What Is PPI Auto Insurance?

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   Phil Tuccy

   Owner, Insurance Group Consulting, LLC, Florida

   PPI is 'Payment Protection Insurance'.  In addition to vehicle purchases, PPI is also purchased in mortgage and some credit situations.  It ensures repayment of loans for the policyholder, in the event of illness, death, disability and unemployment.  Generally, when the policyholder is unable to earn, for documented reasons like those stated above, the insuring company chosen makes payments to the lender, usually for a specific period of time.   Additionally, there is usually a waiting period associated with the coverage, before payments will begin.  PPI is often referred to as 'credit insurance'.

   Answered on April 15, 2014

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