Target Market Determination

Baarney Baaargain

We take a customer-centric approach to the design and distribution of our products to ensure they are suitable for the people who buy them. Read our Target Market Determination to learn more.

 

What is car hire excess insurance

ABOUT THIS DOCUMENT

This Target Market Determination (TMD) applies to Car Hire Excess products designed and distributed in the Australian market by Coffre-Fort Pty Ltd.

Coffre-Fort Pty Ltd has appointed Insurance Geeks Pty Ltd ABN 35 612 507 785 as its Authorised Representative to deal in car hire excess insurance products under its registered trading name “Car Hire Excess”.

This TMD was prepared on 18 September 2021 and is effective from 5 October 2021. It will apply to policies that are purchased on or after 5 October 2021.
 
This TMD provides customers and distributors with information about:

  • customers for whom this product is appropriate (being the target market);
  • customers for whom this product is not appropriate
  • any channels and distribution conditions
  • the reporting obligations
  • important information pertaining to the content of the document
  • the review period(s) and events which may trigger a review of the TMD
car hire excess security

The Overall Target Market

This Car Hire / Rental Vehicle Excess insurance is suitable for those aged between 21 and 75 years (inclusive), seeking cover for the excess; or damage or repair costs up to the excess limit specified on a rental vehicle agreement.
 
A qualifying Rental Vehicle is a car (coupe, convertible, hatchback, sedan, SUV, 4WD, utility, van), minibus, people mover, campervan, motorhome, or light commercial vehicle including moving trucks that are equal to or less than 4.5 tonnes.
 
The vehicle must be rented or loaned with a standard car drivers licence from a motor vehicle rental company, agency, not-at-fault car replacement centre or car share platform that has a commercial fleet of vehicles.
 
There are two main types of cover available under this insurance:
 
  1. Renting a vehicle in Australia (available regardless of country of residency):  Provides cover for Australians or overseas visitors hiring a car for travel within Australia only.
     
  2. Renting a vehicle Overseas: (available for Australian residents): provides cover for Australians planning to hire a car and drive overseas.

 
The product is designed to provide choices of cover based on the excess amount required from $4,000 up to $8,000.
 

Australias best road trips

Renting a vehicle in Australia

This insurance is only appropriate for individuals that meet all the conditions and eligibility requirements below.

  • The customer falls within the overall target market; and
  • Plans to travel within Australia only; and
  • Holds a current and valid drivers licence which meets the requirements and entitles you to rent and drive the Rental Vehicle in Australia; and
  • Is listed as a Nominated Driver on the Rental Vehicle Agreement

This insurance is NOT appropriate for individuals if any of the following conditions apply.
  • Customers that do not fall within the overall target market; or
  • Anyone planning to travel and drive overseas as part of their trip; (see Renting a vehicle overseas below); or
  • Anyone who has already picked up the Rental Vehicle when they buy this policy; or
  • Anyone renting or borrowing a vehicle from an individual or business whose primary commercial purpose is not motor vehicle rentals; or
  • Anyone looking to cover the insurance excess on an agreement or policy from a peer-to-peer car rental platform that doesn't have its own fleet of vehicles for example Turo, Car Next Door and Camplify.

 

Worlds best road trips

Renting a vehicle overseas

This international insurance is only appropriate for individuals that meet all the conditions and eligibility requirements below.

  • Customers fall within the overall target market; and
  • Australian residents for travel in a country other than Australia (excluding countries outlined as being restricted within the PDS); and
  • Hold a current and valid drivers licence which meets requirements and entitles you to rent the Rental Vehicle in the country you are travelling; and
  • Are a Nominated Driver on the on the Rental Vehicle Agreement

This international insurance is NOT appropriate for individuals if any of the following conditions apply.
  • Customers that do not fall within the overall target market; or
  • People planning to travel solely within Australia; or
  • Anyone who has already picked up the Rental Vehicle when they buy this policy; or
  • Anyone renting or borrowing a vehicle from an individual or business whose primary commercial purpose is not motor vehicle rentals; or
car hire excess collect data

Channel and Distribution Conditions

To allow us to offer you a lower premium, we keep our costs to a minimum by distributing our car hire / rental vehicle excess policies online and digitally (including via the website at carhireexcess.com.au and emailing [email protected]).
 
We primarily rely on our ability to communicate with you digitally so that you can buy and manage your policy with us online via email or using the online self-service policy manager at https://www.carhireexcess.com.au/policy-update/login.
 
Should you need to speak with someone, you can arrange a call back by emailing us.
 
All staff have been adequately trained in the products, the customer(s) they are intended for, and the underwriting criteria. We have structured our purchase path to ask questions and guide customers that fall within the target market to insurance products that are likely to meet their objectives.

 

car hire excess personal information

Reporting and Monitoring Obligations

We are required to report the following information to Lloyds, the insurer at the following times:

Information
Monitored

Reportable matters and events

Frequency

Complaints All complaints in relation to this product on a monthly basis. This will include written details of the complaints and any steps taken to address the complaint. Monthly
Sales Data Relevant sales and customer data in relation to this product on a monthly basis. Monthly
Claims Data Where relevant, claims data in relation to this product on a monthly basis. Monthly
Significant Dealings If there are any significant dealings that are inconsistent with the TMD, we will report it as soon as practicable after becoming aware of the matter, and no later than 10 business days. Within 10 business days

 

Online car hire rental

Important Information

The information in this TMD is general only and it is also not a full summary.
You will need to read the relevant Product Disclosure Statement (PDS) and any supplementary document(s) to understand the full extent of cover and other terms and limits that may apply.

This document is not intended to provide financial advice regarding coverage, nor does it form a part of the terms of cover. In addition to the key eligibility requirements outlined in this document, the product is also subject to acceptance criteria.

 

What we dont cover

Review of This Document

This policy will be reviewed regularly to ensure that it remains appropriate for customers and complies with the requirements under the Design and Distribution Obligations under Part 7.8A of the Corporations Act 2001 (Cth). The initial review will be conducted within 12 months of its first publication date. Then within 3 years of completion of the previous review thereafter.
 
In addition to scheduled reviews, there may be events that trigger a review.  If we determine that there has been an event or circumstance that reasonably suggests that this TMD needs to change, we will review the TMD within 10 business days.
 
Review triggers may include (but are not limited to):

  • material changes to the insurance terms;
  • adverse trends in policy and claims data, loss ratios, or complaints indicating the product is not performing as expected;
  • information received from and/or in relation to customers or distributors.
  • changes to our underwriting guidelines, acceptance criteria, pricing, or reinsurance requirements; and
  • feedback or policy from ASIC, AFCA, Code Governance Committee and/or other relevant bodies.  

 
Document Owner: Coffre-Fort Pty Ltd
Approved By: Coffre-Fort Chief Executive Officer
Last Updated: September 2021