Motor vehicle insurance in Belize offers coverage for various situations, including injury or death of third parties, damage to their property, and damage to your own property. The image above shows the motor vehicle insurance rates in Belize with effect from 1 March 2023. The rates were approved uniformly by all insurance companies who operate under the umbrella of industry trade group Organisation of Insurance Companies of Belize ORINCO. The insurance industry in Belize is regulated by the Ministry of Finance through the office of the Supervisor of Insurance and Private Pensions.
All motor vehicles in Belize are required to be insured. The minimum, Third Party Act Private Use is the most common type of car insurance used by the motoring public. Driving a car without insurance in Belize is an arrestable offence. Meaning that the offending driver will be arrested, detained and transported to jail until he or she is arraigned and bailed.
If you think that shopping around for the best insurance rates is possible in Belize. Think again. Belize’s insurance companies have come together to standardize their third-party insurance premiums. This means that no matter which company you choose – so long as it is a member of the Organization of Insurance Companies of Belize – you’ll pay the same rate for third-party coverage. While this coordinated pricing is legal under current Belizean law and claimed to to maintain fairness and consistency, under U.S. and western standards it would typically be considered price fixing and a violation of antitrust laws.
Types of Motor Vehicle Insurance Cover
Insurance companies in Belize offer the following types of policies:
Act Only/Third Party Only:
- This policy provides the minimum legal coverage required by law, which includes the insured’s liability for third-party injury, death, or property damage.
- It also covers the costs associated with a claim, including legal fees.
- Additionally, it can be extended to include passenger liability and loss of life.
Third Party Standard:
- This policy covers third-party risks and extends to include risks occurring on private roads.
- In addition to meeting legal requirements on both public and private roads, it offers higher liability limits.
- Some exceptions may apply.
- It can also be extended to include passenger liability and loss of life.
Third Party, Fire and Theft:
- This policy satisfies the minimum legal requirements and includes coverage for damage to the insured’s vehicle caused by fire or theft.
- It also extends to provide higher liability limits.
- Some exceptions may apply.
- Similar to the other policies, it can be extended to include passenger liability and loss of life.
Comprehensive:
- Comprehensive insurance covers third-party, fire, and theft risks, in addition to accidental and malicious damage to the insured’s vehicle.
- It offers a wide range of benefits that can be included, such as coverage for passenger liability, loss of life, and medical expenses.
Comprehensive Plus:
- This policy is similar to comprehensive coverage but goes further by including protection against natural disasters like cyclones, floods, hurricanes, and similar phenomena.
These policies provide various levels of coverage to suit different needs and circumstances, ensuring that individuals have options that meet their specific insurance requirements.
List of Insurance Companies In Belize
The following are insurance companies licensed to conduct business as insurers and insurance intermediaries in Belize under the Belize Insurance Act 2023.
We list first the big three insurance companies that are well-established and offer the full range of services from property, health, life, travel, group, retirement, bonds, motor vehicle, marine, aviation, liability, cargo and industrial insurance. The addresses are that of the companies’ corporate headquarters. The big three have offices (sometimes multiple locations) in every town and city in the country and agents at the border entry points. These companies also provide “Mexican” insurance, a local term for insurance coverage used by motor vehicles registered in Belize that are to be taken across the borders to Mexico and Guatemala.
RF&G is an abbreviation for Regent, Fire and General Insurance, a merger of two companies that controls about 40% of the insurance market in Belize. Regent Insurance was established by American investor in Belize Emory King and other associates. Fire and General Assurance was formed in 1963 by Gordon Roe following the acquisition of defunct insurance agency Horncastle (British Honduras) Ltd.
Atlantic Insurance is affiliated with the largest bank in Belize, Atlantic Bank.
Insurance Corporation of Belize was established by San Pedro Ambergris Caye businessman Erdulfo “Duffy” Nunez.
RF&G Insurance
Gordon House, One Coney Drive, Belize City, Belize C.A.Tel: 501-223-5734 Website: https://www.rfginsurancebelize.com
Atlantic Insurance
Main office (Tower Branch), 2 ½ Miles Philip Goldson Highway, Belize CityTel: +501 223-2657 Website: https://aicbelize.com
Insurance Corporation of Belize
16 Daly Street Belize City
Phone: 224-5328/29 Website: https://www.icbinsurance.com
Other insurance companies in Belize
Belize Insurance Center
212 North Front Street, Belize City
Telephone: +501-227-7310/11 Website: https://belizeinsurance.com
Sagicor Life
Coney Drive Business Plaza 4998 Coney Drive Belize City
Tel: 1 501-223-3147 Website: https://www.sagicor.com/en-BZ
Home Protector Insurance Head Office
3808 Durgeon Dr. University Heights
Tel: +501-280-4510 Website: https://www.homeprotector.bz
Simpsons Insurance Agency
Phoenix Business Center, 1542 Constitution Drive, Belmopan, Belize
Phone: +(501) 822-3585 Website: https://siabz.com