What is Fix Bank?
Fix Bank is a repair program for minor cosmetic damage caused while your car was with a borrower. Instead of getting the damage repaired straight away, we may offer the option of depositing the repair cost into your Fix Bank and getting it repaired later.
Taking up the Fix Bank option means that in its lifetime, your car could ultimately spend less time in for repairs and you could get future repairs done for free, even if you caused additional minor cosmetic damage to the same panel yourself.
How it works
If your car sustains minor cosmetic damage and our investigation determines that a borrower was a fault:
- We'll get an estimate for the repair cost from one of our trusted repairers
- We'll give you the option of getting it repaired straight away or depositing the repair cost into your Fix Bank
- If you take the Fix Bank option, we'll enter the deposit on your Fix Bank ledger and update you on the balance
- Later on when you decide to get the damage repaired, let us know and we'll get the repairs organised using one of our preferred repairers. This will involve having a new quote prepared. Please note - the maximum paid for repairs is the applicable Fix Bank balance. Any increase in repair costs will be at your own expense.
- We'll remove the repaired damage from your Fix Bank balance and update you on your new balance
Here's an example to help you see how it would work in practice:
- Your car had a few small scratches on the rear bumper before you joined
- A borrower causes a new, larger scratch on the rear bumper and you decide to deposit the repair cost in your Fix Bank
- Three months later you find another small dent on your rear bumper. We investigate and determine that it occurred while parked in your possession
- Six months later your reverse at low speed into a pole and cause another small ding
- Now that there are four different minor damages on the same panel, you decide to get it repaired
- You let us know and we arrange for the repairs at our preferred repairer, covered by the sum in your Fix Bank from the scratch caused by the borrower
- Now you've had all the damage to your bumper repaired - three instances of which would have been your liability - at zero cost to you
- Benefits of Fix Bank
Opting for Fix Bank and getting multiple repairs done at once has a number of financial and practical benefits:
- You can get multiple damages to the same panel repaired at once, and even get wear and tear or small dings you caused yourself repaired for free
- Your car spends less time in for repairs, and more time available for you to use or to be out earning you money
- Rather than getting small bits of damage repaired one-by-one, panels where a borrower has caused damage get a periodic refresh, helping to maintain the overall condition of your car over a longer period of time
Alternative to Fix Bank
If you don't like the sound of Fix Bank, you can always opt for the Fix Now option instead. If you choose Fix Now, we will arrange for the damage to be fixed by one of our preferred repairers as soon as possible.
What are examples of minor cosmetic damage vs. damage?
I think that one is self explanatory. Cosmetic vs practical, right?
Does it now look not as shiny, or is there a real danger to safety/driveability.
A dent in a panel is cosmetic, but if that same dent is causing the wheel to touch metal than its actual damage and cosmetic damage.
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