Auto Loan Insurance?

Question

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?

Answer 1

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 $

Answer 2

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.

Answer 3

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RE 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?

Answer 4

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.

Answer 5

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.

Answer 6

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.

Answer 7

If the loan is in his call, because of the fact of this the motor vehicle is in his call, and if he needs the motor vehicle insured, the coverage would desire to additionally be in his call. the motor vehicle isn't completely insured. there is not any insurable activity, between you and hubby, and that vehicle. you could no longer insure my vehicle, on account which you do no longer own it. you could no longer insure son's vehicle, on account which you do no longer own it. Or somewhat you could, yet while the motor vehicle is totalled, you could no longer obtain a value on a vehicle, the place the identify isn't on your call. So the lender, additionally, isn't paid. no one cares who will pay for the motor vehicle. a testimony that he's no longer THERE, does not count. it somewhat is his vehicle, he's presumed to be driving it. You *would* be able to sign an operator exclusion variety to maintain him no longer insured, on your coverage, yet - via him no longer having his coverage on his vehicle, he's violating the words of his loan. The lender will possibly placed "compelled placement" coverage on the motor vehicle, and upload it to the motor vehicle value, and if that extra volume isn't paid, will reposess the motor vehicle. and in many situations, I see this ensue RETROACTIVELY to the date of purchase of the motor vehicle, if there has in no way been a coverage interior the call of the owner of the motor vehicle.

Answer 8

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!

Answer 9

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Answer 10

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