According to Nigerian act of insurance it is compulsory to buy Car insurance for your vehicle. It is strange that most of Nigerian prefer to buy insurance policy just to get clean chit from law agents present over road so they always try to choose cheaper policy by making a compromise over quality.
According to third party insurance policy; injured party is likely to get more benefits as per accident cover. Usually after accidents it becomes difficult to bear the cost of medications as well as vehicle damage repair at the same time and if party that is responsible for damage do not provide right coverage then injured people are left with no choice. Some studies also reveal that people in Nigeria consider third party policy as law enforcement method only, they are not aware of benefits included in it so most of the time they bear complete cost by their own. If you are thinking of buying Car insurance third party only in Nigeria it is good to avail yourself some knowledge about it prior to your agreement:
About Third party Insurance Policy:
According to this vehicle insurance policy the role of first party is assigned to policy owner, second party is insurance company itself and everyone else involved in accident act as third party. If you own Car insurance third party only and you damage someone’s vehicle then insurance company is going to provide complete allowances to third party and even if you injure other person insurance company will pay on your behalf. On the other side if you hold only a third party insurance you are not allowed to claim for your car even if it is brand new; for that part you may require a comprehensive cover. Generally if you hit someone’s car you are the only responsible person to pay for its complete damage as well as medical costs of injured person but if you hold this kind of insurance policy then your backing company will pay for all these claims.
It is important to note that according to Nigerian Car insurance third party only, all the damage allowances comes right from your premium and in case you have not paid premium for your insurance policies then insurance company will not pay anything in case of accident. Make sure that you own insurance policy of some registered company so that it can save you at critical times. Vehicle insurance ensures you safety from sudden accidental damages that may otherwise lead to massive expenses; if you live in Nigeria it is good to select best policy Provider Company for your vehicle that pays for your trust. Having a third party car insurance for your vehicle is also beneficial but you must be aware of its coverage policies, actually these services are not designed to force some specific rules over citizens rather they are for safety of consumers. Car insurance third party only ensures you lifelong service with damage cover.