Meaning of add‑on comprehensive motor vehicle or vessel insurance product
12C Meaning of add‑on comprehensive motor vehicle or vessel insurance product
An add‑on comprehensive motor vehicle or vessel insurance product is an add‑on insurance product that provides insurance cover (whether or not the cover is restricted):
to a consumer who:
wholly or partly owns a designated vehicle or vessel; or
has the use of a designated vehicle or vessel under a lease of at least 4 months’ duration; and
in respect of all of the following (whether or not the product also provides insurance cover in respect of other matters):
loss of, or damage to, the designated vehicle or vessel resulting from an accident;
loss of, or damage to, property of another person resulting from an accident in which the designated vehicle or vessel is involved;
loss of, or damage to, the designated vehicle or vessel caused by fire, theft or malicious acts;
but does not include an add‑on insurance product that is covered by section 12DW of the Act (about comprehensive motor vehicle insurance).
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