In this article, you’ll learn how the security deposit works on Goboony, how it is collected and managed, how the amount is determined based on insurance, and how Travellers can reduce it.
The security deposit is paid by the Traveller before departure as a guarantee for potential damages or additional costs. It usually matches the insurance deductible, but Owners with private insurance can set their own amount.
Travellers can reduce their security deposit to £400 per claim with Rental Cover.
Goboony collects and holds the security deposit before the trip and releases it once all conditions are met. Security deposits must not be requested outside the platform unless explicitly permitted by insurance and approved by Goboony. In some cases, this may be possible, but it must be stated in your advert and confirmed with Goboony’s support team.
Below, you will find country-specific details about how security deposits are handled, including default amounts and special conditions that may apply.
United Kingdom ⌄
- If you use Goboony Insurance, the security deposit is £2500.
- If you have your own insurance, you can determine the security deposit amount yourself.
- If the Traveller is attending a festival, leaving the UK, or engaging in higher-risk activities, you may need to adjust the security deposit accordingly, as some insurers require this.
- It is not permitted to request a security deposit outside the platform unless explicitly allowed in your insurance policy. If this applies to you, please contact our Support Team and make sure this condition is clearly stated in your advert.
Germany ⌄
- If you use Goboony Insurance, the security deposit is €2000.
- If you have your own insurance, you can determine the security deposit amount yourself.
- It is not permitted to request a security deposit outside the platform unless explicitly allowed in your insurance policy. In such cases, you must contact Support and ensure this is clearly stated in your advert.
Netherlands ⌄
- If you use Goboony Insurance, the security deposit is €1250.
- If you use your own insurance, you can set the security deposit amount yourself.
- It is not permitted to request a security deposit outside the platform, and all security deposits must be processed through Goboony.
Italy ⌄
- If you use Goboony Insurance, the security deposit is €2000.
- If you have your own insurance, the security deposit corresponds to the deductible stated in your policy.
- In Italy, it is not permitted to request or collect the security deposit outside of Goboony. All security deposits must be processed through the platform.