Hyundai Offers Job-Loss Insurance

Hyundai wants to stimulate their sale by offering a free insurance against the risk of job-loss of their customers. The advantage for the client is that they can return the car up to one year after striking the bargain in case the customer loses his job or he becomes physically disabled.

The consumer should be aware that the contract is always legitimate even if there are some differences between the conditions in the contract and the promises made in the brochure. The free coverage is restricted by a few conditions :

• 
  A customer can only lay claim to the insurance if at least two repayments within the time specified in the contract, have been done.
• 
  The insurance only covers up a maximum amount of $7,500.

In my opinion this is not the solution to encourage people to buy a car. Hyundai gives the impression that one can buy a car without any obligations. I think this is a very misleading publicity. The insurance covers only a small part of the value of the car and the client is responsible for the amount higher than $7,500. The ‘free insurance’ can cause a lot of problems. If the customer loses his job, it could happen that he can not pay the outstanding amount.

The financial crisis has already made a lot of victims. In America there is no social security system to protect the inhabitants like we have in Belgium. I think this free coverage is only in the advantage of the company to survive the economic crisis.

Sofie De Cooman

Source: http://wheels.blogs.nytimes.com/2009/01/22/hyundai-offers-job-loss-insurance/?scp=4&sq=Hyundai&st=cse