The Importance of Car Insurance in Barbados

A car insurance is not only important for protecting you and your car in a mishap. A Auto Insurance Barbados policy also lets you cover for the damage incurred by you or even some other driver driving your vehicle. These costs can sometimes rise far beyond the actual value of your car. Some car insurances also cover you when you are driving someone else’s vehicle.

Car insurance in Barbados is divided in two major categories-Comprehensive Insurance and Third Party Insurance

What is Comprehensive Insurance?

A comprehensive car insurance covers you from theft or fire of your vehicle due to third part negligence, as well as accidental damage to your car. Insurance companies in Barbados calculate the cost of your policy based on 2 factors- your profile with respect to your age, driving history and driving experience, and vehicle’s profile with respect to your vehicle’s type, value, engine size, etc.

If the vehicles that are too expensive or have high performing engines, if you have little driving experience, or if you have a goods or passenger carrier then the premium is generally high.

What is Third Part Insurance?

A third party car insurance covers the very basic insurance aspects which are compulsory by law. These type of insurances only cover the cost of injury to other person or their vehicle, as well as any other third party property damage. A third party insurance does not cover any loss or damage of your own vehicle.

Apart from these, the car insurance companies in Barbados, also offers many other benefits along with the policy.

Some of the benefits might include-

• Discount Protection- You are entitled to a discounted protection if your car is damaged by an uninsured vehicle and you are not at fault. Even if you require urgent medical care because of the accident that involved your car, your discount stays unaffected. If, after a breakdown you had to pay a hefty amount to tow the vehicle to the nearest garage or to your home, then too you are entitled to have a discounted no claim protection.
• New Car Replacement- This benefit allows you to cover the cost that is required to replace your car if it is damaged in a single accident and the cost for repairing or replacing the same is more than 50% of the cost of your car when it was purchased. However, the accident or the damage must happen within 12 months of when you register your vehicle as a new one.
• Delivery and Towing Charges- Company will cover all the heavy costs involved in towing your car to the nearest repairer or your home, if your insured vehicle has suffered a breakdown. Many insurance companies also pay the rent for a car for up to 6-14 days if your car has suffered a damage, however, the hired car should not exceed 1600cc.
• Medical Expenses or Fellow Travelers- A car insurance company can also pay up to $500 for every person who was travelling in your car during the accident.
• Injury to You or your Spouse- A company can pay up to $10,000 if your spouse or you have suffered any accidental injury.

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Car Insurance In Trinidad is divided in two major categories-Comprehensive Insurance and Third Party Insurance