Motor Vehicle Insurance
What is Motor Vehicle Insurance and Why do I Need it?
Motor vehicle insurance protects a car owner against financial loss due to unpredictable events like auto accidents, fires and natural disasters. The insurance policy will also respond to pay to third parties for injury or damage to property caused by you in an accident.
Minimum Third party insurances are mandatory by Law in Trinidad and Tobago for any vehicle being driven in a public place.
What types of Motor Insurances are there on the Market?
Comprehensive policies provide the widest coverage. The policy would protect the owner from financial loss for damage to their vehicle caused by accidents, fires, theft etc.
It will also respond to pay to third parties for injury or damage to property caused by you in an accident.
A comprehensive private motor policy provides the following additional benefits without any additional premium:
- Damage to garage by fire
- Medical expenses incurred in respect of occupants in the vehicle following accident
- Personal accident coverage to insured/spouse
- Clothing and personal effects
Cover against losses caused by natural perils such as Flood, Hurricanes or Earthquakes as well as cover for breakage of windscreens can be purchased at an additional cost.
Third Party - Fire and Theft
Third Party Fire and theft would protect the owner from financial loss for damage to the vehicle caused by Fire or Theft only.
The policy will also respond to pay to third parties for injury or damage to property caused by you in an accident.
Third Party Only
The policy will only respond to pay to third parties for injury or damage to property caused by you in an accident.
The insured under a private motor vehicle policy may also obtain the following benefits for additional premiums:
- Flood, hurricane, earthquake, volcanic eruption, riot and strike
- Windscreen breakage
Windscreen breakage claims as an additional benefit or extension are not subject to any excess and the insured’s safe driver discount is not affected.
Which Type of Motor Insurance should I choose?
Comprehensive policies offer the widest form of coverage but are usually the most expensive to purchase. Owners of vehicles that are subject to a mortgage are usually required by the financial institution to procure a Comprehensive Motor insurance policy to protect the mortgagor’s interest in the vehicle.
While this is the most desirable cover, insurers generally have restrictions on granting Comprehensive cover based on the age, condition and type of the vehicle. You should therefore contact your insurer to ascertain whether your vehicle can be covered under a comprehensive Motor policy.
Your Third Party insurance policy does not provide financial compensation to repair your vehicle following an accident or any other loss.
It is the minimum mandatory insurance cover required by law in Trinidad & Tobago for a vehicle being driven in a public area. The cost for this cover is therefore lower than Comprehensive or Fire & Theft policies
What do I need to get Motor Vehicle Insurance?
- Completed Proposal form
- Two forms of photo identification
- A recent Utility Bill
- Certified copy of ownership, or Pro forma invoice for vehicle to be insured
- Proof of all discounts
- Government inspection certificate for vehicles five (5) years and older from date of manufacture.