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

Top Mishaps of the millenium

Insurance Company tells end customer that she will have to pay the damages in accident if she contests the police findings and loses. LIAR LIAR!

Man buys wrecked car. Man fixes it and gives it nice paint job and says good buy - never hit. Man sells it for big dollars and laughs at the sucker with the lemon.

Man riding bike get run down by pretty lady in SUV. Man get taken to hospital. Man sent home after days and broken leg. Then live on ZROD man calls to say pretty lady never call him back. Police don't return his calls.

That's the top three mishaps that I have seen. I will keep you posted as more come along.

It's sad that I have to write about these types of events but I think it is important for people to understand that living in the Caribbean is like living anywhere else. We have a beautiful natural environment to live in but our surroundings are filled with monsters who at any time step to destroy us.

We have junkies, homeless adults and children, statutory rape, unsolved murders just to mention a few.

Of course, we have life so that means we have hope. That hope is built by faith which is extended through God.

Insurance or assurance of higher premiums

Insurance means:

1. the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.
2. coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.
3. the contract itself, set forth in a written or printed agreement or policy.
4. the amount for which anything is insured.
5. an insurance premium.
6. any means of guaranteeing against loss or harm
from Dictionary.com


Looking at that definition, why do we hate the insurance guys? They collect their premiums faithfully and raise them every year. On the other hand, you may hardly make claims and remain a good customer.

So what is the problem? Health insurance is CRAZY here in the BVI. If you are not in a big group, you are in trouble because individual premiums are expensive, especially with a family. With Auto Insurance, you can get good rates but there are certain companies who work tirelessly to screw you over. They dig in to your business and have conversations about you with the 'world' - and you are insured with them! the Life Insurance guys can get away for now but they also need to research new policies to offer us here.

I obviously do not care for the auto guys because on two occassions, I have had bad interactions with them. Nevertheless, we need them. I ask people to review their policies closely and if you are not happy - SWITCH. They like to tell you that you cannot have comprehensive insurance on vehicles over three years, yet they lie because they can offer it.

Maybe it is a vendetta against me - no because everyone complains.

So, switch, switch, switch...........