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3rd Party Insurance

3rd party car insurance Policy in Nigeria

There isn’t an iota of doubt that life is uncertain and events don’t always follow the path of what we usually plan for. In the wake of unpredictability, there is always a fear of loss that can be physical or monetary. There is certainly no way to wipe off the unforeseen risks and loses completely from our lives but there are some sure shot ways through which one can minimize such risks. Insurance is one such tool that people from all walks of life use to minimize the risks from unforeseen events and accidents. It is in fact the best and the most reliable way to protect one’s property and safeguard one’s monetary position in the wake of contingencies and accidents. Today, one can find plenty of insurance policies that tend to cover risk of loss of one’s property, life and vehicles but out of all these policies, 3^rd party car insurance policy also carries a great importance.

There are various types and kinds of car insurance policies being offered across the globe but in Nigeria, the car insurance policies generally fall in two categories namely 3^rd party car insurance and comprehensive auto insurance policy. This policy serves as a tool of protection for the individual taking it from the losses his car/vehicle might cause to others. For instance, a car driver who rams into another car/vehicle thereby causing damage to the property of other people and their lives might be saved from the tedious task of monetarily compensating the other parties if he has subscribed for the much useful 3^rd party car insurance.

The 3^rd party car insurance can further be classified in 2 categories namely:

3^rd party property damage: Compensates other people for the damages done to their tangible property.
Bodily injury liability: This policy tends to compensate other people for the damages done by the car owner by paying for their medical expenses, suffering and loss of earnings.

In Nigeria, taking up 3^rd party car insurance is compulsory for every car owner which means every car driver in Nigeria has practically safeguarded himself from the loss he might cause to other people while driving his way through roads. However, most of the drivers still don’t get this useful policy cover as a result of which the importance of this insurance policy zeroes down to a mere document. Every car owner in Nigeria must realize that 3^rd party car insurance policy is by far the best and most reliable means of safeguarding oneself from unfortunate incidents that usually show up unannounced. In order to minimize the loses in the wake of accidents, one must opt for a coveted and comprehensive policy having flexible claim procedures with least terms and conditions and that too from a reputed preferably a registered insurance company in Nigeria.

Tags: 3rd party car insurance, bodily injury liability, car insurance policies, comprehensive policy, registered insurance company|

Car Insurance Third Party Only – Policy Details

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.

Tags: buy Car insurance, car insurance third party only, comprehensive cover, insurance company, third party insurance policy|

Understanding How 3rd Party Insurance Online Works

It is compulsory by law in Nigeria to be equipped with motor insurance before actually publicly using a car on public roads. However, one common problem seen is that in Nigeria, people purchase insurance in order to be safe from law enforcement officials on the roads. One good option in this regard is taking advantage of 3^rd party insurance online as this is a whole lot cheaper as compared to a comprehensive policy.

How 3^rd Party Insurance Online Works

Let’s take for example the motor policy under the 3^rd party insurance online coverage. The first party refers to you; the second party refers to the insurance company, and the third party is everybody else. This means that if you crash into the vehicle of somebody else, the insurance company will pay the owner of the vehicle. This also applies if you happen to injure another person with your vehicle, as this is also covered by the insurance. Liability coverage is also part of the basic policy, covering you from claims that are made against you.

Under 3^rd party insurance online coverage, you cannot simply claim for the vehicle that you are personally driving regardless whether it is brand new or not. That needs a comprehensive coverage. At the same time, if you are driving another person’s car, it does not have to pay for the repair of the car that you are driving, but the car that you hit.

For instance, if you are the one responsible for the crash, you are generally responsible for the payment of repair for another vehicle, as well as in covering the medical cost of the injured driver. 3^rd party insurance online can protect you from these claims, as it can cover both the cost of the damage, as well as the sustained injuries with which you were initially at fault.

Things to Note

At this point, it is important to take note that the money that you use for paying the damages stems from the premiums. This means that if the premium has not yet been paid, no compensation will be made available in case of an accident.

If you decide to take advantage of a 3^rd party insurance online, make sure that you are dealing with a registered insurance company. This will protect you from the cost that is often connected with causing harm on others. There are some limitations to this policy as well, therefore, make sure that you are aware of such limitations before subscribing. This often comes true in the amount that the insurance company is willing to cover.

Tags: 3rd party insurance online, comprehensive policy, insurance company, purchase insurance|

Third Party Insurance in Nigeria: A Cheaper Way to be Insured

In Nigeria, similar to other countries, having car insurance is considered to be an essential, especially from a legal perspective. Nigerians purchase car insurance just to avoid being legally liable for not having such. However, because the cost is a major consideration, rather than a comprehensive insurance policy, many resorts into having third party insurance in Nigeria as an alternative. It can provide drivers and car owners with peace of mind without having to spend a lot. To learn more about third party insurance in Nigeria, keep on reading and you will know why you should have one.

What is Third Party Insurance in Nigeria?

