The security deposit is the magical money set aside to cover your rear should something go wrong. You decide how much this deposit should be and authorize that amount before allowing anyone to rent your RV.
Note. You may see that the security deposit is authorized more than once because some credit cards providers release their holds after 7 days while others release holds after 30 days. The security deposit gets auto-released by the system, however it automatically reauthorizes the security deposit immediately; and it continues to do that to ensure you have a security deposit. Meaning you may see an authorization charge, and then the Credit Card company releases it, and our system will reauthorize it.
The security deposit is NOT intended to cover any ancillary charges such as mileage overages, generator overages, cleaning fees. Those should be charged to the customer's credit card directly by clicking MAKE PAYMENT on the reservation.
The primary use for Security Deposits is to cover Insurance Deductibles. It can also be reserved for damages, repair costs, and interior damages.
If you don’t already have a number in mind, we recommend setting your Security Deposit amounts to match your vehicles deductible (2% of your vehicle's value) with a minimum of $500, and though the max deductible is $1500 this is open to exceed where you feel comfortable. A higher deposit offers more protection, but be cautious about driving customers away with excessively high Security Deposits, we see anything above $2,000 significantly reduces renter conversion. Consider the value of your vehicle: If you have a Class A luxury RV, you may want to charge a higher deposit than if you have a pop-up trailer.
How does the security deposit work?
If your RV is returned and you need to dip into some or all of the deposit, be sure to claim that money within 7 days. You can manage this from your dashboard by selecting the reservation details and clicking “Manage Deposit”.
If you don’t do anything, the deposit money gets automatically released to your renter seven days after the return date on the reservation.
What does the security deposit cover?
The security deposit covers any damage caused by the renter or renter’s party which is not covered by the Outdoorsy/Wheelbase insurance program.
This includes but is not limited to:
Interior damage, such as broken cabinets or interior scratches
Awning damage if awning use was not authorized by the owner in the rental contract.
Damage due to illegal activities of any kind
Missing items that were provided at the beginning of the rental
Towing and repairs, during the rental that are not covered by insurance or roadside assistance
Your insurance deductible
How do I manage the security deposit?
Above all, it’s important to be communicative and transparent with your renter so they know exactly what’s happening with their deposit. Here are your options:
Hold the entire security deposit — This gives you time to estimate the charges needed upon return. A hold re-runs the authorization until you take additional action.
Claim the entire security deposit — A claim turns the deposit authorization into a charge, and you will be paid out the entire deposit amount, minus processing fees.
Release part of the security deposit - Allows you to release part of the deposit, a box will appear for you to enter the desired released amount. Once you select release part of security deposit, that will be released to the renter and they will then be charged for the difference. Keep in mind that you will not be able to further manage the deposit after this action is taken.
Release the Entire Security Deposit - The entire deposit is released to customer immediately, without waiting for the 7 day period to expire.
If there are variable add-ons costs or fees that need to be charged once your renter returns, follow the steps below:
Go to the reservation page on your dashboard
Select the applicable reservation
Add the add-ons/line items to the reservation & SAVE
Click MAKE PAYMENT on the reservation and charge the customer's credit card
What if I need to charge more than the security deposit covers?
You’ll need documentation of all the additional charges, including the signed RV Return Form. Go to your dashboard and select “Manage Deposit” on the specific booking to claim the full security deposit. Then charge the Renter directly for the amount due over deposit with the "Make payment" button.
How does the security deposit apply to the deductible?
We know that the difference between the security deposit and deductible can be confusing, and we are here to help.
In the event of a covered damage claim:
claim the security deposit amount needed to cover the insurance deductible.
When the claim is settled by the insurance claims team, the payout to your bank will be for the settlement amount minus your deductible.
The amount you claimed from the security deposit covers the deductible amount, combined with the claim payout with the deductible withheld, you will have the total claim settlement amount.
A vehicle has a $1,000 deductible based on its replacement value
The security deposit on that vehicle & reservation is $1,250
The total damage & claim amount is $3,000
You claim $1,000 from Security Deposit
The payout from the insurance claim is $2,000 (claim amount minus your deductible)
The Sec. Deposit claimed amount + the insurance payout = $3,000 for the repairs
Please note: If the security deposit is released for any reason prior to the claim concluding, Wheelbase User will still be responsible for the full deductible amount. The release of a security deposit does not represent the conclusion of an insurance claim investigation, and any ancillary charges or deductible charges may still be pursued.