About Mobility Mutual
Mobility Mutual operates a discretionary mutual fund to provide financial protection to Car Next Door’s car-sharing community as an alternative to insurance. Car Next Door acts as the mutual's manager.
The Mobility Mutual board’s discretion to provide protection means it can provide more flexibility, with a higher percentage of claims covered, compared to other financial products such as insurance.
A discretionary mutual is a way for a group of people to a way for groups of people united by a common interest to tailor cover that meets the specific needs of their community. They can use the combined purchasing power of members to spread the cost of risk. Mobility Mutual is owned by members, for the benefit of members.
Mutuals have a long and proud history in many countries including Australia. They continue to grow in popularity due to their ability to provide flexibility, enhanced benefits and savings and better risk management practices in comparison with traditional risk management products like insurance.
They are a regulated risk-protection alternative that can provide benefits beyond what’s available in the traditional, shareholder-owned insurance market.
With a focus on protection for members, not profit, Mobility Mutual provides cover that’s tailor-made for car sharing. We believe that a mutual is a great fit for our car-sharing community.
Trip Cover (for Borrowers)
The cover options for trips aren’t changing: all trips include Basic Cover (with a $2,000 excess), and you can upgrade to Premium Cover (with a $500 excess) for extra peace of mind. The difference is that Mobility Mutual will be providing you with discretionary risk cover.
You'll pay the same amount per kilometre, but 8 cents per kilometre out of that distance fee will now be paid as a contribution to Mobility Mutual, instead of being Car Next Door's commission on the Owner's distance income.
Between-Booking Cover (for Owners)
Mobility Mutual’s Trip Cover applies during Car Next Door bookings.
If you list a car on the Instant Keys Plus+ sharing plan after 15 November 2021, you'll get Between-Booking Cover from Mobility Mutual to protect your car outside of Borrowers' bookings.
For cars to start on the Instant Keys Plus+ plan from this date, they will need to be dedicated to sharing rather and not used for the Owner's personal transport. The car will need to be available for bookings at least 80% of the time and driven less than 1,000 km a year outside bookings.
There's no change for cars that were listed before 19 November 2021.
The Car Next Door Owner Guarantee
When you list your car with Car Next Door, we agree to pay you (subject to the guarantee terms) to repair or replace your car if a Borrower is responsible for it being damaged or lost and they don’t pay what they owe you under the Member Agreement.
The Owner Guarantee means that even if a Borrower is declined cover by Mobility Mutual, or if they don’t pay their excess, you won’t be out of pocket.
The Owner Guarantee is not insurance. It is not related to Mobility Mutual’s Trip Cover, which is designed to protect Borrowers when they’re using cars through Car Next Door, or to Between- Booking Cover, which protects eligible cars between bookings.
It’s our promise to you, so that you can share your car with confidence.
Mobility Mutual Membership
Membership of Mobility Mutual is free when you book a trip with Car Next Door or list a car on the Instant Keys Plus+ sharing plan. If you book a trip or list a car on that sharing plan after 19 November 2021, you’ll be enrolled as a member of the mutual and offered cover.
Trip Cover and Between-Booking Cover are discretionary risk products that are available for Car Next Door members. Mobility Mutual Limited ACN 653 040647 is the issuer of Trip Cover and Between-Booking Cover and Car Next Door Australia Pty Ltd ACN 163 596 530 is the manager of Mobility Mutual and acts as authorised representative of Asia Mideast Insurance Reinsurance Pty Ltd ACN 079 924 851 AFSL 239926. Before deciding to purchase Trip Cover or Between-Booking Cover (and become a member of Mobility Mutual), read the Financial Services Guide, Product Disclosure Statement and Protection Wording - available at www.mobilitymutual.com.au.