Frequently Asked Questions

Q: How long has MTAI been an insurer?
A: Formerly known as M.T.Q. Insurance Limited, MTA Insurance Limited obtained an insurance licence in October 1995.

Q: What type of insurances do MTAI offer?
A: MTAI offer the following insurance products:

• Cash Benefit Insurance
• Equity Plus Insurance
• Loan Protection Insurance
• Tyre and Rim Insurance

Q: What does Cash Benefit Insurance cover?
A: Cash Benefit Insurance will pay the amount nominated on the Application/Certificate of Insurance in the event the comprehensive insurer settles a claim on your comprehensively insured vehicle as a total loss. The claim can be settled in one of three ways:

• Payment to the credit provider to reduce the outstanding balance owing.
• Payment to the credit provider to settle the outstanding balance, with the remainder up to the sum insured paid to the policyholder.
• If there is no outstanding balance the sum insured is paid to the policyholder.

Please refer to the Product Disclosure Statement under the Product heading for full explanation of cover.

Q: What does Equity Plus Insurance cover?
A: Equity Plus Insurance will provide assistance in paying the outstanding balance up to the amount nominated on the Application/Certificate of Insurance that is owing to the credit provider in the event the comprehensive insurer settles a claim on your comprehensively insured vehicle as a total loss (excludes any deductions made by the insurer any finance arrears or early termination fee charged by the credit provider). Equity Plus Insurance also includes Extra Cover which provides reimbursement for on road costs on the replacement vehicle. Extra cover will cover the following expenses up to the policy limit:

• Registration
• Compulsory Third Party Insurance
• Stamp Duty
• Dealer Delivery Charges (New Vehicles Only)
• 12 months Comprehensive Insurance Please refer to the Product Disclosure Statement under the Product heading for full explanation of cover.

Q: Why is there still and outstanding balance on my loan after MTA Insurance has made their payment?
A: MTA Insurance does not cover any deductions made by the comprehensive insurer such as policy excess, outstanding premiums. It does not cover any payment arrears or early termination charged by the credit provider.

Q: What does Loan Protection Insurance cover?
A: Loan Protection Insurance provides assistance to covering your regular instalments owing to your credit provider in the event of disablement of Involuntary Unemployment. If you suffer a Traumatic event or Die the policy will pay the outstanding balance owing to the credit provider. The following cover options are available:

• Disablement
• Disablement and Involuntary Unemployment
• Death
• Death and Trauma
• Disablement, Involuntary Unemployment, Death and Trauma
• Disablement, Involuntary Unemployment and Death
• Disablement, Death and Trauma

Please refer to the Product Disclosure Statement under the Product heading for full explanation of cover.

Q: What does Tyre and Rim Insurance cover?
A: Tyre and Rim Insurance will assist with the repair or replacement costs if tyres and/or rims are damaged by various road hazards such as potholes, roadside kerbs and road debris. Tyres are also covered for punctures and blowouts. Please refer to the Product Disclosure Statement under the Product heading for full explanation of cover.

Q: How do I cancel my policy?
A: You may cancel your policy at any time by giving us written notice. Cancellation shall take effect from the date MTA Insurance receives your written request. Please ensure you include your full name, current address and vehicle registration details. The cancellation request must be signed by all parties recorded on the Application/Certificate of Insurance. Your request can be either faxed to (07) 3340 2701, posted to PO Box 4824, Eight Mile Plains, QLD 4113, or emailed to enquiries@mtai.com.au

Q: Will I be charged a fee when I cancel my insurance?
A: All MTA Insurance policies apart from Loan Protection Insurance that are cancelled outside of the 14 day cooling off period will be charged an administration fee of $66, as well as any non-refundable government charges.

Q: How is my refund worked out?
A: In the event of an early cancellation we will refund your premium in accordance with the relevant legislation and the rule of 78, a policy cancellation using the Rule of 78 is calculated as follows:  

where –
Y is the amount of the rebate of premium
P is the amount of premium paid
S is the number of whole months in the unexpired portion of the period for which the Insurance was provided
T is the number of whole months for which insurance was agreed to be provided

The following example shows the calculation:

A customer has a 5 year (60 month) Cash Benefit Insurance policy for which a premium of $1,005 was paid, the policy is cancelled after 13 months. The refund is calculated as follows:

Q: How do I make a claim under my policy with MTA Insurance?
A: Please contact MTA Insurance on 1800 634 294 or 07 3340 2700 to notify us of your claim.