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Shelly B
Auto Loan Insurance?
Can someone please tell me there is any financial institution that offers some sort of auto loan insurance...something like mortgage insurance..that if the loan originator passes away, the loan will automatically be paid off?
You can get it through any life insurance agent. It doesn't need to be used for the loan if the survivors don't want to use it for that. Get a small term life policy. You can also get one through a dealer, but your ins. agent will probably save you $
pita
good question.
very GOOD idea.
yes you can get a LIFE policy on your auto loan.
that way if anything happens your loved ones get your vehicle for free.
if you just bought the vehicle you can get a policy from the finance manager who stteled your loan.
if its a loan youve had for a while you should call around.
bettyswestbrook
Why would you want to? If you are the only one on the policy, the lender cannot make your survivors pay for the vehicle. A better idea would be to take out a life insurance policy. If your survivors wanted to keep the vehicle, then they could use the proceeds from the life insurance to do so. If not, they can let the lender have the vehicle back (will not affect their credit rating) and use the life insurance money for something else.
aout
Yes, there is. I think that most institutions that offer Auto Loans should also give you the option to get the insurance along with it.
I got an auto loan from TD Bank, and I paid an extra $10 a month for the insurance. It's defenitely something you should get.
The Edge
I used to work at a dealership, and when someone bought a car, life insurance and disability was always offered to the customer. I'm sure it's like that at your local dealership! good luck!
mbrcatz
Sometimes your lender will add that on, but as there is collateral for the loan (the car) most of the time they don't.
If you really want it, buy a term life insurance policy. It will give you MORE coverage than you are looking for, at about the same price.
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