Payment Protection

When you take out a loan, it is worth considering a payment protection insurance ( PPI). PPI covers motorists from any event that may leave them unable to pay for a financial commitment such as car finance, by making the loan repayments on their behalf in the event of death, illness, an accident or unemployment.

Payment Protection Insurance is usually offered to you through your chosen car finance provider, though it is recommended that you compare policies to get the best price. Look out for insurers that do not pay for an initial period or only pay part your monthly loan repayment, before agreeing to cover.

Payment Protection Insurance is not a legal requirement, but some lenders will automatically set up PPI for you. If this happens, you can contact your lender immediately to cancel the policy and request your money is refunded to your bank.

Any lender can offer PPI cover to protect the insured from being unable to pay, and out of all of the common insurance products available today, it is officially recommended by industry professionals to be the most effective policy on the market.

What will Payment Protection Insurance cover me for?

• Life. Payment protection insurance will pay the settlement figure to the lender if the insured dies during the period of cover
  
• Accident and Sickness. Payment protection insurance will pay the settlement figure to the lender if the insured is unable to work due to accident or sickness for a continuous period of 30 days. The insured will be paid 1/30th of the monthly benefit for each additional day that they remain unable to work to a maximum of the full term of the loan covered
• Involuntary Unemployment. If the insured has been unemployed for a continuous period of 90 days, the insured will be paid 1/30th of the monthly benefit for each additional day that they remain continuously unemployed to a maximum period of 24 Months

Benefits of Payment Protection Insurance:

• Customer payments are not linked to the finance agreement, no interest charged on the payment protection insurance itself
• FSA, Compliant with demands and Needs, Key Facts documents and Terms and Conditions, which are all provided
• Non franchised sourced finance so can cover any of your finance agreements
• 24months pay for unemployment commencing on day 90 of unemployment
• Up to 12 months pay for life, accident and sickness payouts

Payment Protection Insurance Prices

Payment Protection Insurance is calulated upon the loan amount you wish to protect. Examples below give a n indicaiton of hte amount a PPI policy may cost you to aquire.

Loan Owed	Price per policy
£2,000	£75
£5,000	£125
£7,000	£200

Call 08717 502 495 today
to purchase Payment Protection Insurance