Simply put, this kind of insurance is the minimum amount of protection that can be purchased and will provide coverage against physical damages that is incurred to another vehicle or property, injuries to your own passengers or the passengers of the third party, and for medical and legal cost for claims that are filed against you. However, if in case your own vehicle is damaged or if you have been injured and you are the one to be blamed, it is important to note that such is not covered by third party insurance in Nigeria. In the same way, if your vehicle has been stolen or if it has been vandalized, you will not also be covered with this type of insurance.

Some Things to Remember About Third Party Insurance in Nigeria

One of the first things that should be emphasized about this type of insurance would be the limitations in terms of coverage. Because it is an affordable insurance, expect the coverage to be limited compared to what you can anticipate from a comprehensive insurance. With a third party insurance in Nigeria, the insurer will not provide any amount that is more than your limit to the loss. If the amount of the damage is more than your limit, you will be personally liable in paying whatever is the excess.

More so, it is also important to always act in good faith. Car insurance companies are experts in their own field, which is why they find it easy to determine if a person is just trying to rip them off or make false claims. Always be truthful with your claims to avoid any inconveniences. If they can prove that you are not acting in good faith, your insurance can be cancelled, and worse, you will be reported to the police.

At the end of the day, it is important to make the right choice when looking for third party insurance in Nigeria. Make sure that the insurer has built a positive reputation and has gathered positive feedback in the past. See to it that the insurer is also licensed to operate to avoid trouble when filing claims.

Tags: affordable insurance, car insurance, comprehensive insurance policy, Insurance companies, third party insurance in nigeria|

The Secrets of Getting Cheap Car Insurance Quotes

One of the expenses that car owners can’t avoid is car insurance. Car insurance is a requirement if you want to drive a car in Nigeria. One of the most tedious steps of the process is to get car insurance quotes from various insurance providers. Auto insurance is one of the major expenses for motorists who already need to pay for the vehicle’s maintenance and high fuel prices. Below are some of the tips that can help you find cheap car insurance quotes.

Compare Different Car Insurance Quotes

One of the most effective ways of reducing the amount you need to pay for the vehicle insurance is to shop around. More often than not, insurance companies don’t offer the best deal for existing customers. Instead, they provide the lowest possible prices for new clients. There are various ways that will allow you to compare quotes from various companies. Just make sure that you are comparing policies with the same coverage, and voluntary excesses at the same level as well.

Add More Excesses

When looking for car insurance quotes, it is important that you opt for higher voluntary excess. This will help reduce the premium of the policy. The higher the excess, the lower the insurance premium! Just make sure that you can afford your voluntary excess. If you need to make any insurance claims, you will be required to pay the excess first before the insurance provider pays out.

Think Before Adding Extras

Before adding extras to car insurance quotes, you should think carefully about them first. Some of the extras that you can get include windscreen cover, use of a courtesy car, and legal expenses cover, just to name a few. The extras might come in handy in some instances, but they are not necessary. Adding too many extra features will significantly increase the price of the car insurance policy.

Estimate the Distance You Drive Each Year

Before you look for car insurance quotes, you should estimate your yearly mileage. That way you will be able to decrease your annual mileage cap. This is another source of savings. This is helpful especially if your household has two or more cars, where one of the cars is used more often than the others. Be sure to check the odometer of your cars when looking for auto insurance.

Don’t Opt for Direct Debit

Car insurance companies often say that it will be convenient for car owners to pay via direct debit. While it might seem less painful to pay the premium by installments, it will cost you more in the long run. Insurance companies often charge interest when customers chose to pay their insurance monthly. Ask the insurance company if they allow zero percent purchase credit card to pay for the insurance premium. That way you don’t need to pay insurance even if you opt to spread the cost of your insurance. This is one of the questions you need to consider when looking for car insurance quotes.

Tags: car insurance, Car insurance companies, Car insurance policy, car insurance quotes, insurance premium, insurance provider|

Why You Should Get a Car Insurance Policy for Your Vehicle

Upon purchasing a vehicle, you are already told about your options for car insurance policy by the dealer. Whether you are getting a brand new car or a used one, insurance will come in handy during the times you would least expect it. Buying a car is a huge investment. Unless you have more cash than banks can handle, we would assume that you used your hard earned money and savings to finally get your dream car. Dream car or not, your vehicle must be a very important part of your life as it takes you from one point to another comfortably and safely. Because you may rely on your car too much, you need to give it proper care as well. You have it washed; you get it maintained regularly and so on.

Your dealer is right. buying a car insurance policy is very important, and it will give you the peace of mind you need each time you ride your car. Accidents happen. Accident defined simply means that an unfortunate incident happened unintentionally or unexpectedly. As much as you like planning things in advance, and you are a very organized person, you don’t really know what happens tomorrow unless you go through the entire day. Don’t wait until it’s too late, and you are stuck in a deep hole of debt because unexpected car repair expenses.

