Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsAn add - on limited motor vehicle or vessel insurance product is an add - on insurance product that provides insurance cover (whether or not the cover is restricted or the product also provides insurance cover in respect of other matters):
(a) to a consumer who:
(i) wholly or partly owns a designated vehicle or vessel; or
(ii) has the use of a designated vehicle or vessel under a lease of at least 4 months' duration; and
(b) in respect of either or both of the following:
(i) loss of, or damage to, property of another person resulting from an accident in which the designated vehicle or vessel is involved;
(ii) loss of, or damage to, the designated vehicle or vessel caused by fire or theft.