Bahamas News
10-28-04, - 08:41 PM
Sentra of Controversy
By Mindell Small
Nassau Guardian
Insurance Management is no longer offering comprehensive insurance for Nissan Sunny/Sentras, claiming the cars offer little safeguards against theft.
The insurance company owner, Cedric Saunders, said from this point onward, the company would only offer Third Party Liability insurance for such vehicles.
The Guardian's investigation into the matter stemmed from a letter we received from a disgruntled owner of a Nissan Sentra, which was previously insured comprehensively by Insurance Management.
The car owner indicated the company issued a letter stating its new policy. Therefore, when a Sentra owner's comprehensive insurance expires, he/she would have to seek that type of coverage elsewhere.
The Sentra owner, who referred to the decision as senseless, said that "the car is much less than the required ten years for Third Party Insurance and the Bank is still the Loss payee."
Additionally, when the owner called the insurance company for clarification, a representative reportedly said the decision was made impromptu, meaning no prior notice was given.
Too much Sentra stealing
In response to the disgruntled Sentra owner, Mr Saunders said because the vehicle was so prone to theft, the number one stolen car in The Bahamas, it was difficult for the insurance company to continue to offer comprehensive insurance for it.
"And so if someone only has a Nissan Sentra insured with us and no other business, then we look into only insuring it for Third Party," he said.
"The problem is, we've all experienced such bad results from theft. It's been a nightmare for the industry."
Other firms may follow suit
The Guardian discovered that the Insurance Management's decision, not to comprehensively insure Nissan Sentras, was being contemplated by other companies as well. However, none contacted could say if or when such a policy would be implemented.
Sunshine Insurance Agents and Brokers revealed that it comprehensively insured all vehicles seven years old or less.
Its commercial underwriting manager, Lavelle Hamilton, said he understood the reasoning behind Insurance Management's decision but stressed that no company in his group of companies were following suit.
"We haven't had any directive not to insure Sentras comprehensively. Royal Star Insurance is doing it. Bahamas First is still doing it and Security and General is still doing it. Those are the companies that we write for," he said.
He admitted, however, that most companies shy away from offering comprehensive insurance on vehicles more than 8 years old.
"Another thing that is posing a problem with Sunnys/Sentras is that their individual parts do not have serial numbers on them. So if you steal my Sunny today, strip it down, and transfer my chassis to an older Sunny, you'll basically have a brand new car."
Nissan, a successful Japanese-based company, makes "Sunnys" for Japan, "Almeras" for Europe, and "Sentras" for the U.S. They are essentially the same cars, differing only slightly in exterior design. Sentras are designed by American stylists in a San Diego factory.
Mr Hamilton said the cars are stolen mainly for their parts and that the absence of serial numbers on them makes them easy for thieves to legitimately claim ownership.
Another company, Insurance Governors, offers comprehensive insurance for all vehicles, depending on their age and title. Insurance Governors does not place restrictions on insurance coverage based on a vehicle's make and model. The Guardian contacted its office on Wednesday and was told the company was not accepting any business until end of the month as it was in the process of an audit.
Colina General Insurance, a part of the Colina Group of companies, the largest insurance group in The Bahamas, also offers comprehensive insurance on Nissan Sunnys/Sentras.
By Mindell Small
Nassau Guardian
Insurance Management is no longer offering comprehensive insurance for Nissan Sunny/Sentras, claiming the cars offer little safeguards against theft.
The insurance company owner, Cedric Saunders, said from this point onward, the company would only offer Third Party Liability insurance for such vehicles.
The Guardian's investigation into the matter stemmed from a letter we received from a disgruntled owner of a Nissan Sentra, which was previously insured comprehensively by Insurance Management.
The car owner indicated the company issued a letter stating its new policy. Therefore, when a Sentra owner's comprehensive insurance expires, he/she would have to seek that type of coverage elsewhere.
The Sentra owner, who referred to the decision as senseless, said that "the car is much less than the required ten years for Third Party Insurance and the Bank is still the Loss payee."
Additionally, when the owner called the insurance company for clarification, a representative reportedly said the decision was made impromptu, meaning no prior notice was given.
Too much Sentra stealing
In response to the disgruntled Sentra owner, Mr Saunders said because the vehicle was so prone to theft, the number one stolen car in The Bahamas, it was difficult for the insurance company to continue to offer comprehensive insurance for it.
"And so if someone only has a Nissan Sentra insured with us and no other business, then we look into only insuring it for Third Party," he said.
"The problem is, we've all experienced such bad results from theft. It's been a nightmare for the industry."
Other firms may follow suit
The Guardian discovered that the Insurance Management's decision, not to comprehensively insure Nissan Sentras, was being contemplated by other companies as well. However, none contacted could say if or when such a policy would be implemented.
Sunshine Insurance Agents and Brokers revealed that it comprehensively insured all vehicles seven years old or less.
Its commercial underwriting manager, Lavelle Hamilton, said he understood the reasoning behind Insurance Management's decision but stressed that no company in his group of companies were following suit.
"We haven't had any directive not to insure Sentras comprehensively. Royal Star Insurance is doing it. Bahamas First is still doing it and Security and General is still doing it. Those are the companies that we write for," he said.
He admitted, however, that most companies shy away from offering comprehensive insurance on vehicles more than 8 years old.
"Another thing that is posing a problem with Sunnys/Sentras is that their individual parts do not have serial numbers on them. So if you steal my Sunny today, strip it down, and transfer my chassis to an older Sunny, you'll basically have a brand new car."
Nissan, a successful Japanese-based company, makes "Sunnys" for Japan, "Almeras" for Europe, and "Sentras" for the U.S. They are essentially the same cars, differing only slightly in exterior design. Sentras are designed by American stylists in a San Diego factory.
Mr Hamilton said the cars are stolen mainly for their parts and that the absence of serial numbers on them makes them easy for thieves to legitimately claim ownership.
Another company, Insurance Governors, offers comprehensive insurance for all vehicles, depending on their age and title. Insurance Governors does not place restrictions on insurance coverage based on a vehicle's make and model. The Guardian contacted its office on Wednesday and was told the company was not accepting any business until end of the month as it was in the process of an audit.
Colina General Insurance, a part of the Colina Group of companies, the largest insurance group in The Bahamas, also offers comprehensive insurance on Nissan Sunnys/Sentras.