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Understanding Insurance Quotes

Motor Insurance

Getting a car insurance policy is mandated by law in Jamaica under the Road Traffic Act, so it is important that you understand how your premium is calculated, and the cover provided under each class of cover available when you go insurance shopping. Whether you are shopping online with SARIFA’s online quotation system or coming into our offices, it saves time if you are informed in advance of your options.

Act Insurance - Not many people are aware of a very basic cover that provides minimal limits of cover to policyholders in the event of a loss. Insurance companies rarely promote this limited class of cover.

Third Party Insurance - premiums are based on a flat sum, which is payable by all policyholders, regardless of risk profile. This basic policy cover provides payment to a third party, in the event that you are liable to them following an accident. Third party vehicles, property and injury are covered.

Third Party Fire & Theft - premiums are calculated using the basic Third Party flat sum plus a percentage based on the value of the vehicle. The policy covers the third party risk, plus fire and theft damage to your vehicle.

Comprehensive Insurance - has a wider scope of cover to Third Party Fire & Theft and is calculated using the basic Third Party flat sum plus a higher percentage for wider coverage of your vehicle (beyond fire and theft).

Other factors affecting your insurance quotation

Have you ever wondered why your premium differs from another person in your family or circle of friends who has the same car?

·  AGE: How old you are may be the reason. A senior will usually get a higher quotation because they are considered a higher than average risk. Getting old often involves experiencing a number of conditions including having to take a number of medications on a daily basis –one thing that is deemed dangerous for driving because it makes users drowsy. Another reason is that older people generally move slower than their younger counterparts, including response times while driving.

Also, being too young also makes getting an insurance policy more expensive due to the fact that younger drivers are less experienced behind the wheel than older people. 

· LICENCE: The age of your driver’s license will also have a bearing on the quotation received.  A ‘young’ license will often attract a % premium loading from insurers.  

· CAR SECURITY FEATURES: Many insurers offer discounts for your car’s safety   features such as alarms and tracking devices. 

· DRIVING HISTORY: If you have had any accidents (whether at fault or not) or convictions, your premium will be loaded based on the insurance companies’ rating policy.

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