Alfa Romeo offers 'job loss protection' car finance scheme

Want to finance a new car, but concerned that your job might not be that secure? Alfa Romeo, Fiat, Jeep and Abarth have a solution

Christofer Lloyd
Jun 30, 2020

Itching to finance a brand new car, but have a nagging concern over how you'll cope if you were to lose your job - a prospect that may feel more likely in the aftermath of the global coronavirus outbreak? Alfa Romeo and sister companies Fiat, Jeep and Abarth have an answer. This comes in the form of job loss protection insurance, available on all new cars financed or leased through the companies from June 1 until the end of September 2020.

This service can be used in the first 12 months of the finance or leasing contract, with up to seven monthly payments being waived. This is included with all finance and leasing contracts and follows a survey of 2,000 motorists which found that nearly one in three were interested in buying a new car but were concerned about their job security.

This 12-month insurance policy serves as a safety net for drivers, giving them the peace of mind that even if they were to lose their job car monthly payments would be covered for up to seven months, in the wake of the coronavirus outbreak - giving them some breathing space before finding another job.

Aside from covering involuntary job loss, the protection policy also covers you if you become unable to work due to sickness or accident. Furthermore, the terms and conditions state that you're also covered in the event of accidental death. This may be no good for you, but at least gives your next of kin some time to sort out what to do with the car before payments are due, should the worst happen.

To be eligible for cover you must have been working more than 16 hours per week for at least six months. Rest assured that anyone who has been furloughed is deemed to have been working their contracted hours during this period, so would be covered if they were subsequently to lose their job.

In addition, self-employed people whose business has permanently stopped trading and is being - or has been - wound up or dissolved are also covered. 

 

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