Coverage of the policy really depends on the type of car insurance policy you get for your vehicle. Most of the time, a policy insures your vehicle and the vehicle that you may have damaged if the accident is due to your negligence. Now, you don’t really want to get into an accident, and no one wishes you that as well. However, again, these are unexpected things that you don’t really plan about. In the event that you get into a vehicle collision and damage has been done, you know that you don’t have to shell out a huge amount of your savings because you are given protection by your car insurance policy. More importantly, it is good to note that the government usually mandates vehicles to get insurance policies and if you are bound to get one, then choose the one, which will give you more coverage and protection.

Aside from peace of mind, you will also be happy to know that your car insurance policy preserves your vehicle’s value. Of course, this doesn’t necessarily mean that your car will still be as expensive as it was straight out of the showroom, however, with proper maintenance and great repairs provided by your insurance company, you can be rest assured that the investment you have given for your car is handled well.

Tags: Car insurance policy, insurance company|

Let’s Talk About Car Insurance Companies in Nigeria

One of the countries showing good signs of economic growth and an increase in the number of people in the middle class is Nigeria. It remains to be seen how this country’s financial system will continue to grow, but one key indicator of its health is the demand for cars and other vehicles. This, in turn, increases the demand for related products, such as insurance, which means that more Nigerians are considering which firms to turn to for vehicle insurance policies. Here is some of the key information people need to know about car insurance companies in Nigeria.

Car Dealers and Comprehensive Insurance

When people buy new vehicles, they may not feel the need to research car insurance companies in Nigeria because their car dealer may already be offering comprehensive insurance as part of the vehicle purchase. Or the buyers may be offered this kind of product as an option, for an additional fee. The idea here is that when these customers purchase the vehicle, they already want to take care of related requirements and charges, so that they can simply enjoy owning and driving the car. Since third party auto insurance is mandatory under Nigerian law, the customers can already meet and exceed this requirement by including the comprehensive car insurance in the purchase. That said; it is still better to ask around with other car insurance companies in Nigeria because it may be possible to get a better deal on this product, so that it will cost less, or it will include additional benefits.

Well-Known Insurance Companies

When choosing from among car insurance companies in Nigeria, it’s important to choose companies that you know you can rely on. If a less well-known company offers the product at much lower rates, it’s important to step back and consider the offer carefully. After all, even if the insurance product is more affordable, it will not do much good if the company will refuse to honour the agreement later in the event of a car accident or some other condition. Or, even if the company eventually honours its obligation, it will not be a good situation if you will be forced to jump through hoops or wait a very long time, before this, can happen.

So it makes more sense to narrow your choice to car insurance companies in Nigeria which have a good track record of making timely payments and offering good customer service. Some of the companies, which tend to get mentioned, include Zenith General Insurance, Leadway Assurance, AIICO Insurance PLC and Cornerstone Insurance. Be sure to do your due diligence, and this includes reading the fine print of any policies, as well as checking within your circle of friends and family members, to find recommendations. This way, you can make sure that the firm you eventually choose is one of the car insurance companies in Nigeria which can truly be trusted.

Tags: AIICO Insurance PLC, car insurance companies in Nigeria, Cornerstone Insurance, insurance, insurance product, Leadway Assurance, third party auto insurance, vehicle insurance policies, Zenith General Insurance|

Car Insurance in Nigeria: A Few Things You Should Know

Some people might think that car insurance in Nigeria is nothing but an unnecessary expense. In reality, however, it is an investment that is necessary, and that can yield significant benefits in the future. It will provide you with financial assistance that you need if you ever get into an accident or if you need to have repairs done for your car. It provides you with peace of mind from a financial perspective. It also provides legal protection, and it preserves the value of your vehicle as well.

Factors Affecting Insurance Rate

There are different things that will have an impact on the rate of car insurance in Nigeria. Your choice of a specific company, for instance, is one of the factors that will affect premiums. The specific model of your car and your driving history in the past are some of the things that can be instrumental in determining the premium that you have to pay. In order to get the best rate that is available, it is recommended that you shop around for free car insurance quotes and learn more about the rates that are being offered.

You Can Apply for Discounts

When it comes to car insurance in Nigeria, there are discounts that can be possibly applied. Talk to the insurance company and ask them on the possibilities. More often than not, you can ask for discounts if you have a clean driving record if your vehicle has anti-theft features, and if you pay in full, among other things. The discount policies can vary from one insurer to another, which gives you a good reason to carefully compare the alternatives you will be presented with.

Learn about the Coverage You Need

The price that you have to pay for car insurance in Nigeria will be affected by the specific coverage that will be applied for. There is a minimum coverage that is required by law. On the other hand, there are also some coverages that are optional. They may make the price higher, but they can also provide you with peace of mind. Talk to a qualified insurance agent and get to know more about your needs.

Be Truthful

From the time that you are applying for car insurance in Nigeria to filing for claims, make sure to be truthful with everything that you have to declare. You might think that lying can help, but at the end of the day, it can only make things worse and can make you unqualified to enjoy the full perks of your insurance coverage.

Tags: Car Insurance in Nigeria, insurance agent, insurance company, insurance coverage, Insurance Rate, premium|

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