Kirungii Sacco will identify a reputable insurance broker to provide favorable insurance rates to members. Members to have their cars valued and insured by the selected underwriter every 1 February of the year (Standard Insurance start date). Members who apply for this facility on any other day than 1 February, will have their insurance prorated for the period to the next standard Insurance start date. The underwriter will inform the members directly of their car value and premiums payable. Further, a member will share a commitment letter / application with the Sacco for payment processing. The Sacco will get the premiums of all cars to be insured and draw on payment to the underwriter directly
Features:
- Repayment is a maximum period of 3 months
- This should be done either through payroll or outside the payroll
- Interest rate on loan is 1% per month on reducing balance
- The Sacco will also negotiate for favorable rates with AA of Kenya
- The amount payable by the members will be aggregated with the insurance premiums and paid within 3 months
- Sacco will make the payments directly with AA of Kenya