visit the private car hire company’s website and search for the keyword “No security deposit.” The results will show you if the company offers no-deposit plans or not.
However, according to professionals, private car hire companies that offer no-deposit plans usually compensate the cost by substituting it in the form of a higher monthly/weekly rental fee. Even though it might seem unfair at first, the good thing is that you will no longer be stressed about keeping the security deposit safely in your account until you return the PCO car. Furthermore, the liability would be less as you will have already paid sufficiently for all harms and damages to the PCO car.
Wrapping It Up!
Renting a PCO car is one of the easiest ways to earn a lucrative income. However, most of the time, some standard policies of a private hire company can confuse and scare off want-to-be PCO drivers. In fact, these people are confused not because it’s a lot to take in but because they cannot afford the expense that comes alongside signing the PCO car rental plan. Therefore, to make fix this issue, private hire companies such as G&M Direct Hire have come up with zero-or-low security deposit plans.