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Payment protection insurance on car loan

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  • 06-12-2007 2:41pm
    #1
    james92
    Closed Accounts Posts: 82 ✭✭


    Hi every one.

    Im geting a loan of 11500 Euro for a new car. the bank asked me if i would like to take out Payment protection insurance on it. i would just like to know has any one ever takeing out this before. and is it a scam. i just want to take it out incase i lose my job. any feed back would be much appreciated.

    Thanks.


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    #2
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    dont bother as its about 20-30 euro (depending on load amount etc) extra a month.I dont think its worth it so i never got it.


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    #3
    Riskymove
    Registered Users Posts: 10,888 ✭✭✭✭Riskymove


    It really depends on your circumstances

    how likely you think you might be laid off/out of work for a time etc and whether you think you could keep up repayments if that happened


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    #4
    Good_Crow
    Closed Accounts Posts: 18 ✭Good_Crow


    used to sell this years ago. total scam in my view


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    #5
    james92
    Closed Accounts Posts: 82 ✭✭james92


    It says on the terms and conditions. that they pay the loan if you get involuntary redundancy. they pay the loan on till you find work or up to one year. is ther any one who was made redundate and do they pay or is ther any thing else i need to know.

    Thanks every one


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    #6
    themadchef
    Closed Accounts Posts: 5,813 ✭✭✭themadchef


    I think it's pointless if you are in a stable job (and no history of long sickness or injury breaks from work).

    I had it on my car loan for 5 years, never used it. Think it only works if you are made redundant, sick etc. not if you "just leave" ;). But if you see yourself being made redundant, or feel you have a history of back probs, etc which may impact your ability to work in the next 3 - 5 years (or term of the loan) then take it out. It's certainly legit.


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    #7
    james92
    Closed Accounts Posts: 82 ✭✭james92


    Thers talk in work that ther could be made redundate in july will not find out till may if this will be coming in or not. would they still pay out on this.


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    #8
    themadchef
    Closed Accounts Posts: 5,813 ✭✭✭themadchef


    james92 wrote: »
    is ther any one who was made redundate and do they pay or is ther any thing else i need to know.

    Thanks every one

    A friend of mine claimed his for 12 months after he hurt his back. Afaik they don't pay the first month then they pay up to 12 months after that as long as your'e certed or if made redundant until you find employment.


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