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Auto Insurance: Hope for the Best or Plan for the Worst?

In a previous post, we discussed the benefits associated with auto insurance and extended warranty programs. Buying a car is most likely one of the biggest spending decisions you’ll make. While a substantial financial commitment like that can be stressful, knowing your investment is properly protected can be a welcome relief. But maybe you’re still not convinced that added coverage is worthwhile. Maybe you prefer to play the percentages.

May the odds be ever in your favor.

While this memorable line works well within a movie script, it’s not a solid strategy for deciding whether or not to adequately insure your new car. According to a 2016 JD Powers Vehicle Dependability Study, car problems seem to be the rule rather than the exception. Among the lengthy list of opportunity costs resulting from auto troubles, the long-term financial risk may be the most damaging. In fact, two out of three consumers surveyed by indicated that they do not have enough savings set aside to cover a $500 car repair. Statistics like this highlight the fact that a single breakdown can begin a ripple effect of financial damage. Fortunately, some financial institutions are taking steps to help the average consumer safeguard their car—and their wallet.

Credit unions are getting creative.

Based on the previously mentioned dependability study, car troubles may seem unavoidable. Fortunately, a growing number of credit unions are demonstrating their commitment to their members’ by developing creative ways to plan for the inevitable. Rather than crossing their proverbial fingers and hoping their members have uncommonly good luck, many community banks are taking a proactive approach by offering auto loan programs that include benefits such as purchase rebates and auto deductible reimbursement, many at no additional cost to the borrower.

When reviewing a credit union’s list of financing perks, it can be tempting to skim over clever product names and descriptions. But when you consider the details of the programs, the real-world benefits demand attention. For example, with Power Financial Credit Union you can use Bonus Drive to get up to a $500 rebate for purchasing through specific manufacturers. By simply using that $500 rebate check to establish an emergency savings fund, you can put yourself in a better financial position than 63% of Americans.

Put your purchasing power to work for you.

Just as preparation and research can be the keys to finding a dependable vehicle, they can also prove valuable when choosing a lender for your auto loan. By financing your new or pre-owned car through Power Financial Credit Union, you can enjoy the peace of mind thanks to the attractive array of comprehensive discounts and benefits that come from programs like our Guaranteed Asset Protection.