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-White Paper – Consumers’ Guarantee Insurance “Embracing the future with INNOVATION and GROWTH.” - ABSTRACT - The serene island of Barbados, inhabited by an approximate 284,000 people is the most developed country in the Eastern Caribbean. Varieties of motor vehicles, especially high end ones, dot the streets of Barbados. While the people enjoy a moderately high standard of living in a well-developed mixed economy and have foreign direct investments flowing in, they are prone to great unforeseen and uncertain risks which can cost them heavy damages if preventive measures are not taken. The island is known to be among countries with the "densest" and "most crowded road networks," with 62.6 vehicles per kilometre of roads, states the Economist Intelligence Unit, which compiles and publishes data on a range of economic and social issues every year. With increasing number of vehicles and laws that permit drinking while driving, motor accidents are steeply on the rise. Motor vehicles are more prone to accidents. Apart from the commonly known road accidents, vehicles can also suffer damages due to to natural calamities like fire, storms, flood, lightning, earthquake to name a few. In addition to it, there are other forms of threat like burglary, malicious damage, collision or impact damage and the list goes on. In recent times statistics have revealed an alarming increase in the rate of motor and road accidents,. The lives of people in the vehicles and those on the road along with the safety of the car are threatened. To counter this threat , protection is offered by a „coat of arms‟ of motor insurance. This ‘Coat of Arms’ is the very Barbadian National Symbol. The purpose of this whitepaper is to study the nature of motor insurance that is available in Barbados today with special reference to the policies offered by Consumer‟s Guarantee Insurance (CGI). Contents 1. Introduction 2. The Big Picture -Scenario of Motor Insurance in Barbados 3. The Need for Motor Insurance 4. What is Motor Insurance? 5. Major Player in Motor Insurance Market : Consumers’ Guarantee Insurance (CGI) 6. How does CGI Motor Insurance provide protection? 7. Features of CGI Motor Insurance 8. Conclusion =================================== 1. Introduction What do you do when faced with a financial emergency arising out of your car accident? Your car has been reduced to heap of metal. The third party is clamoring for compensation. The medical bills of the driver have skyrocketed; and they stare at you looming in the face. No sooner do you start calculating the restoration expenses of your car than you realize that you have run out of funds! Do you fret? Or was your car insured? Not just insured, was it adequately insured so that it can now take care of all these expenses? Well, almost all accident victims and owners of motor cars go through this rough struggle. By becoming aware of motor insurance and knowing which one suits your need and pocket, you are better prepared and secured when you hit the roads. The importance of Motor Insurance cannot be undermined. Often people do not understand the gravity of it‟s importance correctly. Often they do not know which policies will meet their needs. They are either unaware or confused. Hence they turn a blind eye. As such when they meet with an accident, they pay a heavy price. To avoid the above, there are innovative solutions from renowned insurance companies like Consumers‟ Guarantee Insurance (CGI) which has revolutionized Motor Insurance sector This white paper is a simple treatise helping you to explore for yourself the very essence of Motor Insurance- how to use it to your advantage. After all, being forewarned is forearmed! 2. The Big Picture – Motor Insurance Scenario of Barbados Though Barbados has been lucky in dodging the devastating storms that have ripped people and places apart, it is still prone to infrequent hurricanes, periodic landslides and other natural calamities. In recent times, Barbados has ranked among the top 10 nations in the world with high road accident victims according to the size of their population as determined by the Economist Intelligence Unit. Reportedly, Barbadians are getting injured in road accidents at an annual rate of 763 victims for every 100, 000 people on the island, putting Barbados in the eighth spot globally. (Source: Barbados Road Safety Association & BarbadosRoads.net website). As on 22nd June 2013 14:30 hrs, the number of road traffic accident fatalities worldwide since 1st Jan 2013 alone is 638,278 (Source: http://www.worldometers.info/) Accidents are more rampant in places that are densely populated, where the probability increases drastically. For instance, the island of Barbados was ranked sixth in the world in terms of having the most densely networked roadways with 62.6 vehicles per kilometre of roads, according to the Economist Intelligence Unit. According to Barbados Roads Motor Vehicle Accident Statistics the total number of motor related accidents has increased from 6400 in 1998 to 8750 in 2008. (Source: http://www.barbadosroads.net/documents/statistics.html ) The graph shows the trend of average auto insurance expenditure over the past few years. 3. The Need for Motor Insurance Accidents happen. No matter how good a driver you are, even if it may not be your fault, you can never be certain that your car won‟t meet with an accident. In the event of an accident, what safeguards you and your car financially is the refuge of insurance. Although many feel that paying money over regular intervals to insurance companies which offer these policies is useless. However, it‟s otherwise. Even the law states that it is mandatory. Should you get involved in an accident and fail to produce the relevant papers, you stand to have your license seized as you are on the wrong side of the law. Inspire of knowing this, there are people who eschew the procedure. Understanding the importance of getting your vehicle insured in depth will create more awareness. It‟ will reveal to you that getting your vehicle insured is actually an investment! ========================================= 4. What is Motor Insurance? (The Basic Concept of Motor Insurance) When a car gets involved in an accident, instead of the owner paying out of his pocket for the damages, the responsibility is shouldered by motor insurance companies which pay for all or most of the expenses or the other vehicle expenses as well.This is achieved when the owner pays annual „premiums‟ to the company. Simply put, Motor Insurance is basically the cost necessary to reinstate a person‟s vehicle in the event of a mishap. It is basically a contract in which the ownerr pays an amount (called premium) to an insurance company