Frequently Asked Questions
Q: How long has MTAI been an insurer?
A: Formerly known as M.T.Q. Insurance Limited, the M.T.Q. organisation has been in existence for 20 years and has been a licensed insurer in its own right for the last 10 years.
Q: I have lost my policy documents, how do I obtain a copy?
A: Simply contact us on: TOLL FREE : 1800 634 294, and we will arrange for a copy to be sent to you.
Q: What does Equity Plus Insurance cover?
A: The policy provides cover if your comprehensively insured vehicle becomes a total loss and:
- a) your comprehensive insurer makes a total loss payout to your credit provider, and
- b) there is still outstanding balance due on the finance contract after the payout has been made (excluding any arrears, charges or at fault excess).
Q: What does Extra Cover cover?
A: It covers the following expenses:
- Registration
- Transfer Fees
- CTP
- Stamp Duty
- Dealer delivery Charge (New vehicles only)
- 12 months Comprehensive Insurance to the maximum policy limit for Extra cover
The above expenses will only be paid if the expenses are incurred or due within 30 days of the date your replacement vehicle is delivered. You will need to provide a copy of your Comprehensive Insurance policy and the purchase/buyers order for the vehicle purchased.
Q: How do I cancel my policy?
A: You may cancel your policy at any time by providing our office with written notice of your desire to cancel your policy. Please ensure that your full name, current address and vehicle registration details are included and that any request is signed by all parties included on the finance contract. Your request can either be faxed to (07) 3392 1367 or sent to PO Box 1171, Coorparoo DC QLD 4151.
Q: How is my refund amount worked out?
A: The proportion of your premium which applies to the period during which your policy has been in force will be calculated using the Rule of 78 in accordance with applicable legislation. For an explanation of the Rule of 78 please consult your Product Disclosure Statement.
Q: Will I receive a rebate for early termination of my policy?
A: In the event of early cancellation, we will rebate part of your premium in accordance with relevant legislation and the rule of 78. For an explanation of the Rule of 78 please consult your Product Disclosure Statement. We will not refund any premium where a claim for Death or Trauma Insurance benefit has been paid.
Q: Will I be charged an early termination fee?
A: If you have an Equity Plus Insurance policy (Gap Policy) or Cash Benefit Insurance Policy which is cancelled outside of the 14 day cooling off period we will deduct a $60 administration fee, as well as any non-refundable government charges. If you have an Extended Warranty policy which is cancelled outside of the 14 day cooling off period, we will deduct a $66 administration fee, as well as any non-refundable government charges.
Q: How do I make a LPI, CBI, EPI claim?
A: Please call the TOLL FREE number 1800 634 294 to register your claim.
Q: Why is there still an outstanding balance on my loan after MTQ/MTAI has made their payment?
A: MTQ/MTAI does not cover any outstanding premiums, excesses or unpaid premiums.
If you have any further questions please read the PDS for the relevant product or email us on enquiries@mtai.com.au
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