DrivingRental CarsUnderstanding Rental Car Deposits
Rental Car from Go Car Rental driving on a gravel road in Iceland
Go Car Rental Iceland travel writer Leah BIlquist
By Leah BIlquistNov 29, 2023 • 5 min read

Understanding Rental Car Deposits

Seeing a car rental deposit hit your credit card can cause a sense of panic. Especially if you were not prepared for that money to be taken out.

Every rental car company is different; most require a deposit when reserving your Iceland rental car. So is a car rental without a deposit possible in Iceland? Our short guide will tell you everything you need to know!

What is a Car Rental Deposit?

When renting a car, a car deposit acts as a security deposit. This is what a rental car company holds on your card. The deposit is not processed for a refund until the rental car is returned safely.

Car rental deposits are used as a security measure. If you damage the rental car you will need to pay the cost. Some of the money will be taken from the deposit, depending on how much the damage is.

How Long Does a Deposit Hold Last?

The average time it takes for a hold to come back onto your credit card is between 10 and 20 business days. That means your available credit will be less until the hold comes back off.

This can cause issues for those who do not have a high limit on their Credit Card. We recommend finding a low-deposit car rental or a car rental with no deposit required.

The hold usually goes on your Credit Card as a pending charge. Debits Cards are different since the money will come out immediately.

Using a Debit Card is not a good idea if you are renting with a company that takes a deposit. It can take weeks or even months for the money to come back onto your card.

Deposit Policy at Go Car Rental

Good news for all of our renters! We do not take any deposits from our clients when renting a car.

However, we do need to see a valid credit card when you arrive. We will take a copy of the credit card as a guarantee in case anything happens.

Don’t have a credit card? No worries. We do have an option for our Debit Card Renters. All you have to do is reserve the Premium or Premium Plus package.

Premium Package

This package has extra protection. The package includes Excess Liability insurance, Unlimited Mileage, Collision Damage Waiver, Theft Protection, Super Collision Damage Waiver, Gravel Protection, and Zero Excess.

Some other perks you will also be able to take advantage of after-hours pickup. A fantastic option for those arriving in Iceland late.

Premium Plus Package

This package includes a bit more than our Premium Package. This includes Excess Liability Insurance, Unlimited Mileage, Collision Damage Waiver, Theft Protection, Super Collision Damage Waiver, Gravel Protection, Sand & Ash Protection, and Tire Insurance.

You also get late pickup with this package. Another great perk is that you can add an additional driver to your reservation for free!

Did we also mention the whole car gets free WiFi? So feel free to download, stream and research everything you want during your Iceland road trip!

Rental Vehicles

Now that you know about our deposit policy it is time to reserve your rental vehicle. We have a variety of vehicle types for you to enjoy. Here is a brief overview.

The Suzuki Jimny 4x4 SUV rental car driving in iceland

Small Economy

If you're taking a solo journey around Iceland, or traveling in a small group, our Small Economy rental cars are the way to go.

These compact rides are smaller than some of the other vehicles. But that just means they're super comfy!

One of the top reasons travelers rent standard vehicles is because of their fuel-efficient engines. This simply means you will be spending less on gas than you would be driving other vehicles.

Want to know more? We have a guide dedicated to our Standard Cars.

Midsize & Family

Traveling to Iceland with 2 to 4 of your favorite people? Our midsize rental cars might just be the perfect pick for your crew. These cars are a bit bigger than our regular ones, so there's plenty of space for everyone.

Plus, if you're venturing out to Iceland's remote areas, you'll be excited to know that these cars can handle plenty of luggage, thanks to the trunk space.

These vehicles are roomier than our Standard Vehicles. Which makes them ideal for over-packers or those bringing a lot of hiking or biking gear.

4x4 SUV

Our 4x4 SUVs vehicles are the most popular rental car choice in Iceland. These vehicles can handle all types of weather, rough roads and so much more.

They are also very comfortable when traveling in small groups.

Want to hike in Iceland’s Highlands or visit Krossneslaug, an isolated hot spring? You can! Just make sure you rent a 4X4 vehicle. They are the only vehicle type allowed on Iceland’s exciting F-Roads.

We put together a guide on our SUVs, so you can choose one with ease.

Minivan

Traveling with a big group? Need extra space? Rent one of our large and in-charge Minivans.

These vehicles are a wonderful choice for families, large groups of friends and so much more. They can fit up to 9 passengers, so everyone is invited. You can even add on a car seat if you need one.

Minivans not only have extra room for people but also for luggage. If you have a lot of camping gear or photography equipment, consider one of our MInivans.

Access remote camping locations to spend your night under the Iceland Sky. All you have to do is rent the Volkswagen Caravelle, which is an AWD Minivan allowed on F-Roads.

Conclusion

We hope that this guide eases your mind when renting with Go Car Rental. The last thing we want is to put a hold on your card at the rental counter.

4x4 suv rental car driving on volcanic mountain in iceland

Frequently Asked Questions

What do you need to know about renting a car in Iceland?

You need to know the route you are driving before picking your rental car. That will determine what type of car and insurance you need for your trip.

What is the deposit for most rental cars?

This can vary per country. But most deposits range from $400-$1.000 per rental. This can sometimes go up to $3,000 depending on how expensive your rental car is.

Should I get gravel protection in Iceland?

Yes, we think Gravel Protection is necessary when traveling to Iceland. We even put together a complete guide for you about it.

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