THE Insurance Company of the West Indies (ICWI) recently introduced two new riders on all policies available to motorists.

Called Accident Forgiveness and Uninsured Motorist, the riders are low-cost improvements that aim to bring greater peace of mind to the auto policy buying public.

Samantha Samuda, assistant vice-president of marketing at ICWI, said while the policies were newly introduced to Jamaica, one of them - Accident Forgiveness - was already being offered for years as a Protected No Claim Discount rider on their Road Angel policy but was not available for every auto write-up offered by ICWI.

Since June this year, the riders swung into full effect on all offerings to the public.

No claim bonus untouched

"In the event of an accident, if a policyholder has purchased the Accident Forgiveness rider and is involved in an accident - whether at fault or not - your no-claim bonus would not be affected.

"ICWI always had it under our Road Angel Policy, but what we've decided to do was put together a compilation of options for any motorist who insures with ICWI can choose from. So we are allowing anybody to purchase Accident Forgiveness as well as the Uninsured Motorist rider from us for a small fee," Samuda said.

Accident Forgiveness starts at $1,500 to cover a $300,000 indemnity and increases with the value of the sum insured to $3,950 (vehicle valued $2 million). The Uninsured Motorist rider has the same price structure but starts at $2,000 and goes up to $4,000. Prices are in addition to the cost of coverage, with the exception of Road Angel policy buyers.

Samuda explained said that the Uninsured Motorist policy came about as the company became aware of the increasing number of motorists on Jamaican roads without coverage, and this was indicated by falling renewals. In an effort to protect the legitimate policyholders, this new rider was instituted.

"In the event that an uninsured driver hits your vehicle, you don't end up having to go into your pocket to pay an excess, no increases in your premium, or lose your no-claim discount. Before this rider existed, if ... someone without insurance hits your car, what were your options? You could sue, which is a lengthy process ... or you can claim on your insurance. But by claiming, it affects your no-claim discount and your future premiums ... even if it is not your fault. You are also going to have to pay your excess. With 'Uninsured Motorist' coverage, none of that will happen."

ICWI says that the new riders are included free in their Road Angel policy. However, there are caveats - accidents that occur while the Road Angel policy holder is not driving are not covered. Also, regardless of who buys this policy, mishaps that involve government vehicles will not be covered as well. They get peace of mind for free.

-mario.james@gleanerjm.com