Q: My current car is coming up to 3 years old and although I’d like to keep it my company’s policy is not to use cars that are more than 3 years old for business use where they provide a car allowance. Therefore I need to buy a new car but only if I can get payment protection insurance on the payments should for any reason I lose my job, can you help?
A: The policy that we provide is a payment protection insurance, it allows you to cover £1500 or 50% of your gross monthly income whichever is the lower. The minimum is £100, at the point of claim the money goes to you to use as you wish, loans, mortgage, utility bills etc.
Please note that there is a 120 day initial exclusion period at the beginning of the payment protection insurance policy, if you were to lose your job or be made aware of losing your job within that time period then you would not be able to claim on the payment protection insurance policy.
Once you are eligible to claim on the payment protection insurance policy it is a 30 day waiting period but back to day one.
A quick quote facility and full payment protection insurance policy wording are available online at www.britishinsurance.com.
If we can be of further assistance please do not hesitate to contact us again either by email or on 08450 175 178.