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07 Oct 2019

Why is Life Insurance Required When Getting a Vehicle Loan?

Why is Life Insurance Required When Getting a Vehicle Loan? - Asura


Buying a vehicle nowadays, be it a car or a motorcycle, is usually done in cash or credit terms. The credit process is one of the safeguard methods for vehicle risk protection and for the vehicle owner's safety who still has the obligation to pay the credit. There are two insurance products a consumer should use when acquiring a vehicle, life insurance and vehicle insurance.

If you have decided to apply for a vehicle loan for either a motorbike or a car, you must meet the various requirements indicated, one of which is the additional costs. Vehicle insurance is one of the items included in the additional costs. When you get a motorbike or car loan, your vehicle is still on loan status from the lender, a.k.a. leasing company or bank. So, to protect vehicles that are loaned, one of the precautions that you must do is to take part in a car or motorcycle insurance program for you to protect your vehicle in the event of a risk. Whether it is the risk of being lost, stolen or damaged due to an accident, the insurance company will bear the costs so that the leasing party or the bank will not lose.

What if the affected party is the motorbike or car driver? Who bears the insurance? Certainly not the leasing company. Therefore, it is important for you to have life insurance. This is to provide protection for yourself as the driver or owner of the vehicle, in the event of an accident or death. Life insurance is especially important for those who take vehicle loans. If your vehicle loan installments are not equipped with life insurance, then you need to register yourself.

Life insurance benefits can protect the heirs or the members of the family who are left behind whom are obliged to pay off the remaining unpaid vehicle installments. Without life protection, the families left behind are burdened to continue paying off the loan installments. You don't need to be confused on what life insurance products to choose. There are several life insurance products that you can use. There are life insurance packages that are already included in a motorcycle loan. For example, Yamaha motorcycle loans use Adira Finance. You can get insurance for Total Loss Only and Life Insurance for credit applicants and this is included in the selling price of the motorbike.

Another vehicle selling company equipped with life insurance is Honda Garda Auto Motorcycle Insurance. Guarantees given specifically for Honda motorcycles, are in the form of TLO and Life Insurance or PA (Personal Accident). This PA guarantee is very significant for drivers, when encountering an accident whether he's driving or not and causes him to die.

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