Loss and Damage Cover

Terms & Conditions

Applicants must be aged between 23-75 years.
Applicants must hold a full AU license for at least 2 years.
Applicants must have proof of a minimum of 1500 rideshare trips completed.
Applicants must not have more than 2 at-fault accidents in the last 3 years and must provide evidence of this.
Applicants must not have more than 3 non-fault accidents in the last 3 years.
Applicants must not have lost more than 2 demerit points in the last year and must provide evidence of this.
Applicants must not have been disqualified from driving in the last 2 years.
Applicants must provide valid proof of identity and address.
Additional drivers are permitted on the policy, provided they meet the same criteria as the primary driver.

This is not insurance – it is Splend's Loss and Damage Cover, whereby we indemnify our customers for any loss of, and damage to, the vehicle, during the Term. We also indemnify the customer for all property damage arising out of the use of the vehicle, up to a maximum of $10m, during the Term. Our Loss and Damage Cover is optional. However, if you do not take out our Loss and Damage Cover, you will be required to take out comprehensive rideshare insurance in accordance with the terms of the Flexi-Own 2.0 Agreement. You will also be liable for the Splend Management Fee.
However, the cover is subject to various exclusions, similar to similar loss and damage product offered by rental car companies, such as:
- Where you have driven the vehicle under the influence of alcohol or drugs, or where the damage to the vehicle was occasioned by a breach of road rules
Customers should check the terms of the Flexi-Own 2.0 Agreement to check the exclusions and to consider whether the Loss and Damage Cover is right for them

The Loss and Damage Cover is also subject to various rules, such as the requirement to notify Splend of any accident within 24 hours. Again, these requirements are clearly set out in the Flexi-Own 2.0 Agreement and Splend’s customer service team is also happy to help.
The Loss and Damage Cover comprises the following costs:
- Loss and Damage Payment
  - This is a weekly payment and represents the “cost” of the coverage / indemnification we provide in the event of an accident or other loss
- Loss and Damage Waiver
  - This payment is $1,500 and is required for Splend to waive its rights to seek recovery from the customer in the event of damage or loss (subject to the terms and conditions of the Flexi-Own 2.0 Agreement) so that the customer can get the vehicle back on the road as soon as possible because Splend will handle the rest
- Loss and Damage Waiver Reduction Fee
  - Optional weekly payment, payable by the customer to Splend, which reduces the Loss and Damage Waiver payable by the event of an Accident or damage to the vehicle

The insurance quote must be submitted within 14 days from the date it was generated.
Quote must be for 1000 kilometers or greater per week of vehicle usage (52,000 per year)
The quote must be for a like-for-like vehicle insurance comparison, including vehicle model, variant, odometer reading and age.
Highest comprehensive insurance option must be selected where applicable.
Hire car option must be selected "Yes" on insurance quote.
Roadside assistance option must be selected "Yes" on insurance quote.
The quote must specify that the vehicle is used for 100% commercial / rideshare purposes.
The quote must confirm that the vehicle is garaged or parked at the applicant's residential address.
The quoted excess must be $1,500 or less.
The quoted insurance premium amount must be as a monthly value.

The insurance provider must be based in Australia and hold an Australian Financial Services License (AFSL).
Cannot be a Discretionary Mutual Fund

The Insurance Price beat guarantee applies only to new vehicle's on Splend's Flexi Own Plans. It does not apply to pre-owned Flexi Own Plans.
This discount is subject to verification of the competing insurance quote and approval by Splend.
The discount applies to the weekly insurance rate and is valid for a period of 52 weeks from the activation date.
Total discount amount is capped at $1500 per annum.
Upon the completion of 52 weeks, the rate will revert to the standard insurance rate unless a new qualifying quote is submitted and approved.
Price beat discount will only apply the vehicle which it has been approved for, meaning exchange, replacement, temporary or upgrade vehicles will not have the price beat discount applied.

For continued eligibility beyond the initial 52 weeks, a new quote meeting the criteria must be submitted for review and approval. Renewal of the discount is not automatic and is subject to approval.
Renewal must be submitted 4 weeks prior to the original 52 week expiry.

_{For further information, please refer to}_{Splend's Terms}_.