Automobile

Is Credit Insurance a Complete Scam or Is it Worth the Money? – MotorBiscuit

There’s no denying that buying a car is an expensive purchase. It doesn’t matter whether it costs $2,000 or $200,000, a car carries a hefty sum that most buyers have to finance into monthly payments for years. As such, the next time you buy a car from a dealership and have to meet with the finance manager, they might try and sell you credit insurance. But what is credit insurance and is it worth buying?

What is credit insurance?

New Toyota cars on a dealership lot | Artur Widak/NurPhoto via Getty Images

Credit insurance gives you protection from missed payments on your loan in the event that you become unemployed, disabled, or unexpectedly pass away. Credit Karma reports that credit insurance is offered on more than just auto loans and buyers can buy insurance for their mortgages, personal loans, and even credit cards.

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