Auto Insurance: Adding another car to the existing policy (GEICO)
They'll refund your money (though maybe with a small service charge).  I'm sure they regularly deal with new car sales gone wrong. tl;dr: Call them. I'd be very surprised if you have a problem. I used to have have a policy with Geico, and would pay for my car insurance 6 months at a time. About 2 months into my last period, I purchased a house. Unfortunately, Geico didn't offer homeowners insurance in my state, so I ended switching to another company that offered a better auto+home combined policy.  Since I had already paid for 6 months of coverage, I figured I'd just be stuck being double-covered for 4 months. So, I didn't bother doing anything until the end of the 6 months and called them to cancel the auto-renewal thinking what I've already paid was a sunk cost. The asked me why I was canceling and I explained the situation and they backdated the cancellation to when I got my policy with the other company and Geico issued me a refund for the time there was overlap.  Considering that they did that for a leaving customer, I'd expect them to be able to cancel the policy on a new car of a current paying customer with no issues. When adding a new or used car to the policy I have found that it is best to call the company in advance. I let them know I will be adding a car to the policy in the next few days, but I have no idea of the VIN or other info.  I have a policy with a different company and they have told me that I am automatically covered  as long as I provide the VIN and other details within 30 days. The next business day after the purchase I provide everything they need, and a new bill is generated. When removing a car from the policy it has worked the same way, a new bill is generated when removing the car. Depending on the timing and amounts they have either credited my account or sent a check.  They should have no problem removing a car that was accidentally on the policy. It might be that they charge you a days coverage. When you call them about the refund, ask if the coverage for an additional vehicle is automatic, that way you don't have to provide the info until after you get the car home.
You calculate the loss by adding back the interest that was made off the car loan. This is usually mitigated through down payments and longer loan terms (the 7 year auto loan is becoming popular). After a downpayment and a year's worth of payments (which are interest front loaded) I doubt that finance companies would have huge losses. Why then did Ford (and the auto industry in general) suddenly decide to court such buyers?  Clearly when they felt they had a viable solution to the financing and could open up the market of buyers they were previously ignoring. If more sales are desired, surely the same can be accomplished with simply lowering prices? Millions of people have bad credit.  Apparently Ford thinks adding millions of people to the pool of potential buyers is more effective to boosting sales than discounting product for the pool of existing potential buyers. Insurance is to mitigate risk you can't handle yourself.  (All insurance, not just car insurance.)  The expected value of the insurance will always cost more than the expected value of your loss, that's how the insurance company makes money.  But sometimes the known fixed cost is better for your ability to sleep at night than the unknown (though likely lower) variable cost. If you were suddenly hit with a bill the size of your car tomorrow, would you be ok?  If so, then you can handle the risk yourself and don't need insurance.  If not, then you need the insurance. The insurance company sells thousands of policies and it's much easier to predict the number out of 1000 people that will get in an accident tomorrow than the chance that you specifically will get in an accident tomorrow.  So they can manage the risk by making a small amount of money from 999/1000 people and buying the other guy a new car. Most likely, yes. AD&D is insurance against a specific type of peril.  Life insurance is, too, but there are fewer exceptions to payout.  I'd imagine that you'd have to die by accident, or be dismembered but not die, for it to pay out.  The exceptions in the policy are what you need to be concerned about. If loss of you (and your income) would be of financial hardship to your wife and your goals for your family, then you should consider life insurance. (If you do, consider having your wife buy the policy on you, and make sure it's clear that her funds were paying for it.  It may be possible to avoid having the payout go into your estate that way.) As the other answers indicate, if you look only at the clear mathematical formulas regarding your debts and their interest rates, then you'll see that it's better (less expensive) to pay off your student debt first.  