Definitions to the 'Key Terms' in the PDS

Activated, Activate

The status of your Policy with us, once you’ve given us permission to access data from your Connected Car, or the KOBA Rider is plugged into Your Car and has told us it’s ready to track kilometres.

Agreed Value

The amount we agree to insure Your Car for, during a Policy Period. It is the maximum amount we will pay for loss or damage to Your Car and is shown on your Insurance Certificate. 

App

The KOBA mobile application, available on supported Apple phones (via the App Store) or Android phones (via Google Play).

Billing Month 

The Billing Month commences on the day of the month your Policy Period starts. Your Driving Premium is charged at the end of each Billing Month and is payable by your monthly due date. You must pay your Driving Premium by the due date.

Connected Car

A compatible car that’s connected to the internet, so that we can collect your Vehicle Data without the use of a KOBA Rider.

Driving Premium

The part of your Premium that covers you while driving. This is calculated as your Per-kilometre Rate multiplied by the number of kilometres driven in a Billing Month.

Excess

The amounts you contribute towards the cost of your claim. Excesses are described under the "Excesses" section of this PDS and the amount and types of Excesses that apply to your Policy are shown on your Insurance Certificate and in the App.

Estimated Usage

For the first Policy Period, this is your estimate of the annual kilometres that Your Car is driven, which you provided to us during your new Policy application. For renewal Policy Periods, this is the annual kilometres you have travelled, according to your Vehicle Data, for the immediately preceding Policy Period.

Fixed Premium

Your Fixed Premium covers Your Car while you’re not driving, and provides cover for Incidents that can happen when you're not driving, such as hail, fire or theft for example.

Household Member

A person of legal driving age who resides in the same household as you. 

Incident

An event that is sudden, unforeseen, unexpected and unintended by you and which is covered under this Policy. 

Insurance Certificate

Your most current Policy document we provide you that shows details specific to your Policy. This includes information such as, the applicable Per-kilometre Rate and Excess.

Journey

The route taken between where you start Your Car’s engine and where you switch the ignition off.

KOBA

KOBA Insurance Pty Ltd, ABN 33 642 789 286

KOBA Admin Fee

The separate fee charged by KOBA on first purchase and each renewal of a Policy to help cover the administrative costs incurred by KOBA in providing this insurance. For example, data transmission, connection and device costs. The KOBA Admin Fee is not part of the Premium.

KOBA Rider

The telematics device including accessories plugged into Your Car’s OBD II port that provides us with data on the use of Your Car.

Listed Driver

Any driver you have told us about and we have agreed to cover. All Listed Drivers are shown on your Insurance Certificate or in the App.

Per-kilometre Rate

The amount you’ll be charged per kilometre for each Journey in Your Car insured on this Policy. Your Per-kilometre Rate can be found on your Insurance Certificate and in the App. The Per-kilometre Rate is multiplied by the kilometres you drive in a Billing Month in order to calculate your Driving Premium.

Policy

Your Policy is made up of this PDS, any Supplementary PDS we may issue together with your Insurance Certificate.

Policy Period

The period of time between the Policy Period start date and end date as shown in your Insurance Certificate and in the App, unless ending earlier in accordance with the Policy terms. 

Premium

The total amount you pay for the cover you’ve chosen for a Policy Period, made up of the Fixed Premium and Driving Premium. It includes government taxes such as GST and any other duties or charges that apply.

This amount does not include KOBA’s Administration Fee. 

Substitute Car

A Substitute Car is a car that you are using free of charge while Your Car is being repaired, serviced or has broken down. A hire car or a car you own is not considered a Substitute Car.

Total Loss

Damage sustained to Your Car which in our reasonable opinion makes it unsafe or uneconomical to repair in comparison to the Agreed Value for which we have insured Your Car or when Your Car is stolen and not recovered within 14 days of the theft.

Vehicle Data

Data collected from Your Car by either our KOBA Rider or via Your Car’s inbuilt connectivity capability.

We, us, our

The issuer and insurer of the Policy, Eric Insurance Limited ABN 18 009 129 793 AFSL 238 279 (acting through its agent KOBA as specified in this PDS).

You, your, yours

the person(s) named in the Insurance Certificate as the Policyholder. 

Your Car

Any car that we have agreed to cover as shown on your Insurance Certificate or in the App. Your Car includes the standard accessories and the options that are fitted and that we accept during the underwriting process.