Understanding the Security Deposit
What is the security deposit?
The security deposit covers the cost of any damage that has occurred to the vehicle whilst it has been on-hire. Should the damage exceed the level of security deposit then any amounts above this threshold will be covered by the insurance policy. Some people liken the security deposit to an excess amount on an insurance policy. Ultimately your financial exposure will be no more than the security deposit.
What are the levels of security deposit?
The standard insurance policy has a security deposit of £750 GBP. Prices of vehicle hire quoted include this level as standard.
How is the security deposit paid?
The security deposit is paid via credit or debit card, instant bank transfer or cash. The funds are taken and they are held in case we need to access them at a later date (Please see item 17.4 in our terms and conditions). For this to work there must be sufficient credit limit or funds in the account to support the level of security deposit.
When do I get my security deposit back?
Providing that the vehicle is returned on time, to the correct location, undamaged, with a clean interior, empty toilet cassette, full fuel tanks and no excess charges are due pursuant to clause 16 in our terms and conditions then the security deposit will be refunded to you within 21 working days from the vehicle return date.