Insurance

DriveMyCar Rentals provides comprehensive Car insurance to Owners but, to be fully covered for all costs arising out of an accident, Owners may need commercial Compulsory Third-Party (CTP) insurance. Owners should ensure they have the correct type of CTP insurance.

1 June 2011

Dear Car Owners

STATEMENT OF ADVICE

 

RE: Comprehensive motor Insurance for Members of Drive My Car Rentals

We have pleasure confirming insurance cover for car owner members of Drive My Car Rentals. The comprehensive motor insurance policy includes cover for theft of insured vehicles by hirers. The insurance cover has been arranged and organised by Logan Insurance Brokers Pty Ltd. Insurance cover occurs from the date of commencement of a rental and continues until cancelled by the owner. A summary of the cover is detailed below.

 

CLASS: MOTOR FLEET INSURANCE FOR VEHICLES USE FOR HIRE
 
INSURED: Drive My Car Rentals Pty Ltd (ABN: 75 075 505 494) and named owner member on DMCR website and www.DriveMyFleet.com.au
 
BUSINESS: Hire of privately owned vehicles for members of drivemycarrentals.com.au + drivemyfleet.com.au.
 
FORM: Comprehensive Motor Insurance as per the insurers policy wording
 
INSURER: The insurer is approved by the Australian Prudential & Regulation Authority
 
INTEREST INSURED: 1. All vehicles (including fixtures, fittings and accessories therein or thereon) now or hereafter existing, owned, used or operated by the Insured or in which the Insured has an insurable interest or for which the Insured is responsible or has assumed responsibility.
  2. Third Party Property Damage $30,000,000
 
LIMITS OF LIABILITY: Section 1:
  Market Value at the time of loss or on vehicles under 12 months old and 40,000KM from date of original Registration, replacement value (including stamp duty and dealer delivery charges but excluding Government taxes) or lease payout to 24 months from original date of registration (excluding GST) at Insured’s option. Maximum Payout for any vehicle is $100,000
  Section 2:
  $30,000,000 any one occurrence or company standard
 
SITUATION: Anywhere within the Commonwealth of Australia
 
DEDUCTIBLE: 1. Units with market value below $30,000
HIRERS: Basic Excess $1,250 plus $500 for drivers age 18-24.
OWNER DRIVERS: $750 plus $500 for drivers age 18-24
  2. Units with market value below $50,000
HIRERS: Basic Excess $2,000
OWNER DRIVERS: $1,000
  3. Units with market value below $75,000
HIRERS: Basic Excess $5,000
OWNER DRIVERS: $3,000
  4. Units with market value below $100,000
HIRERS: Basic Excess $7,500
OWNER DRIVERS: $5,000
 
EXTENSIONS & CONDITIONS: The following Extensions & Conditions are included in the policy wording:
 
  • Automatic addition clause – Limit $100,000
  • Cars valued over $100,000 to be referred to the insurer by DMC
  • Theft by drivers/hirers is included
  • Claims Management is via VHI who have guarantee to finalised claims with 21 days if all paper work is received by them within 3 days
  • Clean up costs following an accident involving and insured vehicle included up to $25,000 limit
  • Car Owner can choose their own repairer

In arranging this cover we charge a fee to Drive My Car Rentals for the administration of the motor fleet policy which includes managing enquiries and claims. We do not receive commissions from the insurer. However we may receive a profit share if the annual loss ratio meets the insurer’s underwriting profit criteria.

In the event of a claim please visit the website and complete the online claim form. It is important to notify us immediately of any claim. Once we received the online claim form we will act upon it within 24 hours.

Our Financial Services Guide is supplied to each member when joining DMC. It is also available on these websites www.drivemycarrentals.com.au&www.drivemyfleet.com.au and www.loganinsurance.com.au

Finally, if you have any queries please email broker@loganinsurance.com.au.

 

Yours truly,

Logan Insurance Brokers Pty Ltd

 

Andrew Logan

Principal & Director