Real estate loan: guarantee your loan with loan insurance adapted to rally practice
The rally is a motorsport discipline that involves driving a vehicle, assisted by a co-driver, during speed races on roads closed to the public. A rally race consists of special stages (timed) and liaison stages (untimed) played on different terrains.
Exclusions frequently come up when subscribing to a home loan insurance policy: risky sports such as rallying are part of sports that pose a problem for insurers to guarantee the loan.
Real estate loan insurance risk borrower
Loan insurance necessarily guarantees the death and disability risks of the borrower. In case of occurrence of a situation covered by the insurance contract, it reimburses part or all of the loan to the bank. Since the implementation of the Lagarde Law on 1 September 2010, borrowers have the right to freely subscribe to their loan insurance outside the lending institution. The latter can not refuse a delegation of insurance when the outsourced contract contains guarantees equivalent to or superior to those of the group insurance contract he proposes. It is therefore possible for you to compete with insurance companies to opt for a less expensive contract and more extensive guarantees than the bank’s group insurance policy.
The problem related to the risks of the rally
The rally is a sports discipline that can be “excluded” from the loan insurance contracts because many insurers consider it to be “at risk”. The implementation of a loan insurance covering the risks related to the practice of rally will then result in an increase of your contributions.
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Some insurance contracts give the possibility to buy back exclusions, the insurance company agrees to insure the practice of certain risky sports like the rally .