Whilst many people think wisely about the protection they require for their home (mortgage or rent) and income (salary), very few think to protect the financial commitment of a car loan with stand-alone car payment protection insurance. Car payment protection insurance (CPPI) is a payment protection product that protects your car loan repayments.
If you are unable to work due to an accident, sickness or unemployment / redundancy. This product provides borrowers with reassurance that in the event they are unable to work due to an accident, sickness or unemployment / redundancy their car payments can be met for up to 12 months.
Whether you are borrowing money to buy a car through your bank, a finance company or a main car dealership you will almost certainly be offered car payment protection insurance to cover the repayments on your loan if you are unable to work. You are not legally obliged to purchase car payment protection insurance and you are free to obtain stand-alone payment protection insurance from any provider. Generally speaking if purchased from an independent payment protection provider; stand-alone payment protection premiums are usually a fraction of the cost of the premiums charged by the lenders.
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