Although it is said that PPI typically costs about 20% of the loan amount, this figure isn’t at all accurate most of the time. In fact, PPI on some types of loans runs as high as 49% to 56% of the loan amount. No, it is not cheap and consumers should carefully consider whether PPI is worth the high cost they will need to pay. According to consumer advocate groups that have released their findings, PPI on unsecured personal loans was reported as costing between 25% and 44% of the loan amount while the cost for loan protection insurance on purchasing a car was between 34% and 43%.
This leaves one to wonder if he high cost of PPI policies is really worth it. When seen in the light that purchasing loan protection insurance costs half as much as the vehicle itself then that extra amount alone could prevent you from making those payments! For anyone who feels that they have been mis-sold a PPI policy and would like to file for a PPI refund, take the time to consult with a PPI claims company that can help you with everything from filing your claim for the refund to filing an appeal should your claim be denied.