We theoretically study the magnetoresistance (MR) of two-dimensional massless Dirac electrons as found on the surface of three-dimensional topological insulators (3D TIs) that is capped by a ferromagnetic insulator (FI). We calculate charge and spin transport by Kubo and Boltzmann theories, taking into account the ladder-vertex correction and the in-scattering due to normal and magnetic disorder. The induced exchange splitting is found to generate an electric conductivity that depends on the magnetization orientation, but its form is very different from both the anisotropic and spin Hall MR. The in-plane MR vanishes identically for non-magnetic disorder, while out-of-plane magnetizations cause a large MR ratio. On the other hand, we do find an in-plane MR and planar Hall effect in the presence of magnetic disorder aligned with the FI magnetization. Our results may help understand recent transport measurements on TI|FI systems.