There are insurance options available on all car loans commonly referred to as Payment Protection Policies or Payment Protection Cover. The 3 most common levels of insurance are as follows:

• Life Cover – loan will be repaid, excluding arrears in the event of death
• Life, Accident and Sickness Cover – loan will be repaid for you in the event that you are out of work due to illness or to an accident. You also have life cover here
• Life, Accident and Sickness and Redundancy Cover – here you have the previous 2 levels of cover and also are protected in the case of redundancy.
  For the self-employed there is the option of Critical Illness Cover as an alternative to Redundancy.

• Immediate Cover
• Accident and Sickness pays for full term
• Maintains mobility when out of work
• No additional paperwork
• No hospitalisation required
• Cost is fixed for the entire duration of the loan
• Underwriting is free – there is no loading for age, sex, weight, smokers, occupation, hobbies
• Paid in addition to sick or state pay
• Few exclusions to worry about
• Protects a guarantor
• Living cover – you don’t need to die in order to benefit
• In the event of death it does protect the family
• Paid for every day that you are without work