Other things to consider
Now that you understand the premium cost better, let’s look at other important considerations:
The premium amount can be paid in installments (monthly, bi-monthly or in two payments) depending on your provider. Make sure you are able to pay in the most flexible way.
Also enquire about interest fees that could be charged if you decide to finance your premium. Make sure these are clear so that there are no surprises later on.
Bajans often complain about insurance providers not paying claims or giving people a hard time before a claim is settled. Do your research on social media, look at Google Maps reviews and ask your friends.
Excess (or deductible)
An excess is the amount you pay out of pocket towards any claim you make on your car insurance policy. For example, if you have a claim worth $10,000 and you have a $2,000 excess, you will only receive $8,000 from your insurer if your claim is approved.
Most motor insurance policies have two types of excess: A compulsory excess, which they set and cannot be modified, and a voluntary excess, which you can set yourself with the aim of reducing your premium amount. Remember to set your voluntary excess carefully. While you can get a lower premium premium if you opt for a lower excess, in turn, you will have to pay more ot-of-pocket in case of an accident. Where damage to your vehicle has been minor, a high excess can mean it is not worth claiming at all, for example, a broken windshield or a small dent.