Before purchasing a vehicle, you should take time to acknowledge the differences between the two main types of car insurance policies available – the key, however, is finding the one that best suits your needs and your pocket!
There are two main categories of car insurance policies here in Barbados; Third Party Coverage and Comprehensive Coverage, sometimes also referred to as Fully Comprehensive. We’re more than certain at some point in time, you’ve probably heard of these terms….. right? If not, no problem!
Let us gently take you through it and hopefully clarify these two terms for you.
Fully Comprehensive – This type of insurance package is the most complete level of car insurance policy available. This policy covers both you and your vehicle and claims you might incur, as well as providing third party liability in every way possible, from injuries to individuals and to damages to vehicles. For instance if you were to ever be involved in an at-fault accident, having this type of coverage protects you from having to pay for any kind of damages. comprehensive policy would also cover hurricane damage, vandalism and a certain amount of theft. The only thing that you must look to cover is the deductible, which is set at a standard level for most insurers but can be raised upon request and thus reduce your initial premium. Almost all insurers offer prices on both types of policy but the comprehensive policies come packed with add-on benefits such as roadside assistance, driver’s licence and road tax renewal services.
For some, this coverage may seem a bit costly but, for what it offers, every dollar surely counts. It must be noted as well, that only certain vehicles are allowed into this category. Insurers are more inclined to quote comprehensive premiums on younger vehicles.
Third Party – In order to drive on Barbados’ roads motor insurance is mandatory, and with that being said, third party coverage is the minimum requirement for an insurance policy that one can have. This simply means that if you were to ever be involved in an at-fault accident, your insurer would only be responsible for the damages done to the other party, their vehicle and/or property, while you would be responsible to cover your own damages. Should the worst happen, having to pay any of your own medical bills and then, if written off, having to replace your car with a new one out of your own pocket can be catastrophic to some and so only paying for third party coverage could leave you financially at risk.
In conclusion the choice is down to you, and the value of and how you use your car. A third party policy is generally the cheaper option when compared to a comprehensive policy due to the add-on extras they typically come with but be sure to know exactly what benefits you are getting so you can make an informed decision before you choose to pay more.
At BestQuote Insurance, we provide both Third Party & Fully Comprehensive quotes FREE! For yours, call us at +1(246)537-0140 or visit us today at BestQuoteBB.com!