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Enthusiast TMD

Last updated 31st July 2021

Target Market Determination

This Target Market Determination (TMD) provides customers, and all persons involved in the distribution of the product with the appropriate information to understand who this product has been designed for and the approach to determining that the product is likely to be consistent with the objectives, financial situations and needs of our target customers.

Enthusiast Underwriting Pty Ltd, ABN 35 142 206 746; Australian Financial Services Licence (AFSL) 396716, is the distributor for the products that are the subject of this TMD.  The insurer for the products is Assetinsure Pty Ltd an APRA-authorised general insurance product issuer which holds AFSL number 488403 with authorisation to issue general insurance products to retail consumers.

The products provide insurance protection for a range of vehicles from brand new to vintage, historic motor trucks & other historic motor vehicles and motorcycles, that are driven for low kilometres/ miles annually. Vehicles may be driven rarely, less often or daily up to the Nominated Annual distance driven chosen by the insured with the estimated distance driven impacting the premium. We do not insure vehicles that exceed 15,000 kilometres annually, unless we have agreed to this in writing. We do not insure drivers that have not been declared to us and or are not named /listed as driver against the vehicle appearing on the Policy Schedule.

This TMD sets out the target market for:

  • Comprehensive Cover; and
  • Third Party Property Damage Cover.

Distribution of this product

This product is only authorised for distribution by Enthusiast Underwriting Pty Ltd via:

Enthusiast is obligated to steps that will, or are reasonably likely to, result in distribution being consistent with this TMD.

The distribution of the product may involve Enthusiast dealing with a licensed broker on behalf of a customer.

The Enthusiast employees have been trained to understand the market this product has been designed for and possess knowledge relevant to the underwriting acceptance criteria.

Risk-based decisions are made to determine the acceptance criteria for insurance cover that may be offered to a customer.  Distribution of the products is restricted to customers that meet the underwriting acceptance criteria which makes it likely that consumers that purchase the product are in the target market.  Key acceptance criteria are:

  • Declared Drivers only must be legally licensed to drive within Australia;
  • The claims, traffic and criminal history of all Declared Drivers;
  • The age of the Declared Drivers;
  • The Nominated Annual Distance Driven selected and the use purpose of the vehicle;
  • The make/model and value of the vehicle;
  • The age and condition of the vehicle and any modifications fitted to the vehicle;
  • The location address where the vehicle is to be stored daytime or overnight;
  • How the vehicle is stored at the location address daytime or overnight.

Reviewing this document

This TMD shall be reviewed within 1 year from the effective date shown herein to ensure it remains appropriate.  The TMD shall be reviewed within each 2 year period after that.

This TMD will also be reviewed within 10 days of becoming aware that an event or circumstance (review trigger) has occurred that reasonably suggests that the TMD is no longer appropriate, such as:

  • A material change is made to the cover provided by the product;
  • A change in acceptance criteria impacting the suitability of the product for the target market;
  • A material change to the distribution of the product;
  • The discovery of a relevant and material deficiency in the product’s disclosure documentation;
  • Systemic complaints and claims issues which indicate that the product is no longer suitable for the target market;
  • Material and relevant reductions in our key product suitability metrics such as:
    • Client satisfaction,
    • Product acceptance,
    • Financial performance,
    • Benefits to clients,
    • Product value and affordability;
  • The identification of a significant dealing.

Reporting

All complaints received about the products must be reported to the insurer within 10 business days of the end of a calendar quarter, if not already provided.  The reporting shall include all information necessary for a full understanding of the underlying cause and resolution of each complaint.

Enthusiast is required to provide periodic and incident-based reporting on key metrics (refer “Reviewing this document”) to allow this TMD to be reviewed.  The periodic reporting shall be provided quarterly.

Where Enthusiast becomes aware of a significant dealing in a product that is not consistent with this TMD, they must notify Assetinsure as soon as practicable, and within 10 business days of becoming aware of such dealing.

