Guys help me understand, I thought that guys always do comprehensive insurance for cars especially SUVs, on top of that they install car tracker. That being said, I am struggling to understand this guy predicament. Also is it worth taking a 5 year loan for a depreciating asset like a car?
From what I know, major banks insist on comprehensive insurance for the car during the period you are repaying the loan. So kama huyu jama aliibiwa na insurance haikulipa, then he got it from a bank that allows for non-comprehensive insurance… prolly a small bank or finance institution which tend to be more flexible on terms of loans.
Most likely alichukua personal loan not a car loan na akachukua third party insurance. Majority of these big cars being driven around ziko on third party…a prado worth 4M insurance costs ni 170k…most people wanaonanga hiyo ni pesa mingi and avoid paying. Mtu atalipa mwaka moja ama mbili but akisota kidogo anaenda third party.
I remember kuna thread kwa hii section not that long ago encouraging people to take Third party covers for their vehicles. How can you not take a comprehensive insurance for such an asset that’s being financed by a bank.