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. If the damage is higher than the level of security deposit then any amounts above this threshold will be covered by the insurance policy. Some people think of the security deposit as like an excess amount on an insurance policy. It is very similar. Ultimately your financial exposure will be no more than the security deposit.
What are the levels of security deposit?
The standard policy has a security deposit of £1250 GBP. Prices of vehicle hire quoted include this level as standard. If you wish to reduce your financial risk, you can choose an optional insurance policy, called the insurance excess reduction. If you purchase this additional insurance it will reduce the security deposit level to £600 GBP.
How do I purchase the insurance excess reduction?
When making your booking select the insurance excess reduction option from the Insurance and Risk tab on the options selector. The price is based on the number of days of hire. If you have already made a booking and wish to add this insurance, you can visit your booking dashboard and add this option. Lastly, you can opt to purchase this additional insurance at the time you collect the vehicle.
How is the security deposit paid?
The most common and popular method is by providing a credit or debit card. We pre-authorise (swipe) your card for the amount agreed. As this is a swipe only, funds are not taken, they are only held in case we need to access them at a later date. For this to work there must be sufficient credit limit or funds in the account to support the level of security deposit.
Payment can also be by cash, which we will hold, until the vehicle is returned. The credit or debit card option however is preferred.