Vehicle Insurance

 

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Legislation
The Motor Vehicles Insurance (Third Party Risks) Act Chapter: 48:51 makes it compulsory to have in force insurance for death, bodily injury and damage to third parties or their property.  This legislation requires the owners of all mechanically propelled vehicles to have it covered by Motor Vehicle Insurance.

Types of Vehicles

Private Vehicles

A private motor vehicle is a vehicle that is used solely for personal purposes. Private vehicles are registered as private by the licensing authority and would have a “P” designation as the first letter on their registration number.

Commercial Vehicles

A commercial vehicle is used in connection with the insured’s business.  These vehicles are usually used for the transportation of goods for trade or business. Commercial vehicles are registered as commercial by the licensing authority and would have a “T” designation as the first letter on their registration number.

Special Type Vehicles

A special type vehicle is a vehicle that is normally used as a tool of trade e.g. excavators, tractors, forklifts, etc.  Special type vehicles may or may not be licensed for road use and would be registered by the licensing authority as either a “T” or an “X” as the first letter on their registration number.

Types of Cover

Third Party Only

This policy provides coverage to the insured in respect of accidents, for which he is at fault. The insured has legal liability to third parties for:

  • The death of or bodily injury to any person
  • Damage to their property
  • Emergency treatment payment as stipulated under the legislation
  • Legal costs incurred as a result of an accident: in defending an action for damages, against the insured, including claimant’s costs awarded against the policyholder
  • Legal fees for representation at an inquest or in a court of summary jurisdiction in defending a charge of manslaughter up to a limit of $2,000.00

Third Party Fire and Theft

In addition to the coverage to the insured as outlined for Third Party Only, this policy provides cover to the insured vehicle for loss or damage caused by the perils of fire and theft.

Comprehensive

In addition to the coverage to the insured as outlined for Third Party Only, this policy provides coverage to the insured vehicle and it’s accessories for loss or damage due to the following:

  • Accidental collision or overturning due to mechanical breakdown or as a result of wear and tear
  • Fire, external explosion, self ignition/lightning, burglary, housebreaking, theft  or malicious act
  • Whilst in transit between any ports in Trinidad and Tobago
  • Accidental breakage of windscreen or window glass up to the limit selected by the insured

 Other Benefits provided by comprehensive coverage

  • Medical expenses
  • Accidents to insured
  • Personal effects
  • Legal charges (manslaughter)
  • Towing disabled vehicles
  • Motor traders use
  • Emergency treatment
  • Cost of wrecking the vehicle following an accident covered by the policy

Additional benefits which can be purchased

  • Damage to the insured vehicle caused by earthquake, hurricane, flood or volcanic eruption
  • Damage to the insured vehicle caused by riot strike and civil commotion
  • Personal accident cover for the accidental death or injury of passengers