Payment Protection Insurance Complaint »
When you take out a car loan, you can also opt to have car loan insurance, or some lenders require that you get it in order to obtain the loan. This is because they want some assurance that you will be able to repay it. Car loan insurance cover is a good way of protecting yourself and your family if you are unable to work in the event of an accident, sickness or redundancy.
A monthly premium is added to your car loan insurance payments but before you decide to go for this option, you will be asked to choose the level of cover that you want:
- Full comprehensive cover which will usually offer such features as life cover, accident, sickness and involuntary unemployment (or critical illness cover if you are self employed)
- Mid range option generally offers life, accident and sickness cover
- Basic protection will provide cover for life and critical illness only
While car loan insurance can provide peace of mind should you become unable to work, it is advisable to make sure you know exactly what you are getting before you agree to a policy.
If you feel that you have been treated unfairly or were mis-sold car loan insurance, you can get help reclaiming the money on a no win-no fee basis by filling in our short enquiry form. Enquiry form »