If the vehicle is damaged while in your possession, in the first instance the car rental company will inspect the vehicle to estimate the damage repair cost and will charge your credit card up to but not exceeding your rental vehicle excess value outlined in your rental agreement.
Then, once the damage has been assessed and repaired, the car rental company will either debit your credit card for any additional cost above the estimate (up to your rental vehicle excess value) or credit the difference between the estimate and actual repair cost.
Once the final cost has been charged, the car rental company will provide you with a tax invoice for the assessed amount.
Note, each car rental company has damage exclusions that are excluded from the capped rental vehicle excess liability outlined in your rental agreement. Damage exclusions vary for each car rental company. Where damage occurs as a result of a damage exclusion, the full repair cost may be charged.