i bought a car on finance they want me to buy extra insurances,. can i get them cheaper elsewhere?
these insurances are payment protection if i loose my job, mechanical breakdown, wot eva that is for and shortfall extra which covers the finance and more , so they say
Compare Breakdown Cover | | October 8, 2009
eva, finance, insurances, job, mechanical breakdown, shortfall
You are not required to purchase credit life/disability insurance or mechanical breakdown insurance. It is an OPTION and not necessary.
Some insurance companies, like Geico, offer mechanical breakdown insurance. But it’s not necessary if the car is under warranty or you bought the extended warranty. The MBI covers items that aren’t under warranty, items the extended warranty normally covers.
Credit life/disability in my opinion is worthless. If you die…who cares about what happens to the car. If you become disabled then turn the car in.
GAP insurance is offered at some insurance companies (not all) and it is always less than what you can buy it for at the dealership.
i wouldn’t bother with their insurance the reasons why are,
1, The sale person get commission for this.
2, It sounds a con because the vechile should get a warranty which should cover mechanical and even a breakdown service.
3, They only pay out after a while being out of work ( you would probably have a new job by then) also when they do start to pay its only for a while.
I hope this is of some help, good luck
You can turn down any insurance they are "offering" you to try to get more money out of you. If they are "requiring" extra insurance, read the papers you signed in the beginning to see if it was mentioned, if not tell them no deal. The only one you might consider would be GAP insurance to pay the difference between what you would get if you total the vehicle and the pay off price at that time, but ask YOUR insurance agent about it, not the finance company.
I would buy the extended service contract DEFINITELY. other than that…pass. remember that all things are negotiable so long as you are reasonable. in other words if they want $2000.00 for the esc…offer them 1800…that kind of thing
the first mistake u made was buying on finance dont make another and pay 4 all the extras the sales man will do what ever he can to sell u this s h i t and u dont need it
Dont bother, the car should have some sort of warranty when you buy it…the salesmen get commission which is why they push this sort of insurance (Like they do at electrical shops for extended warranties) beware that if you do accept they dont lump it all on the loan agreement for which you will be paying a huge percentage interest. Cant you get a Bank Loan rather than finance….then at least you can buy the car for cash….maybe get a bit off…and you will own the car (You dont when its on finance) and if it came to the worst at least you could sell it.