DISCLAIMER: This is an unofficial summary of Cosmic, LLC’s master insurance policy and may not always be up to date. None of the statements below should be interpreted as binding and are provided for quick reference.
Our insurance program provides vehicle insurance to cover renters and vehicles that meet our Eligibility Requirements. Coverage applies for the duration of each rental, from start to finish, and includes liability, collision and comprehensive (e.g., fire, auto theft, vandalism) coverage. The liability, collision and comprehensive coverage provided is complies fully with both California Bill AB-1871 and Oregon Bill HB-3149 on personal vehicle sharing (where available). The wear and tear coverage is provided by Cosmic, LLC.
Renters are covered in our insurance policy up to the liability limits carried by the vehicle owner or with a combined single limit of three times the state or country minimum, whichever is greater. Vehicle owners are covered up to a combined single limit of $100,000 USD for liability. Coverage includes personal liability for the renter, third-party liability for passengers and other affected parties, and third-party property damage arising from a vehicle accident. There may be an additional monthly fee to the vehicle owner or renter.
Comprehensive and Collision Coverage
The comprehensive and collision coverage provided protects the owner’s vehicle in the event of an accident. This covers for theft, fire, vandalism, weather damage, and any damage to the vehicle in the event of an accident up to the actual cash value of the vehicle. There may be an additional monthly fee to the vehicle owner.
Medical Payments Coverage
Coverage for medical payments arising from a vehicle accident up to a maximum limit of $1,000 is included. This is a supplement to personal health insurance only and it is recommended that all renters maintain adequate personal health insurance coverage. There may be an additional monthly or transactional fee to the vehicle owner.
In the event of any loss or damage to the car, or any personal property or bodily injury claim, that occurs during the rental period due to any cause regardless of fault, including, but not limited to, collision, rollover, theft, vandalism, seizure, fire, flood, hail or other acts of nature or God, the renter is held responsible, and is required to pay Cosmic a fee of $1000.
Cosmic is a peer-to-peer vehicle rental marketplace. The insurance coverage provided is similar to a personal vehicle policy, however, this policy has some unique exclusions specific to our model:
Wear and Tear
Coverage is provided to owners for excessive wear and tear to their vehicle by a renter. We do not insure for normal wear and tear. The vehicle owner is responsible for normal vehicle upkeep as all vehicles experience reasonable wear and tear with usage. In the event of excessive wear or damage caused by abuse or neglect, the renter is subject to penalties up to the limits of the insurance deductible outlined above. For more information, see our wear and tear guidelines. These are guidelines only and all claims are assessed on a case-by-case basis.
Personal belongings left in or on the vehicle are not insured. These includes but is not limited to water bottles, locks, electronics, etc. It is the responsibility of the owner and renter to ensure they remove any personal belongings from inside or on the vehicle before and after each rental.
No Permissive Drivers
We provide insurance for our members only. As per Cosmic’s Terms of Service, Cosmic vehicles may only be driven by the renter of the vehicle.
Personal Usage Only
Insurance coverage applies to vehicles rented for personal use only. Vehicles rented for commercial purposes, organized racing, or stunting activity are not covered.
Incidents that occur during a Cosmic rental must be reported to Cosmic Inc. within 48 hours of the end of the member’s trip. If a claim is not reported within 48 hours of the event occurring, you may forfeit Cosmic LLC. insurance coverage during the trip and be solely responsible for the full cost of repairs and any loss or liability arising from the incident.
Cosmic, at its sole discretion, may utilize a repair vendor to complete a diagnosis on claims involving mechanical breakdown related to motors, brakes, frame, batteries or suspension. This diagnosis is not a guarantee of coverage; Cosmic does not cover mechanical breakdowns related to deferred maintenance, manufacturer defects, wear and tear, or vehicle age or mileage.
Additional Terms and Exclusions
If you have specific questions regarding the statement of insurance including terms, limitations, and exclusions, please contact us here.