What is the security deposit?
The security deposit is the magical money set aside to cover your rear should something go wrong. You decide how much this refundable deposit should be and collect that amount before allowing anyone to rent your RV.
The security deposit should cover any ancillary charges such as mileage overages, generator overages, cleaning fees, etc. It may also be used to cover interior damages while a renter is using your RV if Damage Protection was not purchased by the renter. In the event of a claim, it may be applied toward the renter’s deductible as well. If the security deposit doesn’t cover the ancillary charges or damages, Outdoorsy can assist in bringing these to resolution.
If you don’t already have a number in mind, we recommend charging somewhere between $500 and $1500 for the deposit. A higher deposit offers more protection, but be cautious about driving customers away. 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 it 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 “Collect Fees”. If you don’t do anything, the deposit money gets automatically returned to your renter seven days after the return of the rental.
All claims against the security deposit are subject to a 2.95% processing fee. For additional information on managing the security deposit please click here.
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, once all applicable fees are assessed, any remaining funds will be collected by Outdoorsy. The remainder will be applied toward the deductible based on the Protection Package the renter selected at the time of booking.
If a booking carries a $500 security deposit and there is a $100 cleaning fee and a $150 mileage overage, $250 will be paid to the owner and the remaining $250 will be collected by Outdoorsy. If the deductible for this booking was $1,500, this leaves a remaining balance of $1,250 (owed by the renter).
If the security deposit is released for any reason prior to the claim concluding, the renter will be responsible for the full deductible amount. The release of a security deposit does not represent the conclusion of a claim investigation, and any ancillary charges or deductible charges may still be pursued.