Understanding the Security Deposit
What is the security deposit?
This is a financial bond that is provided to cover for damage to the vehicle. The amount is £2000 and will be requested on vehicle collection day. We conduct a pre-authorisation on a credit or debit card (no American Express or currency cash cards). We pre-authorise (swipe) your card for the amount. 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. Very rarely on non UK debit or credit cards it may look like the funds have been taken. This is not the case, it is a peculiarity of some non UK card issuers. A pre-authorisation does not take the funds from your account. It blocks the availability of these funds until the pre-authorisation is released.
What are situations that would create a charge to your security deposit?
- In the event of an accident or collision the insurance excess will be charged. This is £2000 unless a CDW insurance package has been purchased. A CDW will reduce the excess to £750 or £250 depending on package purchased
- Any damage to the vehicle that has occurred during your hire
- Any unpaid parking fines will be charged
- Vehicle not returned in same condition and interior cleanliness as provided on collection day
- Vehicle not refuelled sufficiently on return
- See section 19/20 in our terms and conditions for a comprehensive explanation
What is the Collision Damage Waiver?
The CDW is an additional insurance policy you can purchase from us prior to the commencement of your hire. The CDW will reduce the damage excess in the event of an accident to a reduced level. This can be £750 or £250 depending on policy purchased. The CDW is only valid for the first claim. If a subsequent accident or damage occurs then the standard excess of £2000 will apply. See section 19 on our terms and conditions for a comprehensive explanation.
How do I purchase the Collision Damage Waiver?
The CDW must be purchased before the hire commences. When making your booking select the appropriate collision damage waiver option from the Insurance and Risk tab on the options selector. 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.
Who provides the security deposit?
The security deposit must be provided by a driver of the vehicle. If you are not the driver we will not be able to accept your card.