What is the one-time deposit?
Some older Goodcover policies—typically those with a policy number beginning with K—include a one-time membership deposit. Learn why it was collected and how it is applied or refunded.
This information mainly applies to customers who joined Goodcover some years ago.
Check whether your policy number starts with K
If your policy number begins with K, your first statement likely includes a one-time deposit. The deposit may also be listed as a membership deposit.
The one-time deposit is equal to the monthly premium quoted for the month when it was collected.
What happens to the deposit?
Goodcover applies the deposit toward your final monthly bill. If you cancel the policy before its end date, Goodcover refunds the deposit.
Because the money is later applied to a bill or refunded, the membership deposit is separate from the policy and installment fees that may apply to a policy.
Why was the deposit collected?
The deposit helps protect against a lapse in coverage if a monthly payment fails—for example, because the payment card on file has expired.
Frequently asked questions
How do I know whether my policy has a one-time deposit?
Check your policy number and first statement. If you joined Goodcover some years ago and your policy number starts with K, your first statement likely includes a one-time deposit.
How much is the one-time deposit?
The one-time deposit is equal to the monthly premium quote for the month when it was collected.
What happens to the deposit at the end of my policy?
Goodcover applies the deposit toward your final monthly bill. If you cancel the policy before its end date, Goodcover refunds the deposit.
Why did Goodcover collect a one-time deposit?
The deposit helps prevent a lapse in coverage if a monthly payment fails, such as when a payment card has expired.