Barbados Motor Insurance Quotation Guide and Frequently Asked Questions
At Tomlin Insurance Brokers, our Brokers aim to secure our clients the best motor insurance premiums by securing competitive quotes from multiple insurers. It is a three-step process for a client to secure motor insurance coverage.
Step 1: Request a Quote
Contact your broker to obtain a quote. Your broker will request the following:
- Proforma invoice/Proof of Ownership
- Copy of driver’s license and number of years driving
- Occupation
- Accident history – please give details of any accidents in the past 5 years
It is common for people to choose the insurer that offers the most cost-effective premium. However, the excess should also be considered, as this is the amount you are required to contribute to your repairs in the event of a claim.
Step 2: Choosing an insurer
Your broker presents you with options and advice so that you may choose the insurance terms that best suit your needs. Then, your broker starts the KYC process. Your broker assists you with completing all necessary forms to make the process seamless.
The requirements differ for a car owned by an Individual and a car owned by a Company.
Individual
- Chosen insurer’s completed proposal form
- Tomlin Brokers ‘Know Your Customer’ form
- Proof of Address – utility bill, bank statement
- Two (2) forms of ID
Company
- Chosen insurer’s completed proposal form
- Registration & Incorporation Documents, Notice of Directors
- Current Shareholder Register
- Annual Return (N/A for new companies)
- Corporate Proof of Address – utility bill, bank statement
- Tomlin Brokers Corporate ‘Know Your Customer’ form
- Two (2) forms of ID for each director
Step 3: Binding the policy
Your broker puts coverage in place with your chosen insurer at this stage. Once the policy is bound, your cover note is issued to you within 24 hours.
Common Policy Holder Questions
Can I Drive in Barbados without a Barbadian License?
You must apply for a Visitor’s Permit to drive legally if you do not possess a valid Barbados-issued driver’s license. You must not drive a vehicle in Barbados without a permit, or insurers can deny a claim on the premise of not having a valid license. The application for the Visitor’s Permit is on the Barbados Revenue Authority website and costs a small fee.
When will I get my Certificate of Insurance?
Once your vehicle is licensed, share a copy of the registration receipt (pink slip) with your broker. Within just 3 business days, your certificate will be issued hassle-free.
Why are KYC documents necessary for insurance in Barbados?
It’s all about regulation. The Financial Services Commission mandates compliance documentation to combat money laundering, ensuring a secure financial environment.
For more information, please contact:
Tiffani Scantlebury – [email protected]
