What is MTA Insurance?

MTA Insurance (MTAI) specialises in retail motor insurance products commonly referred to as “add on insurance” sold through car dealerships Australia-wide. These products are Equity Plus Insurance (EPI) (also known as GAP insurance) and Loan Protection Insurance (LPI) (a type of Consumer Credit Insurance), sold through the motor dealer channel.

Suncorp acquired MTAI in 2014.

What is Loan Protection Insurance (LPI) – Trauma and/or Life Cover

LPI is designed to assist you if you are unable to meet your loan repayments should you die, suffer a traumatic event (such as cancer, stroke, heart attack) (Trauma), are disabled or accidently injured, or become involuntarily unemployed.

Please read your policy as this outlines the Covers that apply to you. For more details about your LPI including your Trauma and/or Life Cover, please check your Product Disclosure Statement (PDS). Call us on 1800 634 294 if you’d like us to send you a copy.

What is Equity Plus Insurance (EPI)?

EPI (also known as GAP insurance) is designed to assist you when your vehicle is under finance, your vehicle is declared by your comprehensive insurer to be a Total Loss and your insurer pays a Total Loss payout which may be less the outstanding balance under the finance contract.

For more details about your EPI insurance policy, please check your Product Disclosure Statement (PDS). Call us on 1800 634 294 if you’d like us to send you a copy.

Why is MTAI refunding customers?

Over the last two years, the Australian Securities and Investments Commission (ASIC) has raised with the insurance industry, a number of areas for improvement in relation to the sale of add-on insurance through the motor dealer channel.

As part of MTAI’s engagement with ASIC in relation to these matters MTAI undertook an internal review.

Following this review, MTAI considers that for some customers, they may not have received the value we would have expected them to receive, from their policy. These include customers who were sold Equity Plus Insurance policy with D cover or whose loan was paid out earlier than expected.

We have identified relevant customers and anticipate contacting these customers in relation to partial or full refund payments early this year.

If MTAI decide to send me a refund for EPI premiums does this mean my policy is currently active?

• If your loan for the vehicle has been paid out then your policy will not be active.
• If your loan for the vehicle is still current then the policy will stay active.

Could I be eligible for a refund?

We have identified that some customers who have purchased add-on insurance products in the last 6 years may be eligible for a full or partial refund. Eligible customers will be provided more detail in the letter that they receive. We anticipate contacting these customers in relation to refund payments early this year.

MTAI has identified the following categories of customers as eligible for a refund as they may not have received the value MTAI expected that they would receive from the policy:

For Equity Plus insurance (EPI):

• customers who paid out there loan earlier than expected,
• customers who were sold D cover
• customers who were sold EPI, where it is unlikely that there was a gap between the insured value of the car and loan balance,
• where there was an overlap or duplication with existing comprehensive insurance cover held, and
• where more insurance was provided than a customer needed.

For Loan Protection Insurance (LPI):

• LPI which included a Life and/or Trauma Cover sold to you through a motor dealer when you were under the age of 25.

When will I be contacted?

We anticipate writing to customers who are eligible for a refund payment early this year.

I have a question about my MTA Insurance policy. Who can I contact?

Any queries you have about your policy should be directed to enquiries@mtai.com.au or 1800 634 294. Please provide the following supporting information for us to investigate further:

• Name
• Contact telephone number
• Vehicle Registration Number
• Policy Number, if known

We will get back to you within 5 business days.

I have a question about my MTAI Refund. Who can I contact?

Any queries you have about the refund or a latter you have received should be directed to support@mtai.com.au or 1800 571 921. Please provide the following supporting information for us to investigate further:

• Name
• Contact telephone number
• Vehicle Registration Number
• Policy Number, if known

We will get back to you within 5 business days.

How to make a complaint

Please contact support@mtai.com.au and we will get back to you within 5 business days.

If you are not satisfied with our response, you can escalate the matter to our internal dispute resolution team, by emailing them at lifecustomerrelations@suncorp.com.au.

The team will aim to respond to you within 15 business days of receiving your complaint.

MTAI is also a member of the Australian Financial Complaints Authority (AFCA). If we’ve taken more than 45 days to respond to your complaint or you’re unhappy with how we’ve resolved it you can contact AFCA directly by visitingwww.afca.org.au or calling 1800 931 678.

How to find out more

Phone us on 1800 571 921

Email us at support@mtai.com.au

Refer to www.asic.gov.au for details of ASIC’s add-on insurance review