How Does The Deposit Work When Hiring Out?

January 25, 2024 in About Hiring Out and Insurance & damage

If you’re considering hiring out your motorhome, you may be wondering how it works with the security deposit. Let’s break it down for you. 

How does the security deposit work?

When the travelling party hires a vehicle on Goboony, they’re obliged to pay a security deposit. This deposit is held in a third-party account on behalf of the owner of the vehicle, who has the right to claim evidenced repair costs in case any damage occurs to their vehicle during the hire. The deposit is only returned to the traveller when all of the conditions of the hire are met.

When is the deposit paid by the traveller? 

When you accept a booking request from a traveller on Goboony, they will be asked to pay a deposit along with their final instalment, typically around three weeks before the start of the booking. If the trip starts within three weeks, the traveller will pay the full hire fee and security deposit in one single instalment. 

How much is the security deposit? 

If you choose to hire out your vehicle on Goboony and opt for Goboony Day Insurance, the deposit paid by the traveller is set by default at £1000. This is the amount of the deductible that the traveller must pay per damage if damages occur.

If you choose to hire out your vehicle on Goboony and opt for an annual self-drive policy with an external insurance provider, the deposit and deductible paid by the traveller is set by yourself. In this case, the amount of the deposit must cover the excess on your policy. 

Learn more about insuring your motorhome for hire

When will the security deposit be returned to the traveller? 

The security deposit is held by Goboony in a third-party account until the booking is completed. Upon return of your vehicle, you as the vehicle owner can choose to release or hold the deposit up until 48 hours on the booking page. If damages to your vehicle have occurred during the trip, the funds to repair these damages will be released to you. 

Learn more about what happens if your motorhome is damaged during a hire.

Benefits of hiring out your motorhome on Goboony

-Hiring out on Goboony is free

-You decide how, to who and when you want to hire out 

-Hire out safely and with peace of mind by opting for our Goboony Day Insurance

-We provide support throughout the whole process

-We offer a secure third-party payment system

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