An “excess and bond” are also known as the “deductible and security deposit”.
An excess/deductible is the amount you are liable for in case of any damages to the vehicle, the liability amount could increase over and above this figure if damages caused are excluded by the supplier’s policy.
A bond/security deposit is the amount the supplier will hold/authorise from your credit card.
There are several ways the rental company may collect the bond or security deposit from you. The most common way is to collect an amount of around $100-500 as a bond/deposit. They will hold or “freeze” this amount on your credit card/Account. The excess or deductible is usually anywhere from $1000 to $2500 and can be collected in the same way the bond is collected.
Some rental companies will only take an imprint of your credit card and keep it on file until you bring back the vehicle undamaged. While others may deduct this amount from your credit card. They generally will do this to encourage you to take one of their insurance policies by charging you a daily amount to reduce your excess.
It is also possible for you to cover yourself by taking excess cover online. The advantage here is that the policy covers the policy holder, not just for a single rental company. So you are covered no matter which rental company you hire a vehicle from.
If you have a third party cover such as DriveEasy, you will be fully covered for the excess of the vehicle. If you were involved in an accident, simply submit a reimbursement claim form showing the receipt/invoice of the amount you were charged for damages to your vehicle and you will be refunded up to the amount of your policy.