Five things to know before choosing a Motor Insurance Plan in Trinidad and Tobago - The Maritime Financial Group
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Five things to know before choosing a Motor Insurance Plan in Trinidad and Tobago

The motor insurance market is a highly competitive one, with a wide variety of insurers and products available. With Third Party motor insurance being mandatory, all motor vehicle owners require Motor Insurance.  Here are five key things to consider when buying motor insurance.

  • Coverage
  • Vehicle value
  • Driving record
  • Vehicle specifications
  • Age of driver/driver’s lifestyle


While you will be more inclined to compare quotes from different insurers, know that all motor insurance policies aren’t created equal. Determine what type of coverage you need before deciding solely on price. For e.g. if you live in an area that floods, you will want to ensure your policy covers that risk. You’ll also want to ensure your insurance provider has 24 hour unlimited roadside assistance preferably with a shuttle service for round the clock support and peace of mind. Another important coverage consideration is waiver of excess which allows the claim to be settled without you having to pay the excess.

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Vehicle Value

Do you know your vehicle’s true value? This may appear to be a dumb question but if you’ve ever been in an accident you know just how important it is. By not adjusting your vehicle’s  value yearly to account for depreciation, you’d end up paying more premium and even worse, in the event of a total loss your claim settlement will  be much less that you expect. With us, we’ll take all the guess work by paying for your valuation so you don’t get disappointed.

Driving record

Your driving history or driving experience determines your No Claims Discount (NCD). The more experienced you are as a motorist the less likely you are to be involved in motor accidents, which can lead to motor insurance premiums being reduced. If you’re buying your first vehicle or do not have a No Claims Discount of your own, you can inform the insurer if you are or have been a noted driver on someone else’s policy to get an NCD consideration.

Vehicle specifications

The motor insurers’ motor policy form contains a number of questions regarding the age, make and model of motor vehicle you are insuring. If your motor vehicle has a factory installed alarm system or GPS, you can get an additional discount. In contrast, if you have a motor vehicle which is considered to be a high performance motor vehicle this could lead to motor insurance premiums being increased by motor insurers. Failure to declare accurate information about your vehicle can result in your policy being voided.

Age of driver/driver’s lifestyle

The age of the motor policy holder has been known to affect motor insurance premiums. Younger drivers will find they have to pay more for motor insurance than motor policy holders who are over the age of 25. With some insurers such as Maritime General, you get an additional discount based on the driver’s age.

Bonus tip: Some insurers will give you an additional discount if you have business with the company or group or give you a rating that rewards you for being a client.


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