The security deposit serves as a financial safeguard. If you leave us, we'll use your security deposit to settle any money owed on your account. We won't touch your deposit to cover your balance while your policy is active.
How does the Security Deposit work?
Your deposit is stored separately from your account balance for the whole time your policy is active. If you're on pay-per-mile with automatic top-up, you'll see it under "Wallet" on your Home Screen. If you're on scheduled pay, you'll see it listed as your "Deposit" in your Billing section.
If you leave us, we'll use your deposit to settle whatever balance is left on your account.
If you have a per-mile policy, you'll need to take a photo of your car's odometer right after your policy ends. We use that photo to confirm your final mileage and work out what you owe. If you're on pay-per-mile top-up, that amount comes straight out of your balance. If you're on scheduled pay, we'll send you a final bill for it.
If you have an unlimited-mile policy, there's no odometer step. We work out your final balance as soon as your policy ends.
If your ending balance is negative, you'll need to pay the difference to bring it to $0. If it's positive, we'll refund what you're owed, including any deposit left over.
Once that's settled, your balance sits at $0 and your account is closed. You can start a new policy whenever you're ready, or whenever it's time to say goodbye.