Record keeping

Parties involved in the design and distribution of the products must maintain records of the reasonable steps taken to ensure that the products are distributed in a manner consistent with this TMD.  This shall include preparing and maintaining complete and accurate records of decisions, and the reasons for those decisions, in relation to, as appropriate:

  • All determinations made in identifying the target markets for the products;
  • Identifying and tracking review triggers,
  • The conduct of reviews of the TMD; and
  • All data and analysis required to be reported under this TMD.

Target Market

Comprehensive cover

The Comprehensive cover insurance product has been designed for people who want to be covered against financial loss caused by an incident involving their vehicle and are willing to select an appropriate level of cover relevant to their own circumstances.

This product is suitable for people who:
  • Own or drive a car/vehicle, for Private/Restricted-Historic/Laid Up/Business use – rarely or less often. Requiring cover for an Agreed Value sum insured, Own Loss or Damage to their vehicle, with the choice of their own repairer.
  • Are seeking coverage that provides a competitive premium for rarely or less often driven vehicles, nominated annual distance driven usage and Named/Listed drivers.
  • Have vehicles that are 15 years or more in age that wish to purchase Salvage Rights benefits (refer PDS for more information).
  • Have rarely or less often driven brand new to vintage -cars/vehicles, classics, collectibles, family memento’s, Grey or Private Imported, Historic vehicles, Motorcycles, Modified, Sunday Driver or 4WD vehicles.
  • Want policy benefits or options and the ability to customise coverage to suit their needs.
  • Have vehicles in restoration/storage that are a short term or long term project or vehicles that are unregistered and not driven, for which we offer Laid Up Cover (refer PDS for more information).
This product is not suitable for:
  • Vehicles that are parked on the street, as this product does not provide cover for vehicles that are street parked overnight at the usual residence.
  • People who drive their vehicle daily for Private or Business Use.
  • People who are not licensed to drive/operate a vehicle in Australia.
  • People that are not able to list all drivers that they want covered, as the product does not cover unnamed or unlisted drivers. (refer PDS for more information)
  • Business use vehicles, driven daily that are used for hire, fare or reward (refer PDS for more information) or are part of stock in trade or consignment.
  • Motorcycles ridden more than 8,000 kilometres per year, not parked within a secured garage or home, ridden by persons under the age of 30 years and/or are not licensed to ride a motorcycle.
  • Vehicles that are driven above 15,000kms annually.
  • Caravans, campervans, delivery vehicles, courtesy cars, autonomous driving vehicles, taxi’s or chauffer driven vehicles.
  • Any motor vehicle/s driven outside of Australia.
  • Vehicles used/driven unlawfully, not modified legally or are in an usafe or unroadworthy condition.

Comprehensive Motor Insurance cover is subject to acceptance criteria determined by Enthusiast Underwriting Pty Ltd.

Third Party Property Damage Cover

The Third Party Property Damage cover insurance product has been designed for people who want to be covered against financial loss having caused damage to other people’s property, not their own and are willing to select an appropriately restricted level of cover relevant to their own circumstances.

This product is suitable for people who:
  • Are looking for coverage for financial loss protection, having caused damage to other people’s property and not their own vehicle.
  • Own a vehicle used for private usage primarily used on road, seeking a reduced/limited cover, to suit their financial needs.
  • Do not need cover for fire, theft loss or own damage caused to their vehicle.
  • Require cover for cleaning up costs and removal of any debris, having caused damage to other people’s property.
This product is not suitable for:
  • People that are not able to list all drivers that they want covered, as we do not cover unnamed or unlisted drivers (refer PDS for more information).
  • Persons requiring cover for fire, theft, loss or damage caused to their own vehicle.
  • Vehicles that are under security for a financial product, such as a secured personal loan, car loan.
  • Vehicles that are driven above 15,000kms annually.

Third Party Property Damage Cover is subject to acceptance criteria determined by Enthusiast Underwriting Pty Ltd.

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