Free payment protection insurance including protection for redundancy is being offered by a host of manufacturers in the hope of enticing potential car purchasers to the showrooms.
Honda has announced that they will offer free redundancy cover on a range of Civics and CR-Vs purchased through Honda finance, the policy will cover monthly repayments for up to a year should customers be made redundant for a period of more than three months.
Renault is offering free payment protection insurance for all new cars and vans bought in April through Renault finance and it will cover the customers payments for the first twelve months should they be unable to work through sickness or redundancy. Renault’s 0% hire purchase package is now available over three years with no deposit on most of the new cars.
Volvo is another manufacturer providing free redundancy cover, the policy covers customers during the first eighteen months of owning the car, and Volvo will pay all monthly payments for up to one year. The insurance provides life and accident and sickness cover too.
It is thought that all manufacturers will announce the same offers in due course. Vauxhall is offering worried customers, who are unsure of their future incomes, interest-free loans and cashback deals when they buy new cars. They revealed their “redundancy marketing” campaign in February it goes under the banner “You Pay, We Pay”. It offers consumers credit and a cashback payment. It is aimed at those who want a new car, but cannot necessarily afford it yet, due to redundancy or other circumstances.