Generally Motor Insurance covers all types of automobiles including; Private vehicles, commercial vehicles, motorcycles and tricycles. Major categories of motor insurance cover are; Third Party Motor Insurance and Comprehensive Motor Insurance.
Third Party Motor Insurance This policy is compulsory by law for all owners of vehicles under the Nigerian Motor Vehicle (Third Party) Insurance Act of 1950.
Scope of Cover Basically, property/vehicle damage, bodily injury and death to a third party resulting from the insured negligence are covered by this policy and not the insured or his vehicle.
Comprehensive Motor Insurance This is the standard and widest form of cover as it provides financial compensation to the insured for loss of the vehicle or damage to it consequent upon; Theft, Fire, and Accident. It will also provide compensation to the insured against his liabilities to third parties resulting from the use of the insured vehicle.
Scope of Cover
- Accidental damage to the insured car
- Fire damage
- Theft of the insured car, damages to it following a theft or doing an attempted theft.
- Medical expenses for you following injury sustained.
- Loss of personal effects (subject to a limit)
- Injury to non-fare paying passengers (and who are also not part of your family) in your vehicle (also subject to a limit)
- Covers medical expenses incurred on an injured 3rd party (ies)
- Covers burial expenses for other road user(s) who died following an accident cursed by your vehicle
- Covers damage to 3rd party property(ies) up to a specified amount (usually N1,000,000.00)
- And legal fee or compensation awarded against you to a 3rd party by a law court following a loss caused by your vehicle.
Required underwriting information
- Value of the vehicle
- Copy of Vehicle License and Proof of Ownership.