Life insurance on your vehicle: It’s not your wisest move

By Danae Ingram

The cost of living has everyone scrambling and a recession feels imminent.

Being mindful of your expenditures is essential and will go a long way toward your long-term goals. Given the tension about the economy, it is understandable if you are exploring any viable means of security.

Maybe you are considering Life Insurance on your vehicle.

If you are looking for coverage without any medical, it is a group coverage as you may not qualify for a term policy from a life insurance agent, then Life Insurance on your vehicle is an alternative, barely.

“Yes, we sell it and do profit from it but to be honest it’s a great product,” Mark Turner, owner of Race Auto Group. “I mean, there are a couple of benefits, but most of it outweighs that. For example: If you bought a $30,000 car and you put life insurance on it and it might cost you $2200 for that policy as example. It only pays out what is left on the balance of your loan. As the loan goes lower, so does your payout.”

Refreshingly bold talk from Turner who offers further perspective, “It's not an individual term policy like those from your friendly neighborhood life insurance agent who offers a $200,000 policy for, you know, 50 bucks a month.”

This crisp, succinct honesty is a calculated gamble by Turner owner of Race Auto Group with three locations in Nova Scotia. A seasoned veteran in the market, Turner wisely recognizes that today’s vehicle owners have unfiltered online access to both information and rhetoric.

Another range of products frequently sold by auto dealers but are rarely fully understood is warranties.

Mark Turner, “(with a warranty) there’s going to be more peace of mind, if something breaks, it's covered. With that said, a powertrain warranty, covers your engine, your transmission basically. But you know it doesn't cover your air conditioning, struts, your power steering or any of that.”

And if you are thinking you have ‘bumper to bumper’ coverage, Turner urges you to take another look at your policy, “There is no such thing. For example, there is wear and tear. Certain items wear out, like tires and wiper blades. They're not covered, so I mean, there's nothing that covers everything.”

While some are on a quest for best value in vehicle shopping, others are seeking to maintain their current vehicle for as long as possible. The place you choose to perform vehicle servicing has to inspire trust along with a budget-conscious fee schedule. Proper vehicle maintenance is key to ensuring your vehicle can provide extra years of reliable transportation. Eventually, the wear and tear will lead to repairs and who you choose to work on your vehicle matters. The Race Auto Teams offer skillful, transparent navigation of both vehicle buying and maintenance.

Life has a way of making you feel reduced to a number, a statistic. But a local company like Race Auto Group is invested in cultivating a lasting, respectful relationship with you. Race Auto will listen to you, determine what your expectations should and shouldn't be and will tell you the truth.

You deserve the truth and Race is the place.

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