9. How does GDM's weekly announcement and sharing work?
GDM operates a weekly announcement and sharing process every Monday. Both the announcement and the sharing details can be accessed through the Good Driver Mutuality App, ensuring full transparency.
When are the weekly announcements made?
Once a GDM member submits a sharing request, GDM will evaluate the incident for eligibility and assess the loss.
The incidents from that week will be announced on the GDM app every Monday, where they will remain for seven days. Event details, including incident information, location, damage photos, repair and loss costs, invoices, receipts, and other supporting documents, are accessible, providing complete transparency for GDM members.
When does weekly sharing occur?
Eligible events are announced every Monday, and the weekly sharing payment occurs the following Monday.
If an eligible event requires contributions from members, GDM will automatically deduct the necessary sharing amounts from the payment method linked to their accounts. To ensure fairness and efficiency, GDM will send an email reminder prior to each weekly sharing. After successful contributions, an email with a detailed breakdown will be sent to members.
If the deduction for weekly sharing fails, GDM will send email reminders to both the member and their referrer. During a 14-day grace period, GDM will make multiple attempts to complete the deduction and continue sending email reminders. If the payment still fails after the grace period, the member will be considered to have voluntarily exited the mutuality plan.
Members are encouraged to regularly check emails from GDM and ensure their bank accounts are sufficiently funded to complete the weekly contribution.
How are weekly sharing contributions calculated?
When an eligible event occurs, the member involved first pays their out-of-pocket amount, the amount selected upon joining GDM. Next, any remaining pledge amount is used. Finally, the rest of the loss is shared among other members.
The weekly contribution each member makes is called the 'Individual Shared Amount.' This is determined by three key factors:
The total amount needed for that week's sharing contributions,
The individual member's remaining pledge amount,
The combined remaining pledge amount of all members.
Rest assured, there is a cap on weekly contributions. The maximum contribution each member can make is 7.5% of their pledge amount.
As an added benefit, GDM has lowered the weekly sharing cap to 3.75% of the pledge amount until December 31, 2025. After this date, the cap will return to 7.5%.
To further encourage responsible driving, GDM has also committed a one-time contribution of $2,000,000 to the Mutuality Program during its initial launch.