MB Insurance Group Insurance Review
Overview
Year of Establishment and Background Story
MB Insurance Group, established in 1989 [4][5], was founded to address a gap in the market: providing specialized motor vehicle insurance for prestige, luxury, high-performance, classic, and vintage vehicles – cars often considered more difficult to insure through standard providers [5]. The company's focus from the outset was on offering comprehensive coverage tailored to the specific needs of these vehicle owners.
Key Milestones in the Company’s History and Growth
A key milestone was its establishment in 1989 as a managing general insurance underwriting agency [5]. This foundation allowed MB Insurance Group to build a strong understanding of the niche market it serves. Further solidifying its position and expertise, MB Insurance Group forged partnerships with select underwriters at Lloyd's of London [1]. This collaboration leverages the extensive experience and risk-sharing capabilities of Lloyd's, enhancing the company's ability to offer robust and secure insurance solutions for high-value vehicles. This partnership demonstrates a commitment to stability and financial strength, reassuring clients about the security of their coverage.
Regulatory Compliance and Licenses
MB Insurance Group maintains its commitment to industry standards and regulations by being a member of the Underwriting Agencies Council (UAC) [4]. This membership signifies adherence to the UAC's code of conduct and best practices, providing an additional layer of assurance for customers seeking reliable and compliant insurance providers.
Insurance Products and Services
Main Insurance Products
Types of Insurance Offered
MB Insurance Group's core offering centers on prestige motor vehicle insurance. This includes comprehensive coverage for a diverse range of high-value vehicles, encompassing prestige, luxury, sports and high-performance cars, classic and vintage automobiles, and even American and Japanese low-volume imports [2]. This specialized focus allows them to understand the unique requirements and risks associated with these vehicles.
Coverage Options and Policy Details
The comprehensive nature of their policies is highlighted by several key features [2]:
- Sum Insured: The sum insured remains fixed for the entire policy period, providing predictable and reliable coverage.
- Repairer Choice: Policyholders have the freedom to select their preferred repairer, ensuring peace of mind and control over the repair process.
- Vehicle Replacement: For vehicles less than four years old, MB Insurance Group offers replacement with a new vehicle of the same make, model, and accessories, including on-road costs. For superseded models, the closest equivalent, up to 105% of the original agreed value plus on-road costs, is provided. Alternatively, the original agreed value can be accepted.
- Hire Car Costs: Coverage includes up to $100 per day and a maximum of $3,000 for hire car costs if the vehicle is stolen or involved in an accident where the insured or driver is not at fault.
- Travel Costs: Up to $100 is covered for travel to and from a hire car provider when a hire car is arranged.
- Window Glass Replacement: One excess-free window glass replacement is included per policy period, along with unlimited window glass chip repairs.
- Non-Standard Coatings: Coverage extends to non-standard coatings or coverings applied to the vehicle's exterior, such as paint protection films or vinyl wraps, in case of theft or damage.
- Emergency Accommodation: Up to $2,000 is provided for emergency accommodation and travel expenses if an accident or theft occurs more than 100km from home.
- Express Airfreight: Up to $5,000 can be claimed towards the cost of express airfreight for importing parts unavailable in Australia.
- Total Loss: In the event of a total loss, 75% of the difference between the agreed value and the payout, excluding arrears, penalties, and refinanced amounts, is paid.
- General Average: Contribution towards the vehicle's cost is covered if 'general average' is declared during sea transport between Australian ports.
- Approved Driver: Up to $2,500 is provided for an approved driver who suffers a fatal injury.
Additional Services
Beyond the core insurance products, MB Insurance Group provides fully trained, in-house claims specialists [1]. This ensures a streamlined and efficient claims process, aiming for the best possible outcome for their clients. While the company website mentions exceptional customer service, specific details regarding additional services like financial advisory are not explicitly available.
Premiums and Pricing
Pricing Structure
Detailed information regarding premium rates for various insurance options is not publicly available on the company website. This information is likely provided on a case-by-case basis after consultation with a representative.
Discounts and Special Offers
Currently, specific information on discounts or promotional deals offered by MB Insurance Group is not readily accessible. It's advisable to contact them directly to inquire about any available discounts or special offers.
Customer Service and Support
Contact Methods
Customers can contact MB Insurance Group via phone and email [1]. While a live chat option isn't explicitly stated on the website, it's possible that this may be available. Further inquiry is recommended for confirmation.
Information regarding 24/7 support or multilingual assistance is not provided on their website. Potential clients should clarify this if it's a crucial requirement.
Pros and Cons of MB Insurance Group Insurance
Pros
- Comprehensive Coverage: The policies offer a wide range of benefits and coverages designed for the specific needs of high-value vehicles.
- Exceptional Customer Service: The company emphasizes its commitment to providing a smooth and positive experience for clients, particularly during the claims process.
- Timely Claims Processing: The presence of in-house claims specialists suggests a potentially faster and more efficient claims handling process.
Cons
- Limited Information on Discounts and Promotions: The lack of readily available information on discounts and promotional offers may be a drawback for some potential clients.
- Lack of Transparency on Pricing: The absence of publicly available pricing information makes it difficult to compare their rates with competitors before contacting them.
Conclusion
Summary of the Main Points Covered in the Review
MB Insurance Group stands out as a specialized provider of prestige motor vehicle insurance. Its strengths lie in its comprehensive coverage, dedication to exceptional customer service, and efficient claims processing facilitated by in-house specialists. Established in 1989 and boasting partnerships with Lloyd's, the company demonstrates experience and financial stability within its niche market.
Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings
MB Insurance Group's services are best suited for individuals owning prestige, luxury, sports, high-performance, classic, or vintage vehicles. Those seeking not just insurance but also a high level of customer service and comprehensive coverage should strongly consider their offerings.
Frequently Asked Questions about MB Insurance Group Insurance
What types of vehicles do you insure? Prestige, luxury, sports/high-performance vehicles, classic/vintage cars, and American and Japanese low volume imports [2].
How do you handle claims? Fully trained in-house claims specialists ensure timely and best-possible outcomes for clients [1].
Are there any specific coverage options? Yes, numerous specific coverage options are available, including a fixed sum insured for the policy period, the choice of repairer, vehicle replacement options, coverage for hire car costs, travel expenses, window glass repair and replacement, and more [2].
References
[1] https://www.mbinsurance.com.au/
[2] https://www.mbinsurance.com.au/prestige-motor-insurance/
[3] https://www.insurancebusinessmag.com/au/companies/mb-insurance-group/1003168/
[4] https://uac.org.au/insurance/mb-insurance-group-pty-ltd/
[5] https://www.zoominfo.com/c/mb-insurance-group-pty-ltd/153928214