However, you must also take into account the value of your car, as it is an asset. The older your car gets, the less it's worth. The more your car gets used and worn out, the less it's worth. Cars depreciate at about 15% per year on average. However, you're continuing to pay the same amount of money to keep a decreasingly valuable asset. Now, you also have to include the fact that you may be required to carry full-coverage car insurance, versus liability insurance. This can represent an increase in spending if you'd prefer to have liability only. With insurance in the picture, you should also be thinking about the possibility that something could happen to your vehicle that causes it to be worth less than you owe, or just worthless. If such an event happens, then you may have more difficulty acquiring a replacement vehicle. I, personally, don't find the increase in total interest paid on student loans to offset the other consideration regarding the value of a car. I'm in a similar situation as you (except your values are all about double what mine are). The peace of mind I gain from being able to pay off the car more quickly, and use that money towards loans or whatever I want, is worth the interest I'll earn by not putting that money into the student loans instead. I also prefer the idea of being able to more easily use my vehicle as a trade in, in case I need to get a different vehicle to better suit my family size. "Probably not, though there are a few things to be said for understanding what you are doing here.  Primerica acts as an independent financial services firm and thus has various partners that specialize in various financial instruments and thus there may exist other firms that Primerica doesn't use that could offer better products.  Now, how much do you want to value your time as it could take more than a few months to go through every possible insurance firm and broker to see what rate you could get for the specific insurance you want.  There is also the question of what constitutes best here.  Is it paying the minimal premiums before getting a payout?  That would be my interpretation though this requires some amazing guesswork to know when to start paying a policy to pay out so quickly that the insurance company takes a major loss on the policy. Similarly, there are thousands of mutual funds out there and it is incredibly difficult to determine which ones would be best for your situation.  How much risk do you want to take?  How often do you plan to add to it?  What kind of accounts are you using for these investments, e.g. IRAs or just regular taxable accounts?  Do tax implications of the investments matter? Thus, I'd likely want to suggest you consider this question: How much trust do you have that this company will work well for you in handling the duty of managing your investments and insurance needs?  If you trust them, then buy what they suggest.  If you don't, then buy somewhere else but be careful about what kind of price are you prepared to pay to find the mythical ""best"" as those usually only become clear in hindsight. When it comes to trusting a company in case, there are more than a few factors I'd likely use: Questions - How well do they answer your questions or concerns from your perspective?  Do you feel that these are being treated with respect or do you get the feeling they want to say, ""What the heck are you thinking for asking that?"" in a kind of conceited perspective. Structure of meeting - Do you like to have an agenda and things all planned out or are you more of the spontaneous, ""We'll figure it out"" kind of person?  This is about how well do they know you and set things up to suit you well. Tone of talk - Do you feel valued in having these conversations and working through various exercises with the representative?  This is kind of like 1 though it would include requests they have for you. Employee turnover - How long has this person been with Primerica?  Do they generally lose people frequently?  Are you OK with your file being passed around like a hot potato?  Not that it necessarily will but just consider the possibility here. Reputation can be a factor though I'd not really use it much as some people can find those bad apples that aren't there anymore and so it isn't an issue now.  In some ways you are interviewing them as much as they are interviewing you.  There are more than a few companies that want to get a piece of what you'll invest, buy, and use when it comes to financial products so it may be a good idea to shop around a little." "Evaluate if the Rs 5 million term insurance is sufficient. Typically the term insurance provided by employer is in the range of 1 to 3 times the gross. Generally one should be covered in the range of 5 to 10 times the Gross. The sooner you start the lesser the premium and you can get insured for a large amount for a long duration at very nominal rate.  NOTE:  You can also buy a health insurance for your father, note these typically come at high cost, generally if over 70 years of age, 25% is the premium amount and 25% as co-pay. So if your dad doesn't fall ill once in 3 years, its a loss making proposition. Edit: Accident insurance best take is along with rider on term plan. Additional Health insurance is a good idea and helps if you are in between jobs. Plus the new company health insurance can reject a particular treatment as ""Pre-Existing"". i.e. certain illness [in certain plans] require one to have coverage for 3 years before the claim for it can be covered." Credit scores, or at least components of them, can sometimes factor into how much you pay for car insurance. Source: Consumer Reports: How a Credit Score Increases your Premium