Is insurance required in my mortgaged car?
Yes. The bank will require comprehensive insurance every year until the end of the term of the loan. The client may have option to insure the secured collateral to insurance company not accredited by the bank but subject to acceptance and approval of the bank. The policy must be bear a mortgage clause that in case of claims, should be payable to Sun Savings Bank.
The renewal policy of the insurance should be submitted to the bank not later 30 days from the date of expiry. As stipulated in the chattel mortgage in case of non-submission or non-renewal, the bank will procure a policy on behalf of the client subject to applicable charges.