A Piece Of Advice

It's probably like all insurance. An utter waste of money unless you need it.

 

Yeah, I have always been jaded about any kind of insurance. it's like you are paying for something you hope you never use.

I wonder how much and for how long this insurance pays off. Let's say I have a new $15,000 car I bought last month and I lose my job next week. I've paid $126 in extra insurance premiums. Is it really going to pay off the whole bleeping car note?

It might be a good deal for some, but I'd have to read the fine print carefully first.

 

No. Ours pays eight months. If I can't find a job in eight months — in any form — I'd be surprised.

 

The StarTribune ran an article about credit insurance.

http://www.startribune.com/business/40689452.html?elr=KArksUUUU

Gist of the article is to read the fine print.

 

With a fine-tooth comb. I suspect there's so many ways they can nullify the agreement: your balance gets to be too high, your balance gets to be too low, you're late making a payment, you charge too much in a certain time span, you fail to meet other conditions you'd never think to consider, etc.

Be very careful.

 

i hate to say this but i'm betting there are plenty of people on this site who are probably past surprised about their own situation.

 

Double-checked the coverage Monday. Alone and then with the personal banker who sold it to us. By all accounts, we're good. The lady even had two claims approved Friday of last week. And, of course, one denied. But I feel pretty good.