Insurance Companies On Board With New Traffic Law Amendments

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NASSAU, BAHAMAS – As of January 1st, drivers must have vehicle insurance in place for at least six months before they can renew their licenses.

The amendments come amid growing concern about the number of uninsured vehicles on Bahamian roads.

According to Assistant Manager at BAF General and Vice president of the Bahamas Insurance Brokers Association, Anthon Bowle, the push is because uninsured drivers pose a serious threat to road safety and can leave accident victims struggling to receive compensation.

As for what that’ll mean for persons who staggered their insurance and license renewals to spread out costs.

Anthon Bowleg Manager , BAF General says “ now your license and your insurance would come to the same month, which could be a financial burden for some, particularly those persons who would have multiple vehicles. And they now have to insure and license all of those vehicles “

But how could this possibly impact Insurance Agencies

“ we’re going to now experience or possibly experience a lot more persons financing their policies, which could be a receivables issue for us and create cash flow issues within certain smaller companies.”

Bowleg gave his suggestion for policy makers “ maybe to digitize the licensing system so that they can tie in directly with the systems of insurers and get information on insurance policies in real time.”