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What is the Security Deposit?
What is the Security Deposit?

Security Deposit?

Murray Macdonald avatar
Written by Murray Macdonald
Updated over a week ago

The security deposit serves as a financial safeguard. If you leave us, your security deposit will be deducted to settle any money owed to us. We will not use your deposit to settle any outstanding balance during the active period of your policy.

How does the Security Deposit work?

  • Your deposit is stored separately from your account balance under the "Wallet" throughout the effective policy period.

  • If you leave us, your deposit will be transferred to your account balance on the Home Screen.

  • You will be required to take a photo of your car’s odometer reading immediately after becoming uninsured.

  • We'll use the final odometer photo to calculate the correct mileage and finalize your account balance.

  • Once your odometer reading is verified, the final payment will be deducted from your balance.

  • If your ending balance is negative, you will need to pay the difference to bring it to $0. If your balance is positive, we will refund any money owed.

  • Your balance will then be settled at zero dollars, and your account will be considered closed. You can restart a new policy whenever you are ready or when it’s time to say goodbye.

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