for a fixed period of time. This payment is distributed over term- intervals. In return, the company takes on the onus of financial assistance to the vehicle owner in the event of mishap or upon the expiration of the contract. The vehicle owner who pays the premium amount to the company is then said to be „insured‟. In the event of a calamity, the extent to which the vehicle owner is repaid will depend on the policy detailing as agreed upon at the time of commencement of the contract. Besides, the clauses governing the repayment amount also include the inflation consideration. The amount repaid to the owner is based on the extent to which one has insured oneself. Such companies lay down various schemes and one is protected only in the ambit of all that the Policy covers. In recent times, many policies have flooded the market which cater to the various needs of consumers. While these various companies present their offers in impressive displays, the basic concept of financially protecting one‟s vehicle remains unchanged. A smart owner needs to evaluate judiciously the amount of financial protection one would be needing and subsequently avail a policy that covers his vehicle completely. 5. Major Player in Motor Insurance Market:Consumer’s Guarantee Insurance (CGI) Among the major players in the market, Consumers‟ Guarantee Insurance (CGI) emerges as one of the most prominent names. Since it‟s foundation on November 1, 1993, the company has built it‟s reputation through innovation and value addition to the insurance industry. It‟s deep understanding of consumer‟s needs and concern for the greater good have led it to come up with novel solutions that have revolutionized the domestic insurance market. The company has introduced many new innovations to the local insurance industry. Products like “Homemate” which have catapulted CGI to the forefront of the industry over the last two decades. The company offers competitive pricing with a customer oriented focus in delivering products and services. CGI insures over $4 Billion in property assets. It is the second largest auto insurer with premium income of over $55 million annually. Approximately $25 million worth of claim payments are made annually. Today in response to the increased risks that endanger people, and their vehicles on roads, CGI counteracts it by bridging the gap between a challenging economic climate and the needy consumers‟ pockets. State of the art online services and the introduction of Monthly Insurance Plans enable customers to pay their instalments in a way that is most convenient to them. What makes CGI different and a cut above the rest? A smart vehicle owner needs to evaluate judiciously the amount of financial protection one would need and subsequently avail a policy that covers vehicle completely. This where a company like Consumer‟s Guarantee Insurance (CGI) steps in and helps vehicle owner s to assess accurately how much to spend without unnecessary expenditures. It is this approach, a customer oriented point of view that sets CGI apart from other insurance companies and makes it stand out. ================================== 6. How does CGI Motor Insurance provide protection? CGI provides “affordable motor insurance” designed to suit every pocket. ‘Free valuation service’ is provided to all customers so that they only purchase the coverage they actually need. This results in savings through lower cost insurance. In order to cater to the different situations and various needs of customers, CGI has come up with novel solutions. Products like “Agreed Value” motor insurance, “Automate” roadside assistance and free car valuations have revolutionized the domestic insurance market. Unmatched level of service is offered to customers. CGI has introduced a range of online services that replace tedious paperwork and make the whole process quicker, easier to understand and available to the customers anytime at their convenience. Free motor insurance quotes and instalment calculators enable customers to compute premiums that suit their budget perfectly. ==================================== 7. Incredible Features of CGI Motor Insurance. CGI offers low cost Motor Insurances that are very easily affordable. ‘Free valuation service’ is provided to all customers so that they only purchase the coverage they actually need. Unparalleled level of service is provided to customers at any point of time. CGI has introduced a range of online services that replace tedious paperwork and make the whole process quicker, easier to understand and available to the customers anytime at their convenience. Free Motor Insurance quotes and instalment calculators that enable customers to compute premiums that suit their budget perfectly. A free service called Auto Mate is available to the CGI private car Policyholders Auto Mate is a 24-hour emergency response team trained in resolving automotive problems like Accident Response Key Retrieval Emergency Fuel Delivery Flat Tyre Assistance Mechanical/Breakdown Assistance Shuttle Service from Accident or Breakdown CGI provides unparalleled level of service to customers at any point of time. - CONCLUSION - Given the dramatic increase in risks concerning road accidents and unforeseen incidents that affect motor vehicle owners in Barbados today, the need for insurance cannot be diluted. The insurance industry is on the rise.CGI offers policies that conveniently meet the different budgets of different pockets and provide maximum coverage. The company has a sound track record of smooth operations concerning reimbursement and claim recovery. Besides, it‟s prompt customer services facilitate instant resolution of queries and offer of unconditional support. Features like live chat enable customers to directly communicate in real time with the customer service representatives in total confidentiality. At the core, it is the deep respect for every customer‟s need which drives CGI to provide for the very best. It is with this motto of adding value to every customer‟s life that it relentlessly innovates; and today it solely stands on this foundation with a reputation built over the past 20 years. Essentially, what CGI provides to every customer is an unfaltering protection or a „coat of arms‟. CGI has been standing tall over two decades now and beams with PRIDE for the customer satisfaction that it delivers Secondly to make the lives of others easy, CGI has always constantly pushed it‟s limits through innovation and sheer hard work. In other words it has paved it‟s way by being INDUSTRIOUS and living upto it‟s commitment.. Thus, in a nutshell, the very spirit of the Barbadian National Symbol lives through the actions of Consumers‟ Guarantee Insurance (CGI).
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