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Insuring your vehicle
Bermuda’s Transport Control Department (TCD) administers the operation of all motor vehicles in Bermuda. It requires that every vehicle used for commercial or domestic purposes on the island’s public roads is insured. Ultimately, car insurance is there to give you peace of mind and protect you in the event of an accident or claim.
Argus provides two levels of car insurance – Third Party Only and Comprehensive – so you should choose the level of cover that meets your needs. Third Party Only is the minimum insurance required by law. It will cover your legal liability for injury or damage caused to another vehicle, property and/or person in the event of an accident. It does not cover any loss or damage to your own vehicle, however. The standard Limit of Indemnity, or maximum amount Argus will pay out for an individual claim, is five million dollars.
Comprehensive insurance provides more protection because it covers everything that Third Party Only insurance offers, but it also includes cover for the loss of, or accidental damage to, your own vehicle.
Insurance premiums
The premium you pay will depend on the drivers being insured, their age, driving experience and history, the value of the vehicle, and the excess. To get a quote, you can contact Argus with this information, as well as the type and age of the vehicle. Once you have chosen the policy that meets your needs, you will need to give this information to your insurer. Like most insurance companies, Argus will provide you with an application form to initiate your policy.
Buying a second-hand car?
Insurance is unique to the car and the drivers listed on the policy. When buying a second-hand car, it is not possible to transfer the insurance policy between the seller and buyer, so the buyer must have a separate policy in place to cover them after the sale. In certain circumstances, the “cash surrender value” of a policy – i.e. the sum that would be paid to the policyholder if the policy is voluntarily terminated before it expires – can be transferred to the new buyer. It is important to clarify this point with the person selling the vehicle and your insurer.
What to do if you are involved in an accident
If you are involved in an accident, call the Bermuda Police on 911. If anyone is injured, you should also ask for an ambulance to attend the scene. Where possible you must exchange contact details (name, email address, phone number) and insurance information with all parties involved, so that the insurance companies can investigate the claim.
Talk to our team today
If you are buying a new car or need to update your existing insurance policy, talk our team of experts today to discuss your options. They will do their best to ensure you and your family are always protected. Contact us on 298-0888 or at insurance@argus.bm.