Parachute car insurance, also known as PPI (payment protection insurance), was meant to provide cover if you lost your job and couldn’t afford to pay your mortgage or loan repayments, but it has been mis-sold by some banks, making the premiums unaffordable for many consumers. If you think you may have been mis-sold PPI, see our step-by-step guide on how to start the claims process and recover your money from this unfair insurance product.
What is parachute car insurance
Parachute car insurance is a type of insurance that pays out if your car is totaled in an accident. This means that if your car is totaled, you will receive a payout from your insurance company that can help you pay off your loan or lease, and possibly even give you some money to put towards a new car.
How does it differ from standard policies
Parachute car insurance is a type of insurance that covers the value of your car in the event that it is totaled in an accident. This type of insurance is typically more expensive than standard car insurance, but it can provide peace of mind in the event of a serious accident.
What are my alternatives
There are a few different types of car insurance that you can choose from and each has its own set of benefits. The most common type of car insurance is liability insurance, which covers damages to other people or property if you are at fault in an accident. If you have a loan on your car, your lender will require you to have collision and comprehensive insurance, which covers damage to your own vehicle.
Who needs it
If you’re driving a luxury car, a sports car, or a brand new car, you may want to consider getting parachute car insurance. This type of insurance covers the gap between what your car is worth and what you still owe on it, in case your car is totaled in an accident. If you don’t have this coverage, you could end up owing money on a car that you can’t even drive anymore.
Can I get a quote online?
While you can get a quote for car insurance online, it’s difficult to determine if you need parachute insurance without speaking to an agent. Parachute insurance is an add-on to your regular car insurance policy that covers you in the event of a serious accident. It’s generally only recommended for people who live in areas with high rates of car accidents or who drive frequently. If you’re not sure if you need it, speak to your insurance agent about your options.
What if I have no income
If you have no income, you may be eligible for Medicaid. You can also look into subsidized health insurance plans offered by the government. There are a number of options available to you if you have no income. You should speak with a licensed insurance agent to see what is best for your situation.
Are there any age restrictions?
No, there are no age restrictions on parachute car insurance. However, this type of insurance is generally only recommended for drivers who are 25 years old or older. The reason for this is that younger drivers are typically seen as being more risky and thus have higher premiums. If you’re a young driver looking to save money on your car insurance, consider getting a policy with a lower coverage limit.
Is my vehicle eligible for cover
Most car insurance policies will not cover you if you use your vehicle for parachuting. Some insurers may offer specially tailored policies for what is known as ‘adventure sports’ – check with your insurer to see if they offer this type of cover. If you are planning to use your car for parachuting, make sure you tell your insurer so that they can provide the appropriate cover.
How can I make an appeal if my application is declined?
If you’ve been declined for car insurance, don’t despair. There are a few things you can do to try to get coverage. You could call your insurer and ask them what they need in order to reconsider your application. They may ask for a copy of your driving license or any convictions that you have had on your license. If the reason why you were denied is because of where you live, it’s possible that an exclusion applies which would mean the exclusion will apply to all drivers from your postcode. But if this isn’t the case, insurers will still be able to provide cover for drivers living in excluded areas so long as their vehicles are insured elsewhere.