You don’t need to buy a car, buy a house or buy a plane if you don’t have to, according to one insurer.
And if you can’t afford to pay for your own car, then the government has a loaner that will let you borrow money from the federal government for the purchase of a new car, the state or local government for health insurance or your home, and the banks for mortgage insurance.
“The government has guaranteed you can buy a home, a car and a plane,” says Mike Hulme, head of the car insurance industry consultancy CAA.
“But you might not be able to afford to buy the car, mortgage, or plane if your income is low or if you have a high rate of unemployment.”
Hulme has worked for the industry for more than a decade and is a former deputy head of finance at the UK government’s Department for Business, Innovation and Skills.
He said the government’s insurance guarantee for car purchases was one of the biggest subsidies in the insurance industry, adding that “you would have to be earning over £75,000 to qualify”.
“If you’re earning less than that, you can get the government to guarantee the purchase, but you’re still not guaranteed a car.”
If you live in a car rental agency or car park, you could get a mortgage and insurance from the government.
But even if you are able to borrow money, there are a few ways to try and save on your car insurance.
If the car you want isn’t available, you may need to find a cheaper vehicle for less than the original price.
You could also buy a new vehicle, if it has been used.
Another way to get your car insured is through the National Insurance Scheme (NIS), a system where you can apply for a government loan for the price of the vehicle you want to buy.
It costs about £5 per year for a four-year loan.
And if your vehicle has already been sold, it can be sold again at a discount, but it’s a one-off loan that won’t be covered by the government insurance guarantee.
The government says the guarantee is meant to help reduce the risk of people being left out of work by being left with low income and low car insurance rates.
“The NIS is a good idea,” says Hulmes.
“If you don’ have access to the loan, the NIS may be the best thing for you.”
Car insurance is more expensive in the UK, where you’ll pay around £300 a year for your car, compared to around £200 in the US and Canada, which is about 20% more.
In the US, where insurance premiums have increased by around 25% in the past three years, it’s also important to note that your state and local government may also be able provide subsidies for car insurance, including a mortgage, if they agree to the deal.
However, it might not work out as well for people with high rates of unemployment, or for those who are living in an area with limited resources.
“There is no guarantee that the government will fund a car insurance guarantee if you’re unemployed, low income, or have been unemployed for many years,” says Dan Stober, a partner at law firm Houlihan.
“[There] is a big risk that your car may be sold for scrap and you could end up without a car.
There are also risks with private lending, which are much higher in the United Kingdom.”
The National Insurance scheme is set to expire in April 2021, meaning that if you live or work in an affected area, you’ll need to apply to the insurance company for a loan.