Loopit Damage Cover – Product Overview (Australia Only)

Loopit Damage Cover is a fully integrated, CGU-underwritten protection product tailored specifically for the unique needs of car subscription and rental businesses. Unlike traditional fleet insurance, Loopit Damage Cover is purpose-built for usage-based billing models and automatically applies cover only on the days a vehicle is actively subscribed.

Important: Loopit Damage Cover is currently only available in Australia. For other markets, please contact our sales team to explore regional solutions.

Why Loopit Damage Cover?

As subscription and rental models become more common, the traditional insurance market has struggled to keep pace. Loopit Damage Cover was developed in direct response to the needs of operators looking for flexible, scalable protection that aligns with how modern fleets are used and monetised.

• Only pay for the days vehicles are subscribed

• No manual reconciliation or reporting required

• Backed by CGU Insurance

• Integrated with Loopit billing and operations

This is another example of Loopit supporting the infrastructure needed for the car subscription industry to grow—delivering smarter, more adaptive products that remove operational friction and lower barriers to entry.

Fees

• Monthly Damage Cover Fee: A recurring fee charged per vehicle, per month. This fee is pro-rated daily according to actual usage within the month and will appear on your regular Loopit billing.

• Annual Fee: A non-refundable yearly fee of $1,200 is charged per customer for access to the Damage Cover product. This fee is invoiced in advance and covers the 12-month access period.

Important: Coverage is only valid once the annual access fee is paid. Non-payment will result in no cover being active.

Cancellation:

We reserve the right to cancel the policy with 14 days’ notice for any reason. If we choose to cancel the policy, we will apply a pro-rata credit for the annual access fee.

Excess

Basic Excess: A $5,000 excess applies per loss, per vehicle. This is payable in the event of any valid claim.

General Policy Conditions

Drivers

• No cover for drivers under 21

• No cover for Learner (L) or Provisional P1 licence holders

• No cover for vehicles used on Ridershare platforms

Rentals/Subscriptions

• No cover for vehicles rented via Peer-to-Peer (P2P) platforms

• Cash rentals are not covered

• Credit card rentals must be authorised prior to vehicle handover. The cardholder must match the renter or co-renter.

Identification Requirements

In the event of a theft claim, cover may be denied if the subscriber/renter’s identity was not verified with:

• A valid driver’s licence or passport (with photo), and

• One additional form of ID (credit card, Medicare card, or other photo ID)

Eligible Vehicle Categories

Damage Cover is available for the following types of vehicles only that have a value of $75,000 or less:

• Passenger – Electric vehicles

• Passenger – Standard vehicles

• Passenger – People movers

• Passenger – SUV

The following vehicles are excluded from cover:

• Exotic vehicles, American muscle cars

• Buses, trucks, prime movers, semitrailers, B-doubles, road trains

• Plant & machinery

Please notify us immediately if you wish to cover a vehicle in the Prestige or Sports categories, as specific terms may apply.

For fleet additions greater than $75,000 in value, please contact us for a quote.

Cover for your vehicle

Damage Cover provides indemnity for loss or damage to your vehicle within Australia. The maximum that is covered in respect for any one loss or all losses arising from one event is $1,000,000, less any applicable excess. Loopit or its insurer may choose to:

• Repair the vehicle

• Replace the vehicle

• Pay the agreed sum insured

Special note: If the vehicle's GVM exceeds 4.5 tonnes and the Sum covered is less than 80% of its market value, a proportional settlement may apply.

Exclusions

Specific exclusions (Vehicle Cover)

Damage Cover will not apply to:

• Tyre damage due to braking, punctures, cuts or bursts

• Further damage after a loss if vehicle wasn’t secured

• Vehicles covered for third-party only

• Wear and tear, rust, or mechanical/electrical failures

• Theft by renters where ID verification steps were not followed

• Design or specification faults

• Third-party injury or property damage (covered under next section)

Specific Exclusions (Liability)

Liability cover will not apply if:

• The vehicle is used as a Tool of Trade

• The incident is caused by pollution or waste discharge

• The damaged property is in your custody/control (unless under $100,000 and not owned by you)

• The claim involves fines or penalties

• The incident involves compulsory third party (CTP) insurance events

• The injury/death is to the driver, your employee, or family member

• The vehicle is registered in the Northern Territory

• The vehicle is not registered for use on a public road

General Exclusions (All Use)

No cover will apply if:

• The driver is under the influence of drugs or alcohol

• The driver is unlicensed (with limited exceptions for forgery)

• The driver is under 21

• A renter breaches the rental agreement

• The vehicle is overloaded beyond legal limits (unless unknowingly)

• The vehicle is unroadworthy and the condition contributed to the loss

• The vehicle is used:

  • For illegal purposes

  • In motorsport, driver training or testing

  • For unauthorised passenger transport (except pooling)

  • In any race, rally, or contest

• The vehicle is lawfully seized

• The loss is caused by war, rebellion, or other military/political actions

Please note: The policy is subject to change. Any updates will be communicated to you in advance and reflected in this documentation.

FAQ

1. What does the Damage Cover product include?

Loopit’s Damage Cover product provides financial protection against loss or damage to your subscribed vehicle, as well as liability cover for third-party property damage (within policy limits and subject to exclusions).

2. What is the excess I’ll need to pay in the event of a claim?

A $5,000 Basic Excess applies per incident, per vehicle. This must be paid before any approved claim is settled.

3. What is the $1,200 yearly access fee for?

The $1,200 annual access fee provides ongoing access to the Damage Cover product. It is non-refundable and invoiced annually in advance.

4. Is the annual access fee refundable if I cancel early?

No, the fee is non-refundable if you choose to cancel. However, if Loopit cancels your coverage, a pro-rata credit will be applied for the unused portion of the access fee.

5. What types of vehicles are covered under Damage Cover?

Eligible vehicles include:

• Passenger standard vehicles

• Passenger SUVs

• Passenger people movers

• Passenger electric vehicles

Vehicles like exotic cars, trucks, buses, or American muscle cars are not covered.

6. Can anyone drive the vehicle under this cover?

No. Cover is only valid if the driver:

• Is 21 years or older

• Holds a valid driver’s licence

• Is not a Learner (L) or Provisional (P1) licence holder

• Is not using the vehicle for Ridershare or Peer-to-Peer platforms

7. Do I need to verify the identity of the subscriber/renter?

Yes. If you do not verify the subscriber/renter’s identity according to the policy requirements (photo ID + second form of ID), your claim may be denied in the event of theft or misuse.

8. What happens if I don’t pay the annual fee invoice?

If the access fee invoice is not paid, you will not have active Damage Cover. The policy will not apply to any losses from 1st of September 2025 onward (or your relevant start date).

9. Can Loopit cancel my Damage Cover policy?

Yes. Loopit reserves the right to cancel the policy with 14 days’ notice for any reason. If this happens, a pro-rata credit for the annual access fee will be provided based on the unused period.

10.How can I lodge a claim?

You can follow our step-by-step guide in this article: How to lodge a Claim

It covers how to access the portal, what to include, and what to do if you're unable to access the portal. If you still need help, feel free to email [email protected].