(1) For subparagraph 761G(5)(b)(i) of the Act, a motor vehicle insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of one or more of the following:
(a) loss of, or damage to, a motor vehicle;
(b) liability for loss of, or damage to, property caused by or resulting from impact of a motor vehicle with some other thing.
(2) A motor vehicle insurance product does not include:
(a) insurance to or in relation to which the Marine Insurance Act 1909 applies; or
(b) insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to:
(i) workers' compensation; or
(ii) compulsory third party compensation.
(3) In this regulation:
motor vehicle means a vehicle that is designed:
(a) to travel by road; and
(b) to use volatile spirit, steam, gas, oil, electricity or any other power (not being human power or animal power) as its principal means of propulsion; and
(c) to carry passengers;
and includes a motor cycle.
(4) However, a motor vehicle does not include:
(a) an omnibus; or
(b) a tram; or
(c) a motor vehicle the carrying capacity of which exceeds 2 tonnes.