Wednesday 17 October, 2018

Pay up! Motor insurance is less than the new $5 000 fine

Michael Holder, President of GIAB (FILE)

Michael Holder, President of GIAB (FILE)

The General Insurance Association of  Barbados (GIAB) is concerned that drivers are using the nation's roads without insuring their vehicles.

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The Association's President Michael Holder said not only are drivers breaking the law, but they are creating problems when they are involved in accidents and a third party is involved.

There are situations where people get into accidents and do not have third-party insurance coverage.

He says it is unfortunate since if there is an accident and the person responsible is not carrying the correct motor insurance, the party that is injured or has his or her property damaged will have issues trying to get the damaged property replaced.

Holder shared:

"We [the insurance industry professionals] are working along with the [Barbados] Licensing Authority to see if we can determine exactly how many vehicles are on the road that are not insured."

He said that Barbadians need to understand that the penalty for driving around without insurance has increased to five thousand Barbados dollars (BBD $5000).

Yet, he stressed, "You can get a third-party motor policy in some cases for one thousand dollars, (BBD $1000) so it's to your benefit to carry the motor insurance as required by the road traffic laws of Barbados."

 

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