Vehicle insurance likely to rise with insurance company leaving market

As a major player in the insurance business ceases its service insuring vehicles, stakeholders say the situation is dire.

Public Relations Officer of the National Association of Driving Schools, Kingson Jean, encourages motorists to be more cautious while traversing the island’s roadways. He says reckless driving costs the society dearly.

“The World Health Organization did a survey and they found out that in the Caribbean, 3% of our GDP goes towards collisions. That’s $3 out of every $100 goes towards collisions. So it really costs the entire society,” he said.

With one less insurer in the market, he explains, the cost of vehicle insurance is bound to increase. This, he notes, is an alarming trend in the country and needs to be monitored.

Said Jean, “When you see one insurance company pull out, what it does is it limits the options we have for other insurance companies. And that is actually causing a burden for us.”

The seasoned driving instructor is calling on authorities to strictly enforce road regulations as a means to curb the occurrence of vehicular collisions.

“Those collisions are mainly caused due to drivers being distracted, due to cell phone-use especially, and also drivers being under the influence of alcohol and drugs. We need proper enforcement of the regulations for the use of our roads,” he said.