Motor Vehicle Insurance In Kenya
2022 was set to be a tough year for vehicle owners with insurance Premiums expected to rise by 50 percent. This high rise in cost is attributed to a surge in insurance claims as a result of fraud and price undercutting, yielding losses in the car insurance venture.
Image 1: Insurance Premium Financing by Momentum Credit
In Kenya, Insurance premiums are calculated as a percentage of the motor vehicle value. However, some underwriters had set KSH. 45,000 as the minimum insurance premium that vehicle owners would pay annually with some underwriters limiting coverage to Motor Vehicles with a KES 600,000 value and less than 12 years.
Amid this planned changes, the High Court issued an injunction barring underwriter from limiting insured motor vehicles age and an increasing insurance premiums. Underwriters and motorists continue to grapple with uncertainty with several Motor Vehicle owners transitioning to Third-Party Insurance Cover.
It is against this background that Momentum Credit continues to offer insurance premium financing facilitating Insurance premiums affordability. With a 20% deposit, motorists’ access same day insurance cover, with a flexible repayment of up to 11 months. and competitive premium rates at affordable interest rates.
In partnership with carefully pre-qualified insurance underwriters, Momentum Credit ensures a hassle-free 2-hour cover acquisition complemented by affordability.
Click here to insure your vehicle.
For more information and press queries, please contact: Comms@momentumcredit.co.ke