The What, Why , How and Contents of Motor Insurance [2/2]

What does Motor Insurance Cover ?

Different companies have different policies. However a sound insurance company will cover you with  following under Motor Insurance.

1> There are two main levels of motor insurance coverage available – Third Party & Comprehensive. Third Party Insurance is the minimum coverage that the law states you must have in order to drive your vehicle on the roads of Barbados. Third Party Insurance covers you for damages you may cause to someone else if your vehicle is involved in an accident.

This includes:

• Damage to property (e.g. other vehicles; buildings; walls; gates; fences; etc.)
  
• Injury or death resulting from an accident for which you are at fault (e.g. passengers in the other vehicle; passengers in your vehicle (excluding the driver); pedestrians; etc.)
  

In addition to the above, Comprehensive Insurance will also cover you for the damages to your vehicle resulting from an accident, fire, theft, malicious damage, flood, etc.

2> Comprehensive cover may be issued on an Agreed Value or on an Indemnity Value basis. If it is issued on an Agreed Value basis the insurance company eg. CGI  will cover your vehicle (including accessories) up to the amount that they agree with you at the start of the policy year.  If it is issued on an Indemnity Value basis CGI  will cover your vehicle up to the market value at the time of a loss.

3 > FREE Roadside Assistance like AutoMate  is provided by CGI 24/7.
This is a free service available to CGI private car Policyholders. AutoMate is a 24-hour emergency response team trained in resolving automotive problems like these:

• Key Retrieval
• Accident Response
• Flat Tyre Assistance
  
• Emergency Fuel Delivery
• Mechanical/Breakdown Assistance
  
• Shuttle Service from Accident or Breakdown
  

How to choose a  Good Company which offers Motor Insurance ?


Ideally, you should survey through the most reputed insurance companies. Having figured out the ones, you should narrow down  and then zero in on that company which meets your needs most effectively and economically. For instance, a company like Consumer's Guarantee Insurance , which has a long standing record of over twenty years with  an excellent track record  is certainly a name to be reckoned with in the whole of  Barbados. In a crisis, companies like CGI facilitate the recovery of the financial worth   at the earliest by covering for the financial damage caused to your motor vehicle.

M. Catherin