Average upfront premium paid for new policies purchased between 1/07/12 - 30/06/15 (ASIC report- A market that is failing consumers: The sale of add-on insurance through car dealers)
Average claim paid out between 1/07/12 - 30/06/15. (ASIC Report- A market that is failing consumers: The sale of add-on insurance through car dealers)
Number of successful claims on MBI policies between 1/07/14 - 30/06/15. ASIC data not publicly available.
All consumers have the right under Australian Consumer Law to have their car fixed or replaced by the manufacturer if the product is not of acceptable quality. For more information, visit the ACCC's webpage on consumer guarantees.
All MBI policies have a list of exclusions, so make sure sure you understand what the policy does not cover.
MBI policies start after the end of any manufacturer's or dealer's warranty provided with the car. The length of time and kilometres covered by the policy can vary, so it is important to ask the dealer about this.