Insurance or assurance of higher premiums - Part 2

Obviously, I have a problem with auto insurance in the BVI.

I called around today to ask if a 2001 vehicle can get COMPREHENSIVE auto insurance and many offices said NO. One office said that if I have the car financed through the bank, then they can insure it comprehensive for this year ONLY. After that it will be 3rd party.

Maybe I am a little too particular, but I think this entire insurance business in the BVI needs to be investigated. The Government enacted laws to make every vehicle owner purchase auto insurance. In that case, the local companies should be able to cover ANY vehicle at comprehensive rates. Now, you might say that my car is only worth $2,500. If I get into an accident and I am found liable, the other driver gets his vehicle and expenses taken care of in FULL. I walk away with nothing. In that scenario, even with a deductible of $1,000, I can still claim $1,500 to assist with getting another vehicle.

I did some research since this insurance business seems more and more sketchy to me.

Source: Auto Insurance In-Depth
"Collision coverage usually also comes with an insurance deductible. It's the amount of money you pay toward repairs before your collision insurance kicks in. The higher the deductible you're willing to pay, the less the collision policy will cost."

"Comprehensive is very similar to collision insurance, the main difference being that comprehensive covers damage caused to your vehicle caused by any unknown party or "act of God"."
http://www.autoinsuranceindepth.com/optional-coverages.html

I was even told that the 2001 vehicle would have to be purchased from the bank so that comprehensive insurance can be purchased. Insurance companies care more about the banks than the drivers? Why should I get a car loan for $4,000? If I am to take the $4,000 from my savings to buy a car, then obviously with 3rd party insurance in an accident where I am at fault, I would be severly handicapped. Everyone does not have $4,000 sitting around to buy another car.

In light of everything above, I think the appropriate government body needs to investigate the insurance companies here. In our culture, many people purchase used vehicles. Therefore, the insurance companies need to stop worrying about the banks and look out for the people who are just starting out.

More research will be conducted and the appropiate government agency will be asked to look in to the matter.

ribbon

Driving in the BVI

The old people say "drive for you and the other driver". I say drive for you and the other moron here in the BVI cause guaranteed by the end of the year someone will hit your car. Hopefully everyone will walk away without injury.

Seriously, SOME people here are really BAD drivers:

can't park
can't reverse
can't signal
can't brake
can't stay on their side of the road
can't overtake

BTW, the percentage of bad drivers is the same for male and female. The joke is that everyone wants BIG SUV's but they can't park and can't change the tires. lol lol These SUV's don't even want to drive in mud puddles. I just sit and laugh or pass or just laugh.

There may actually be one vehicle per adult and per child here - it's about 25,000 vehicles to 27,000 people. With no proper bus system, the traffic is horrendous and with the factors listed above - we're not getting anywhere.

The Government employees and officials spend our country's income on BIGGER SUVs which is such a waste. The $50K wasted on an Escalade could be a teacher's salary or a scholarship for a hopeful dentist. Yet they say they are moving forward - making the dealers rich and the school children slower because there is no equipment or qualified teacher to teach them.

The way forward - I would transfer the Escalades and Land Rovers to the Survey Department instead of having 8 men choked up in the 4 door truck. I think the pretty blue sea have the officials blinded somehow but these are just my thoughts.