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Life and Disability Insurance Protection

When you finance a vehicle, one of the products a dealer or lender may try to upsell is life and disability insurance.

The life insurance will pay off the car in the event that you pass away during the loan period.

Disability insurance will make the payments in the event that you get injured and can't work.

For disability insurance to kick in, you usually have to be out of work anywhere between 15 to 30 days and show proof of disability through a physician's orders.

In order to qualify, you can not have an existing medical condition.

The life insurance portion is usually cheaper than disability insurance, but neither one can be negotiated because the rates are set by the state insurance commission.

If you currently have a good life insurance policy, or you're single with no assets or dependents, then you won't need the life insurance policy on the loan.

If you ARE interested, first check with your car insurance company and see if they can offer you the same products at a lower price.

3 Steps Every Car Buyer Needs to Take to Save Maximum Money

The key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:

Step 1 Get Prices From My Trusted Network

Select the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Select Vehicle to Get Local Pricing

Step 2 Get Prices From TrueCar / CarsDirect

TrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.

Step 3 Complete my Checklist

Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan

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About The Author

Gregg Fidan Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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