You often have questions about refundable deposits, so we will look at them more closely today. We will explain why we select them, what they are or how long it takes us to return them to you.
What are deposits for?
A refundable deposit is our insurance policy. We simply use this deposit so that in the event of any problem, we have nothing extra to pay for any co-payment in the event of an insured event, a difference in fuel in the tank or a fine, for example, for returning the car late.
What is the amount of the refundable deposit?
It depends on which insurance you choose. With basic insurance we collect a deposit of 5,000 CZK, with a premium it’s a 1,000 CZK deposit.
You may also be asking about the difference between the types of insurance. With the basic insurance, a minimum co-payment of 10,000 CZK will be waiting for you in the event of an insured event. The minimum co-payment with the premium insurance is 5,000 CZK.
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When will the deposit be transferred from the account?
The deposit will be transferred from your account as soon as the owner confirms your request in the application. Along with the deposit, the estimated rental amount, premium or standard insurance and optional liability insurance will also be paid. Nothing will be transferred from your card until an owner confirms the trip request.
On the contrary, if the owner confirms the rental and you do not have enough money on your card, the request will be cancelled within 24 hours. In this case, however, you have the whole day to resolve the situation. You can supply the necessary funds to the card or set higher limits on internet transactions.
When will the deposit be returned to you?
If the return of the car was successful, the refundable deposit will be automatically sent via the Braintree payment gateway within three working days. Then everything depends on the driver’s bank and its speed of crediting the payment back to the account. We cannot influence this part. By default, it is usually done by the next business day, but some banks take two or more days to credit.
It is important to say that the return of the deposit does not involve a payment transaction between the two banks, but between the bank and the payment gateway. For this reason, it is necessary to take into account that some deposits will arrive back to the driver’s account, for example, 7 working days from the successful completion of the loan. As mentioned before, we cannot influence this speed.
Can HoppyGo be the reason for the delay of the refund?
Under certain conditions, yes. If a problem occurs during or at the end of the loan, we have the right to withhold the deposit until it is successfully resolved. Then we return the remainder of the deposit using the standard procedure described in the above paragraph.
Is the deposit refunded in full amount?
Of course. If the rental was successful and the car was returned to the owner with the appropriate amount of fuel in the tank and no over-mileage has been driven, then the deposit will be refunded in the full amount paid.
In cases where the driver wishes to extend the rental, any damage is caused to the vehicle, or the car returns to the owner with less fuel than at the beginning of the rental, we will deduct the corresponding amount from the deposit. We will return the rest to you in the standard way. If the deposit is not enough to pay any additional payments, the system automatically calculates and deducts the difference in price from your card.
Do you have further questions about deposits and insurance? Take a look at our FAQ section or email us at info@hoppygo.com.
What is HoppyGo?
HoppyGo is a car sharing platform that connects those who want to rent a car occasionally with car owners who do not use their cars on a daily basis. Users can thus use cars that would otherwise be parked in parking lots. On the other hand, owners can solve the costs of owning a car in this way or secure a side income.
The platform includes over 1500 cars of all categories and brands. As a user, you have the opportunity to choose between luxury and affordable cars, sports cars, vans and camper vans, family cars or city cars. In short, you will find everything here.