If something happens to your ability to earn money, Payment Protection Insurance covers the policyholder for the monthly installments on their credit contract in the event that they suffer from an insured event.

If your vehicle is written off, stolen, or beyond repair, Guaranteed Asset Protection Insurance will pay the difference between amount paid under your comprehensive motor vehicle insurance for the total loss of vehicle, and the amount outstanding under the credit contract, up to the applicable claim limit.

Sometimes referred to as an extended warranty, MBI can insure against most mechanical and electrical faults and breakdowns with your new or used vehicle but doesn’t cover consumable items or wear and tear. MBI will cover the repair or replacement of the faulty part, provided the cover is within the scope of the policy.