top of page
  • Writer's picturePIMM Wix Team

Navigating the Road of Insurance: A Comprehensive Guide to Vehicle Coverage

In the intricate world of vehicular insurance, the road to understanding the nuances of liability, comprehensive coverage, and the myriad aspects of claims can be as winding as the streets you navigate daily. Let’s embark on a journey through the key facets of car insurance, demystifying the terminology and shedding light on the importance of each element.

Liability for Third Parties: A Legal Imperative

The legal landscape across most countries mandates that every motor vehicle must bear the shield of insurance against third-party risks. It's not just a choice but a compulsion for all vehicles traversing public roads. This fundamental coverage, ensures that responsibility for death, injury, or damage to third parties and their property, is adequately addressed.

Comprehensive Coverage: Beyond the Basics

Comprehensive Insurance goes the extra mile, not only safeguarding your responsibility to third parties in the aftermath of an accident but also providing a fortress for your vehicle. It shields against loss or damage from collision, fire, theft, or malicious acts. However, this comprehensive security comes with a catch – “The excess or deductible”

Ensure that the Sum Insured, representing the maximum payout in the case of a total loss, aligns with the current market value of your vehicle. It’s your responsibility as a vehicle owner to maintain this equilibrium.

Premiums and Claims: The Financial Dynamics

Your car insurance premium is the admission fee to the protective realm provided by Solis Credit. This specific amount is influenced by a symphony of factors: your driving record, age, and the coverage options you handpicked for your policy. While premiums usually waltz in annually, Solis Credit offers special monthly financing or payment plans, allowing for a more harmonious financial cadence.

When the curtain rises on a covered incident, the insurance claim takes center stage. It's your formal request to your insurance provider, seeking reimbursement for events ranging from collisions to floods, windscreen damage, or theft. A formal notification to Solis Credit about your insurance claim will help us to help you manage your cash flow. 

No Claim Discount (NCD): The Rewards of a Claims-Free Journey

The No Claim Discount (NCD) is your insurance provider’s way of applauding policyholders for a 'claims-free' voyage. As you traverse time without filing a claim, the discount builds until reaching its zenith, typically after five years. However, beware – a claim can cause a loss or step back in your NCD at the next renewal date. Discounts fluctuate across insurers and policy types.

Windscreen Cover and Special Perils: Nature's Unpredictable Encore

The term "Special Perils" steps onto the stage, offering protection against nature's capricious performances like hurricanes, floods, and earthquakes. Don't underestimate the importance of coverage for Windscreen and Windows damages, these are more common than you might think. 

Indemnity and Loss of Use: Principles of Equilibrium

Indemnity, a key insurance principle, ensures you're restored to the same position you occupied before the loss – no gain, no loss. Loss of Use coverage steps in, providing alternative transportation while your vehicle undergoes repairs after an accident. It's about maintaining equilibrium in the face of unexpected disruptions.

Waiver or Excess, and Accident Forgiveness: A Safety Net for the Unexpected

When a comprehensive claim arises, the Excess or Deductible demands your contribution.. Some insurers extend a lifeline – the "Waiver of Excess." For an additional fee, if you've been cruising claims-free, your excess fee is waived for the first claim, irrespective of fault.

Accident Forgiveness, an optional coverage, shields you from increased insurance rates after your first accident, provided you're not at fault. No excess deduction, no reduction in NCD – it's a safety net for the unexpected twists on your driving journey. It is important to ask these questions when purchasing your insurance.

Do not remove these riders to reduce your premium, instead use Solis Credit to finance your Insurance Premium from inception or renewal.

In the intricate landscape of car insurance, understanding the steps is essential to navigate the twists and turns confidently. So, fasten your seatbelt, and let the journey through the insurance terrain with Solis Credit begin. Solis Credit proudly serves Trinidad & Tobago, St. Lucia, Grenada, St. Vincent & The Grenadines. Visit for more information. 

58 views0 comments


bottom of page