A hike in motor insurance premiums and a recent letter from the Guyana & Trinidad Mutual Fire Insurance Company suspending the underwriting of motor vehicular insurance have prompted expressions of concern from the National Association of Driving Schools (NADS).
The GTM letter cited the high frequency and cost of motor vehicle-related claims in the company’s decision to suspend the underwriting of vehicle claims.
Other insurance companies have raised their premiums in response to the spike in vehicle incidents on the roads.
For instance, the premium for motorcycle third-party insurance, which was $800 in 2022, has surged to $1200 in 2024 in some instances.
Kingson Jean, the National Association of Driving Schools (NADS) Vice President, has expressed deep concerns about the impact of rising insurance premiums on the transportation sector.
“Since the premium has gone up, what we find is that many more people have started to drive without insurance. Because when the odds come down to either buying food or paying rent, insurance will not be on the top priority for you,” Jean told St. Lucia Times.
Jean noted that the financial strain has led many to choose third-party insurance over comprehensive coverage or even to forgo vehicle ownership entirely.
He said the National Association of Driving Schools advocates a balanced approach to managing insurance costs.
“We want our insurance companies to do good because if they don’t do good, we don’t get the coverage which is mandated by law. And for them to do good, they must raise their costs. And that’s the problem for everybody,” Jean said.
He suggested that promoting safer driving practices and defensive driving courses could help mitigate some road issues and potentially reduce the frequency of motor insurance claims.
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