Insurance is a mechanism for spreading or transferring the risk of loss from one person to another. Vehicles break down. People get sick or injured. Houses burn. People who face these risks can pay a premium to an insurance company, which agrees to pay for certain losses when they occur.

Each individual premium is much less than the customer’s potential loss if he or she does not purchase insurance. This is possible because the losses covered by the insurer are random and occur only to only some customers. The small premiums of many customers thus pay for the large individual losses.

Cariboo Ford offers credit life and disability insurance products through the business office of our dealership. Group creditor insurance, simply stated, is a type of insurance policy purchased by a borrower that pays off or makes payments to an existing debt in the event of a death or disability. All customers that purchase the insurance are not subject to any pre-screened medical tests or other qualifications that a private insurer may require. Coverage is effective immediately if subject to qualification. This credit insurance is retroactive to the first day off work subject only to a qualifying period that has been chosen by the customer.

Credit Life Insurance

  • Secures your good name.
  • Family can enjoy vehicles without payments if death occurs during the term.
  • Automatic approval.
  • Single or joint coverage.
  • Protects savings & investments.
  • Protects other life insurance from being reduced to pay off loans.
  • Pays outstanding loan balance if the insured buyer dies during the loan term.
  • Requires no medical/physical exam, no blood/urine test.
  • In the event the insured passes away during the term of the vehicle loan, credit life insurance pays the loan balance at the time of death. This leaves the family or estate with the vehicle unencumbered by liability.

Disability Insurance (Accident and Health)

  • Secures your good credit.
  • Makes payments if unable to work due to injury/illness (at work, home, or elsewhere) until you return to work.
  • Not taxable.
  • Protects credit & peace of mind.
  • Enhances employer benefit plan (EBP pays up to 2/3 of income).
  • Paid regardless of other income.
  • Pays from the first day off with a 7, 14, or 30-day qualifying period.
  • In the event, the insured is unable to work due to illness or injury disability insurance pays the lender the loan payments while the insured is unable to work.